Retail Industry Financial Wellness eBook is the Latest Publication in the Financial Wellness Voluntary Benefits Company’s Series of Industry Research Reports
Purchasing Power, a financial wellness voluntary benefits company, released the 2024 Retail Financial Wellness eBook, which provides HR professionals in the retail industries with actionable steps to take to successfully attract, hire, and retain employees in an industry that’s been plagued by challenges, changes, and uncertainty. This is the fourth industry survey Purchasing Power has conducted; in 2023, it conducted surveys on the manufacturing, public sector, and healthcare industries.
With this complimentary ebook, HR professionals will:
- Gain insight into some of the immediate and cost-effective ways to provide employees with ways to address their financial wellness and ability to cover monthly expenses.
- Learn about some of the technology and training needs employees say will make an immediate impact on their work.
- Better understand some of the root causes and main triggers of today’s biggest stressors for today’s retail employees.
While the retail industry is facing its share of hiring and retention headwinds as noted by 41% who mentioned working additional hours at regular pay to make up for the lack of staff, the survey shows that retailers are prioritizing their employees’ financial well-being. Specifically, 74% report that their employer takes an active role in helping with their financial wellness to improve their ability to cover monthly payments.
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The survey also reveals overall optimism and high job satisfaction across the sector. Employees are aware of their market value, yet they expressed concern about labor shortages, salaries, technology advancements, and the value that additional benefit options could provide to the longevity of their careers. In fact, nine in 10 (89%) survey respondents cite benefits as being just as important as salary.
“The retail industry has clearly shown its ability to weather a number of storms,” said Assad Lazarus, Chief Commercial Officer at Purchasing Power. “It showed resiliency during the pandemic, lumbered through record-breaking inflation, and is surviving cost-of-living price hikes – the likes of which we haven’t seen in decades.
“While retail employees are happy with their roles and industry, efforts to retain and recruit essential workforce are more important than ever. But this isn’t unique to just the retail industry,” Lazarus added. “We saw this sentiment across all of our recent research with manufacturing, healthcare and public sector workforces. The surveys we’ve conducted have illustrated the need for both immediate and long-term approaches to financial wellness.”
Additional key insights from the survey include:
- 87% of retail employees enjoy their job and working in their current role
- 37% indicate their employer offers discounts on products or services
- Of the benefits not currently offered by their employer, financial counseling (31%), employee purchasing programs (30%), and medical deductible financing (29%) are top of mind
- 35% of retail employees have $500 or less in their savings
“For more than 20 years, Purchasing Power has worked alongside hundreds of Fortune 500 companies to provide an immediate, no-cost financial wellness benefit for employees to help address financial hardship,” Lazarus added. “Using our program, employees are given access to a disciplined, responsible, and transparent way to purchase the goods and services they need, reducing stress and improving opportunities for long-term financial planning.”
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