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The dynamics of the retail labor market have shifted dramatically in the past year, as demand for workers has dropped and worker attitudes toward employers appear to have slightly soured.
In Q3, retail job postings reached their lowest levels since 2008, as demand for retail workers dropped almost 29% in the six months prior, according to Lotis Blue Consulting’s Future of Retail Workforce Study, which surveyed more than 1,000 retail workers.
- Since halfway through 2022, Lotis found that there’s an 8% increase in retail workers staying in their current jobs, but there’s also a 7% bump in those who are considering leaving theirs.
- The largest contributing factors to whether or not a retail worker stays or leaves their position include job and work environment (24%), the company (20%), leadership and culture (16%), and compensation (13%).
“Even with changing labor conditions and issues, the data is comprehensive enough to predict an employee’s decision to stay or leave an employer with 87% accuracy,” Aaron Sorensen, Lotis Blue Consulting partner and study author, said in a statement. “And in order to hold onto valued employees, we’ve observed that retailers must simultaneously provide an environment where there are more factors that make workers want to stay, and fewer that make them want to quit.”