Korn Ferry Survey Examines Pay, Hiring and Workplace Trends in Retail
Los Angeles – April 18, 2023, A new Korn Ferry (NYSE: KFY) survey sheds light on how the retail industry is evolving in terms of compensation, hiring and the workplace.
There’s good news for store employees, as the survey shows that start rates in retail have increased significantly since the start of the pandemic. The median start rate for store workers has risen from $10 an hour in 2019 to $12 an hour in 2023. In addition, nearly a third of retailers (29%) say their 2023 national minimum start rate is $15 an hour.
The survey also found that the vast majority of retailers (82%) say they are still having issues with hiring store employees.
“Retailers need to continually work to make their company an employer of choice by offering flexibility, the ability for advancement, and of course a competitive wage,” said Korn Ferry Senior Client Partner and Retail Expert Craig Rowley.
In the survey, the majority of retailers (81%) say they plan to keep their current corporate hybrid workplace model that they put in place as a result of the pandemic.
Nearly a quarter (24%) say they expect corporate employees to be in the office two days a week, and 39% say employees should be in the office three days a week.
“Retailers really understand that there are benefits to both in-person and remote work environments. In the office, team members enjoy greater collaboration, while working from home allows them to better juggle work and personal commitments,” said Rowley. “The pandemic forced the shift to hybrid work, but after seeing its success, retailers agree it should be here to stay.”
About the survey
The Korn Ferry survey of more than 100 major U.S. retailers, with annual revenues between $500 million to more than $20 billion, took place in late March 2023.
About Korn Ferry
Korn Ferry is a global organizational consulting firm. We work with our clients to design optimal organization structures, roles, and responsibilities. We help them hire the right people and advise them on how to reward and motivate their workforce while developing professionals as they navigate and advance their careers.
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