{"id":5787,"date":"2020-09-10T15:59:17","date_gmt":"2020-09-10T15:59:17","guid":{"rendered":"https:\/\/www.tellermate.com\/us\/?p=6270"},"modified":"2020-10-19T10:40:45","modified_gmt":"2020-10-19T10:40:45","slug":"employee-retention-retail-important-ever-2","status":"publish","type":"post","link":"https:\/\/www.tellermate.com\/ca-en\/news-and-resources\/employee-retention-retail-important-ever-2\/","title":{"rendered":"Employee retention in retail is more important than ever"},"content":{"rendered":"

Your employees are your most valuable asset, which is why employee retention in retail is critically important in today\u2019s competitive environment.<\/p>\n

While recent events have taken priority, customer experience is still at the forefront of retailer\u2019s minds. Customer loyalty is hard earned when there are so many options that are so accessible, and brick-and-mortar retailers are striving to offer memorable, personalised experiences to entice shoppers into their stores.<\/p>\n

One crucial part of bringing customers back into your stores is your employees \u2013 Having people with the right personality, who are motivated and engaged, and breathe your brand.<\/p>\n

The high cost of losing retail employees<\/strong><\/p>\n

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The turnover rate for retail employees is notoriously high \u2012\u00a076% for part-time retail workers<\/a>. \u00a0Add to this the fact that employee turnover is expensive.\u00a0A study by the Center for American Progress<\/a>\u00a0found that the cost to replace an employee who makes less than $30,000 a year \u2013 a category into which most part-time retail associates fall \u2013 is 16% of their annual salary. Put another way, replacing an employee who makes $20,000 a year costs the employer roughly $3,200. And some studies report that figure to be much higher.<\/p>\n

Here are just some of the costs associated with employee turnover:<\/p>\n