When examining turnover rates by industry, retail rises to the top. In 2018, the average retail turnover rate eclipsed 60%, with employees citing better opportunities, promotions, pay raises and a desire for more hours as top reasons for leaving. Retailers have constantly battled turnover for years, but it’s become especially problematic during the holiday season when employers enter into an arms race to fill jobs.
The Negative Effects of Turnover
Human Resources Today found that retail turnover translates into more than 230 million days of lost productivity and $19 billion for recruiting, hiring and training expenses. And when consumers visit a brick and mortar store, many are looking for a true shopping experience. But when employees are picking up extra shifts and overworked, service quality can quickly diminish.
Turnover will always be a critical challenge for retailers, but there are measures owners and operators can take to limit the amount. Download our latest guide to understand the top reasons your employees quit and discover best practices manage turnover more effectively.
Source: National Retail Federation