As the holiday season approaches, retailers are facing a significant labor shortage and are pulling out all the stops to attract seasonal workers. Throughout the pandemic, retail employees have been essential, providing support in grocery stores during panic buying and keeping restaurants afloat with takeout and delivery services. Yet, after being celebrated as heroes, many of these workers are now feeling burned out and fed up. They have endured high risks of virus exposure, dealt with illness and loss, and faced public confrontations regarding health protocols.
With the busy shopping season looming, major retailers are becoming increasingly desperate to recruit staff for an industry that has often treated its workers as easily replaceable. The New York Times highlights that companies like Macy’s, Walmart, and Amazon are now offering substantial incentives, such as $500 referral bonuses, free college tuition, and signing bonuses up to $3,000. This year’s holiday season is predicted to be particularly hectic, and the ongoing labor shortages are evident with empty shelves and long checkout lines.
For the first time in a long while, job seekers have the upper hand in this competitive labor market. There are significantly more job openings than available candidates. Experts speculate that this shift is due to various factors: pandemic relief measures have allowed many to save money, some retail workers have transitioned to safer jobs, and individuals are increasingly refusing positions that do not offer fair compensation or safe working conditions. Additionally, the pandemic has severely affected the workforce, with over 750,000 lives lost, disproportionately impacting BIPOC and low-income communities.
Mark A. Cohen, the director of retail studies at Columbia University, notes that workers now have more options than ever before. They can choose positions that provide better pay and benefits, leading to a noticeable escalation in offers from employers. For instance, Walmart is now offering $17 per hour to attract 150,000 new hires. Meanwhile, Saks Off 5th has decided to close on Thanksgiving to ensure they can attract enough workers. Nordstrom is seeking nearly 30,000 seasonal employees and is offering bonuses of up to $650.
According to Joel Bines, a global co-leader at the consulting firm AlixPartners, it’s essential for retailers to recognize that workers now possess leverage. “For retailers who have historically viewed their employees as disposable, it’s surprising to see them struggle to find workers,” he said. “The industry must understand that employees have agency now.”
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In summary, as the holiday season approaches, retailers are grappling with a significant labor shortage and are offering competitive incentives to attract workers. The pandemic has shifted the balance of power, allowing workers to choose jobs with better pay and benefits, leading to a reckoning in the retail industry.
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