Cost of Living: Supporting your retail workforce as the crisis deepens

After a disruptive two years, the increasing cost of living presents new challenges for retail employers. So what can retail leaders do to support, engage, and ultimately retain their people?

The retail industry has experienced a period of instability, navigating talent shortages as a result of Brexit and the pandemic. Now, new challenges have emerged, with the rising cost of living creating challenges for consumers and retailers alike.

Spending is up overall but there has been a shift in the items people spend on and, after navigating the pandemic, retail workers are looking for ways to better manage their money or access it ahead of pay day through earned wage access.

Retailers are also navigating the cost of living squeeze, caught between rising prices and retaining staff. In fact, 99% of retailers are worried about talent shortages, up from 94% in September 2021, and the research reflects a clear need for better use of technology to support employee engagement and wellbeing.

While there is still a lot that is unpredictable about the year ahead, retailers can make changes now to help resolve some immediate issues and better set themselves up for the long term.

Key considerations for retailers in 2022 include:

• How can we use technology to better improve shift scheduling, communication, and talent attraction and retention?
• How can we continue to hire and support a diverse workforce, and ensure our workplace technology caters to all ages and demographics?
• How can earned wage access solutions provide more financial control and better financial literacy to your workforce?