The rate of turnover in the retail industry ( 13 percent ) is among the highest in the country — second only to the tech sector (software) at 13.2 percent. While the digitization of retail and advent of e-commerce is inevitably taking more workers off the sales floor and into back-channel positions (e.g., telecom sales reps), the fact is that retailers can be doing more to leverage artificial intelligence (AI) and automation to retain top talent and position them for success in an evolving industry. When it comes to redesigning the employee experience in any industry, compensation must be a top-line priority. But this also means rethinking compensation for our multigenerational, tech-savvy and work-life balance workforce. That is to say, compensation today isn’t just limited to salary. A recent report by the Work Institute shows that while compensation and benefits (9 percent) ranks among the top reasons for employees leaving a company, other reasons like retirement (7 percent), well-being (9 percent) and work-life balance (13 percent) are also critical factors that employers must consider implementing into their compensation packages. In other words, pay alone isn’t enough to make employees feel valued or incentivize them to stay at your company. Meeting employee expectations goes a long way for retailers looking to improve employee retention, create seasonal hiring road maps and increase overall employee productivity. With that, here are some ways that retailers can meet the demands and expectations of employees through pay transparency, workplace diversity and pay equity. Pay Transparency The power of transparency is not to be underestimated in our data-driven and socially empowered world. While once a taboo topic, reports now show that more employees are comfortable discussing their salary information with colleagues, or with their employers making compensation data available across the company. In […]

Read Full Story – Retail Turns to AI to Curb Employee Turnover

Source – Total Retail