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Many retail employees left the industry during the pandemic for a number of reasons, while others entered it for the first time, creating ambiguity and hiring shortages for retailers. While itвЂ™s encouraging that retailers see the problem, the challenges also reflect a need for them to make more use of workforce management solutions that can help them to better manage and streamline payroll and provide more flexible payment options.

However, almost all (97%) of retailers plan to increase their employeesвЂ™ base salary this year, in line with the rising cost of living. Only 44% say they always pay staff correctly and only 77% say they always pay staff on time. Retail leaders are seemingly aware of these challenges, though, citing issues with their own payroll methods. вЂњ97% of retailers plan to increase their employeesвЂ™ base salary this year, in line with the rising cost of livingвЂќ Similarly, work-related expenses are creating financial stress for employees, particularly their commuting cost (32%), as well as inconsistent salaries from unreliable shift patterns (25%) and poor communication from employers around shift patterns and holiday allowance (24%). We found that 62% of retail employees would make use of this if it was available to them. One of the key findings in our report is that retail employees are seeking more flexible pay models, particularly earned wage access, which allows employees to access wages theyвЂ™ve earned ahead of payday. ItвЂ™s more vital than ever that retailers can effectively recruit, engage and retain their people, and in our Cost of living: Supporting your retail workforce as the crisis deepens whitepaper weвЂ™ve sought to better understand the issues retail employees face and what retailers can do to help better support them.

#COG INVASIONS HOW TO#

Retail is no different and, after facing a challenging few years due to the pandemic and supply chain difficulties from the war in Ukraine, the industry is now having to not only grapple with consumer-facing challenges but also with how to manage shifting employee sentiment and talent shortages. Consumers and businesses alike around the UK are feeling the increasing challenges from the cost-of-living crisis, with price jumps across sectors seemingly becoming the norm.

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