Seasonal Retail Store Hiring Remains Steady Despite Uncertain Economy, According to Korn Ferry Survey
Attracting and Retaining Talent Remains Challenging
Los Angeles, Dec. 15, 2022 – With the holiday retail season in high gear, a new Korn Ferry survey shows that seasonal store hiring has remained steady despite mixed signs about the economy.
Three-quarters (75%) of retail respondents say they did not change their seasonal hiring plans, and only 10% say they have decreased the number of seasonal employees they hired versus what they had planned earlier in the year.
While nearly half (44%) say they are hiring for new positions and replacing for turnover, 37% say they are considering restricting new positions but are still replacing for turnover.
Hiring continues to be difficult, as 83% of respondents say they have trouble hiring store employees.
“It’s incredibly challenging to staff stores to ideal levels, so retailers should find unique ways to incentivize workers to join – and to stay,” said Korn Ferry retail expert Craig Rowley. “That may come in the form of flexible work schedules, discounts and other incentives.”
In terms of compensation, the largest percentage (25%) say their planned national minimum start rate for store employees in 2023 will be $15/hour.
Several states are now requiring companies to provide salary ranges with job postings. Nearly half (47%) of retailers say they have determined how to post ranges in those states and are considering what to do in the rest of the country.
“Competitive compensation is a very important part of the entire employer value proposition,” said Rowley. “It’s critical for retailers to continually assess their pay structures to ensure they can attract and retain the talent they need.”
About the survey
The Korn Ferry survey of more than 100 major U.S. retailers, with annual revenues between $100 million to more than $20 billion, took place in early December 2022.
About Korn Ferry
Korn Ferry is a global organizational consulting firm. We work with our clients to design optimal organization structures, roles, and responsibilities. We help them hire the right people and advise them on how to reward and motivate their workforce while developing professionals as they navigate and advance their careers.