State of the Industry: The Retail Industry is one of the largest in the United States. In fact, about 1 in 5 American workers is in retail. Some of the biggest companies are retail and yet, the turnover that industry continues to be high. In 2006, the National Retail Federation estimated industry turnover at 60% for full-time employees and 110% for part-time employees. Why so high? Low pay has significantly contributed to the constant revolving door. In addition, many retailers rely on teenagers, college students, and young adults to fill employment gaps – very few of whom are looking for more than job. Some employers market their positions to senior citizens looking for extra work. Companies will have to revisit their current attraction strategies soon if they expect to effectively respond to the upcoming labor shortage. Retail managers know that controlling turnover is important, not only for customer service purposes but for sales, spoilage, errors, and reducing employee theft. When retailers constantly focus on re-hiring and re-training, there is less time to concentrate on increasing profits.
How Can Retensa Help? Retensa crafts action plans according to the particular needs, size, and budget of your retail operation. Our Orientation and On Boardingprograms educate management on the most effective ways to train and orient new employees, increasing the likelihood that they will stay with the company. We offer programs in Gen X, Gen Y, and Baby Boomer retention plans to help you learn how to motivate and retain the populations you are most likely to employ. Retention Skills for Managers training shows your managers the best methods for encouraging and engaging their employees. Retensa also specializes in administering exit interviews , which are one of the most cost-effective tools an organization can use to learn the real reasons employees leave their jobs.
Retensa can help you retain your best employees today. To talk to a retention expert, call us at (212) 545-1280 or email us here.