Retail Industry Financial Wellness eBook is
the Latest Publication in the Financial Wellness Voluntary Benefits
Company's Series of Industry Research Reports
ATLANTA, July 16,
2024 /PRNewswire/ -- 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.
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."
To access the full eBook and survey findings, 2024 Retail
Financial Wellness eBook, visit
https://corp.purchasingpower.com/resources/industry-insights/2024-retail-financial-wellness-ebook.
To learn more about Purchasing Power's commitment to employee
financial wellness voluntary benefits packages and the solutions it
offers, visit https://corp.purchasingpower.com/.
Survey Methodology
Data cited is the result of the
Retail Financial Wellness Survey by Purchasing Power.
Conducted during March 2024, the
study explored the financial wellness of 500 U.S. retail
professionals on topics including workplace benefits, the toll of
labor shortages, advancement opportunities and more. Respondents
cover all age groups (18 and older), regions, and genders. The
margin of error for this study is +/- 4.4%.
About Purchasing Power, LLC
Atlanta-based Purchasing Power is a Flexpoint
Ford, LLC company. For more information, visit
https://corp.purchasingpower.com/.
Purchasing Power is a registered trademark of Purchasing Power,
LLC.
©2024 Purchasing Power, LLC. All rights reserved.
Media Contact:
Nancy Bistritz-Balkan
nbbalkan@purchasingpower.com
Laura Burr, 706.201.3952
lburr@arketi.com
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SOURCE Purchasing Power, LLC