Retailers Experience High Employee Turnover
Employee commitment is weak in the retail industry according to a recent survey by Aon Corp. and the National Retail Federation. Factors such as low wages, a lack of traditional benefits and work schedules that demand holiday and weekend coverage contribute to a turnover rate that hits 300 percent a year at some companies.
Thirty-six percent of retail workers asked what they would do if they left their current employer said they would find a job with a competitor. Sixty-four percent indicated they would leave the industry altogether.
Almost half of employees surveyed say they accepted their current jobs because of growth and advancement opportunities. The survey found that retail workers became bitter after asking their employers for advancement opportunities and then not getting them. More than a quarter of those surveyed responded that their company does not communicate career opportunities. One in four say they were not satisfied with the ongoing training they receive.
Moderator Comment: How can retailers reduce employee turnover?
Retailer executives are always saying that associates are their company’s most important assets. Unfortunately, it appears as though most employees have not received the memo yet. [George Anderson – Moderator]