Did you know that up to 40% of all new retail team members fail within the first 18 months of employment? There are HUGE costs associated with employee turnover. Between lost sales, overtime, recruiting costs, lost productivity, distraction, and training costs, many experts estimate that each time a retailer loses a front line team member […]
As a whole, the retail industry gets knocked for its high level of employee turnover. According to the Bureau of Labor Statistics seasonally adjusted turnover can average on excess of 60%. For some retailers the number can exceed 100%! The challenges with high employee turnover are well documented. This includes lost sales, lost margin, customer […]
Employee turnover is one of the true Achilles heels of the retail industry. According to the US Bureau of Labor Standards, the seasonally adjusted turnover rate for retail is in excess of 70% per year – and if you include seasonal employees, that number can exceed 100%! In retail – as in any other business […]
It Started with a Bad Meeting A few years ago I walked into a meeting with a Fortune 500 retailer. I was there to present a new product line and close the sale. Like many companies, this retailer had been struggling in recent months. In fact, they had just gone through a round of lay-offs […]
A number of years ago, I was working with the owner of a regional footwear retailer. A big part of this retail consulting engagement was helping the company to improve the quality of its retail sales associates and, ultimately, to help them drive top-line revenue. Part of our solution was improving the recruiting effort for […]