While inflationary fear and slowing consumer spending are among the top external worries among retailers, the No. 1 internal concern is the ongoing workforce shortage, and the difficulty retailers are having attracting and retaining employees. According to the National Retail Federation, workforce insiders and economists say the problem will be around for a while even though one in four U.S. jobs is in retail at 52 million. As retailers continue to be challenged by a frontline workforce shortage, Coresight Retail warns that the balance of power is shifting from capital and profits to labor. The U.S. Department of Labor reported on average, retail added 16,000 jobs per month over 2022, less than half of 2021’s figure of 35,000 per month. December’s retail numbers, while an improvement, also provide insight into the evolution of the retail industry. Though some significant retailers are slashing jobs, related segments are opening up positions. In addition, while some more discretionary retail areas have been hit hard, other elements are making progress. “The last few years have placed a significant amount of pressure and demand on frontline workers, yet organizations continue to face challenges in supporting and retaining this critical segment of the workforce,” said […]
The Supply Side: Workforce shortage top concern for retailers
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