Fabio Ronga, CEO of beqom, gave his thoughts to TotalRetail on how to retain and motivate talents in the Retail industry.
The rate of turnover in the retail industry (13 percent) is among the highest in the U.S. — 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, 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.
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.
The evolution of the retail industry from brick-and-mortar to e-commerce gives brands an unprecedented opportunity to overhaul everything from digital investments to hybrid in-store experiences to corporate culture and more. Compensation management redesign must be a top priority in this period of transformation if retailers want to retain the innovative talent they need to stay competitive far into the future.
Learn more about incentive compensation in the retail industry.