RESEARCH
2024 Future of Retail Workforce Study
Retail
Discover the hidden forces shaping the retail workforce – uncover what truly drives your frontline talent to stay or seek new horizons.
In a post-pandemic retail landscape, sales and turnover have stabilized, prompting a closer look at workforce dynamics. The Future of Retail Workforce Study comprehensively examines factors influencing job decisions, collecting feedback from 3,000 respondents across three phases. Representing 700 retail entities, it stands as one of the most robust independent studies regarding stay or quit decisions, offering an unbiased perspective on the collective mindset of the retail workforce in 2024.
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Examine how these perspectives vary across retail segments and employee demographics
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Represented retail organizations include:
Revolving around the Employee Value Proposition (EVP), the study explores the seven critical dimensions and 30 underlying factors that define the psychological contract between employees and employers. By scrutinizing these elements, the study aims to unravel the intricate dynamics that contribute to the mutual expectations, commitments, and values shared between individuals and their workplaces. This exploration goes beyond surface-level assessments, providing a nuanced understanding of the intricate interplay between employees and employers within the broader context of the EVP framework.
WHAT'S CHANGING
Navigating the Evolving Landscape
In the last year, retail labor dynamics have shifted significantly. Fewer people are leaving their positions, and the demand for labor is decreasing due to reduced salary volatility. Despite ongoing wage growth, associates are experiencing a decline in available work hours. These changes are influencing the overall awareness of the retail workforce.
Throughout this longitudinal study, we've tracked and documented changes among employees who choose to stay, contemplate quitting, or depart from their retail jobs. We've also identified the key Employee Value Proposition (EVP) drivers that impact these decisions.
Evolution of Retail Labor Dynamics in the Past 18 Months
Summer 2022
Fall/Holiday 2022
Fall/Holiday 2023
TOP STAY DRIVERS
Enjoyable Work
Coworkers
Health & Safety
TOP QUIT DRIVERS
Advancement
Pay Level
Education Benefits
Retail EVP®
Compensation
Leadership & Culture
Benefits
Job & Work Environment
Schedule
Career
Company
Company Reputation
Commute Time & Ease
Diversity of the Workforce
Sustainability Practices
Job Stability
Advancement Opportunities
Fair Promotion Practices
Training & Development Opportunities
Resume Builder
Schedule Flexibility
Ability to Take Time Off
Sufficient Number of Hours
Work-Life Balance
Enjoyable Job / Interesting Job
Health & Safety
Comfort of Work Environment
Physical Demands
Autonomy
Quality of Management
Coworker Relationships
Culture
Inclusion / Sense of Belonging
Pay Level Satisfaction
Pay Fairness
Opportunities for Raises & Bonuses
Rewards for Hard Work
Health Benefits
Other Benefits (e.g., wellness, discounts)
Education Benefits
Childcare (Subsidized / Onsite)
Understand current drivers of associate decisions to stay or leave an employer
Explore unexpected shifts in workforce attitudes
The Employee Value Proposition
METHODOLOGY
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68%
11%
21%
Education Benefits
Physical Demands
Advancement
Coworkers
Enjoyable Work
Job Stability
65%
16%
19%
Management
Pay Level
Education Benefits
Enjoyable Work
Job Stability
Coworkers
60%
26%
14%
20%
Company
24%
Job & Work Environment
13%
Compensation
9%
Benefits
10%
Schedule
8%
Career
16%
Leadership & Culture
32%
were considering quitting or had quit
68%
were planning to stay
Leveraging behavioral science and machine learning, we've revealed that associate's attitudes towards the Employee Value Proposition (EVP) can effectively predict employment decisions. Our model demonstrates an 87% accuracy in classifying whether an associate is likely to stay or quit, relying on their perspectives on seven dimensions and 30 underlying EVP factors.
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The 2024 Future of Retail Workforce Study stands as a cornerstone for elevating your retail workforce strategies. Unlike relying solely on employee polls, which may lack an objective and industry-wide perspective, this study empowers you to build strategies firmly grounded in quantitative data.
Understanding what makes employees stay or quit is the competitive edge retailers can't afford to ignore
DISCOVER MORE
Click to see changing results
= Stayers
= Leavers
= Considering
TOP QUIT DRIVERS
TOP STAY DRIVERS
TOP QUIT DRIVERS
TOP STAY DRIVERS
= Leavers
= Considering
= Stayers
= Leavers
= Considering
= Stayers
Overall, 60% of the influence on whether someone stays or quits a job is driven by factors associated with the Job & Work Environment, Company, and Leadership & Culture.
= Leavers
= Considering
= Stayers
Advancement
Pay Level
Education Benefits
Enjoyable Work
Coworkers
Health & Safety
68%
11%
21%
TOP QUIT DRIVERS
TOP STAY DRIVERS
= Leavers
= Considering
= Stayers
Education Benefits
Physical Demands
Advancement
Coworkers
Enjoyable Work
Job Stability
65%
16%
19%
TOP QUIT DRIVERS
TOP STAY DRIVERS
= Leavers
= Considering
= Stayers
Management
Pay Level
Education Benefits
Enjoyable Work
Job Stability
Coworkers
60%
26%
14%
TOP QUIT DRIVERS
TOP STAY DRIVERS
Fall/Holiday 2023
Fall/Holiday 2022
Summer 2022
Click to see changing results
Evolution of Retail Labor Dynamics in the Past 18 Months