The US retail industry is undergoing major changes when it comes to compensation, hiring and workplace trends, according to a new survey by Korn Ferry. The survey has revealed that store workers have seen a median start rate of $12 an hour in 2023, up from $10 an hour in 2019. Nearly 29% of retailers even reported a national minimum start rate of $15 an hour for 2023.
Despite increasing pay levels, the survey revealed that 82% of retailers are finding difficulty in hiring store employees. As for the workplace model, a huge 81% of retailers plan to keep up their current corporate hybrid arrangement, with 24% expecting corporate employees to be present twice a week and 39% expecting them to work three days a week in the office.
Craig Rowley, Senior Client Partner and Retail Expert at Korn Ferry, noted that companies have to work hard to become an employer of choice. This can be done by offering flexibility, the ability for advancement, and a competitive wage. The survey which was conducted in late March 2023 and featured responses from 100 major US retailers with annual revenues ranging between $500 million to more than $20 billion was designed to reflect this.
