As the holiday season approaches, retailers are vying for employees amid an unprecedented labor shortage. Throughout the pandemic, retail workers have been crucial, keeping grocery stores stocked and restaurants running despite numerous challenges. However, after enduring high exposure to the virus and facing confrontations regarding health protocols, many retail workers are feeling burnt out and undervalued.
With the shopping season on the horizon, major retailers like Macy’s, Walmart, and Amazon are stepping up their game to attract holiday workers by offering incentives such as $500 referral bonuses, free tuition programs, and signing bonuses that can reach as high as $3,000. The anticipated surge in holiday shopping has left many retailers scrambling, resulting in evident issues such as empty shelves and long checkout lines.
This year, the job market has shifted, giving workers more leverage than ever. There are significantly more openings than applicants, attributed to various factors. Pandemic assistance has helped individuals build savings, many retail employees have transitioned to safer jobs, and workers are increasingly rejecting roles that offer inadequate pay or pose health risks. Additionally, the ongoing impact of COVID-19, which has disproportionately affected BIPOC and low-income communities, cannot be overlooked.
Mark Thompson, a retail expert at Columbia University, noted that job seekers now have the luxury of choice in a market where they can prioritize better pay and benefits. For instance, Walmart is offering $17 an hour to attract 150,000 new hires, while Nordstrom is promising bonuses up to $650 for its seasonal positions. Saks Off 5th is even closing on Thanksgiving to ensure they can recruit the necessary staff.
Joel Green, a consultant at AlixPartners, emphasized that retailers must adapt to the needs of the workforce. He remarked on the industry’s surprise at the difficulty in finding workers, highlighting the reality that employees now hold significant power in their job choices.
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- What to expect when hiring seasonal workers?
- How to attract employees in a competitive job market?
- Tips for retailers during the holiday rush?
- What are the best incentives for seasonal employees?
- Understanding the impact of COVID-19 on retail labor force?
In summary, as the holiday season approaches, retailers are recognizing the importance of valuing their workers. With a changing labor landscape, employees now have the upper hand in choosing jobs that offer better pay and benefits. Retailers must adapt to these new expectations if they hope to successfully navigate the busy season ahead.
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