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High attrition in retail is nothing new: annual employee turnover among frontline retail workers has been at least 60 percent for a long time. Retailers regularly face the challenge of replacing more than half of their store staff every year. But that challenge has grown amid record inflation and a continuing global pandemic: half of frontline retail employees are considering leaving their jobs in the next few months alone.
One out of five people in the United States works in the retail and hospitality sector, and at least half of frontline retail workers are thinking about quitting. As people across the country reevaluate what they want and need from their jobs, retailers will continue to bear the brunt of the Great Attrition. What can they do to turn this turbulent period into the Great Attraction?
Making money in retail—particularly in physical stores—is becoming harder and more complex each year. Many retailers around the globe have addressed many of the possible efficiencies in labor productivity and process automation. It is time to consider the next generation of thinking to make a meaningful difference in brick-and-mortar economics and remain competitive in an ever-changing retail environment.
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