{"id":2766,"date":"2024-05-01T16:05:05","date_gmt":"2024-05-01T20:05:05","guid":{"rendered":"https:\/\/www.dailypay.com\/2018\/12\/17\/employee-turnover-rates-in-retail\/"},"modified":"2024-05-01T16:05:18","modified_gmt":"2024-05-01T20:05:18","slug":"employee-turnover-rates-in-retail","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/resource-center\/blog\/employee-turnover-rates-in-retail\/","title":{"rendered":"Retail Turnover Rates In 2024"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2766\" class=\"elementor elementor-2766\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-28d1c8a2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"28d1c8a2\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b2b53fd\" data-id=\"5b2b53fd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-34bcfe89 elementor-widget elementor-widget-text-editor\" data-id=\"34bcfe89\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p><a href=\"https:\/\/www.dailypay.com\/resource-center\/employee-retention\/\"><span style=\"font-weight: 400;\">High turnover rates<\/span><\/a><span style=\"font-weight: 400;\"> in the retail industry can hinder success and outstanding customer service. Turnover disrupts the quality of service, adds expenses to a business\u2019s bottom line, and can impact overall workplace morale.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of February 2024, the average total separations rate for the retail industry was 4.3% compared to 3.5% across all sectors, according to the U.S. Bureau of Labor Statistics.<\/span><span style=\"font-weight: 400;\"><sup>1<\/sup><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The separation rate is a workforce-related metric that measures the percentage of employees who leave a company within a certain period, similar to the turnover rate. However, the separation rate focuses exclusively on the total number of separations, which can include resignations, layoffs, dismissals, and retirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is calculated by dividing the number of separations by the average number of employees during the period and multiplying by 100.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Retailers face high turnover rates and a competitive labor market, complicating recruiting and retaining employees.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The Negative Impacts of High Turnover in Retail\u00a0\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Low employee retention can negatively impact workplace culture and team bonding, reduce the overall company knowledge base, harm customer service and rack up a variety of costs, which may include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Departure costs:<\/b><span style=\"font-weight: 400;\"> Time dedicated to determining the last pay, severance benefits and securing equipment such as company computers or tools.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lost production: <\/b><span style=\"font-weight: 400;\">Gaps in production or project progress when experienced staff members leave. Customer service and sales can also suffer when employees who are knowledgeable and engaged with clients and prospects depart.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Overtime costs:<\/b><span style=\"font-weight: 400;\"> A loss in production may lead to overtime expenses as more experienced staff fill in gaps.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Recruiting costs:<\/b><span style=\"font-weight: 400;\"> This may include hiring a recruiting firm or advertising service to find a replacement, selecting interview candidates, conducting interviews, handling background checks and testing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Onboarding and training costs:<\/b><span style=\"font-weight: 400;\"> Processing new employee data, integrating data into payroll and benefits systems, and training new workers on tactical job requirements, company policy and culture.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Causes of High Turnover in Retail\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">According to McKinsey, the top five reasons why retail employees leave their jobs include:<\/span><span style=\"font-weight: 400;\"><sup>2<\/sup><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Workplace flexibility: 34%\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Career development: 32%\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Health and well-being: 29%\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compensation: 29%\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Meaningful work: 27%\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How to Reduce High Turnover in Retail With an Employee Retention Strategy<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Every company needs to know its <\/span><a href=\"https:\/\/www.dailypay.com\/employee-turnover-calculator\/\"><span style=\"font-weight: 400;\">employee turnover rate<\/span><\/a><span style=\"font-weight: 400;\">. Understanding your turnover rate is a great starting point as the rates vary even within the industry. This information will help to project the savings and also break down the types of turnover, which can be voluntary, involuntary and retirement. Once you know your turnover rate, there are some strategies that can be applied to reduce it.\u00a0<\/span><\/p>\n<p><strong>Competitive, Modernized Pay<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Attractive and competitive pay not only involves how much an employee gets paid but also how often. Forty percent of hourly workers say they would benefit from getting paid more frequently at work.<sup>3<\/sup><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Better access to <\/span><a href=\"https:\/\/www.dailypay.com\/earned-wage-access\/\"><span style=\"font-weight: 400;\">earned wage access<\/span><\/a><span style=\"font-weight: 400;\"> \u2014 also known as on-demand pay \u2014 helps employees manage and overcome their financial stress, avoiding adverse effects on productivity and morale. Sixty percent of DailyPay users surveyed say that DailyPay helps reduce their financial stress.<\/span><span style=\"font-weight: 400;\"><sup>4<\/sup><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Outstanding Employee Benefits<\/strong>\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to the standard benefits package that employees expect, a comprehensive benefits package that goes above and beyond competitors will give a hiring edge and contribute to employee appreciation and retention. Seventy-three percent of employers who offer DailyPay say it is an important piece or cornerstone of their approach to financial wellness benefits.<\/span><span style=\"font-weight: 400;\"><sup>5<\/sup><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Support Employee Financial Wellness<\/strong>\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Employees are looking for ways to improve their work\/life balance and reduce their stress levels. When employees are dealing with personal or financial stress, they may perform their jobs poorly or with less efficiency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Employers can further help employees through <\/span><a href=\"https:\/\/www.dailypay.com\/resource-center\/employee-financial-wellness\/\"><span style=\"font-weight: 400;\">financial wellness<\/span><\/a><span style=\"font-weight: 400;\"> support. This can include personalized financial counseling, financial education courses, debt reduction programs and support groups.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, companies can offer employee wellness programs that include fitness perks, work-life balance initiatives, and more.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Employee Growth and Development<\/strong>\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Supporting employees in their career growth and development will help set them up for success.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Forbes, 70% of employees would consider leaving their current job for another organization that would invest in their development and training.<sup>6<\/sup><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Employers should consider how they can assist employees in upskilling and progressing their careers within the company instead of pursuing outside opportunities to further their careers, such as leadership training courses and classes.\u00a0<\/span><\/p>\n<p><strong>Rewards and Recognition<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Recognizing employees for their hard work can play an important role in motivating and retaining employees.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Great Places To Work, a culture of recognition can play a significant role for companies. Employee recognition can help improve employee retention, employee engagement and job performance.<sup>7<\/sup><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Employers should consider how to improve their reward and recognition programs with meaningful rewards that tangibly help employees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With <\/span><a href=\"https:\/\/www.dailypay.com\/reward\/\"><span style=\"font-weight: 400;\">Reward by DailyPay<\/span><\/a><span style=\"font-weight: 400;\">, you can recognize and incentivize employees with cash rewards in real-time. Reward helps employers leverage DailyPay&#8217;s power to increase retention and engagement even further while driving behaviors that matter most to their business.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Support Retail Staff and Increase Retention With On-Demand Pay\u00a0\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Employers need to align their retention strategies with employees\u2019 expectations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Employers must invest in their employees with competitive pay, outstanding benefit packages, opportunities for career growth and more flexibility in their work to increase engagement and employee happiness. In retail businesses, these higher levels of employee happiness and engagement lead to better customer retention.<sup>8<\/sup><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Among those in the retail industry who previously looked for a new job, 56% have stopped or slowed their search since they started using DailyPay. Forty-nine percent attribute the change in behavior to DailyPay.<sup>9<\/sup><\/span><\/p>\n<p><br \/><span style=\"font-weight: 400;\">Learn more about how financial wellness benefits from DailyPay can help.<\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1603263 elementor-widget elementor-widget-ucaddon_dp_button\" data-id=\"1603263\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_dp_button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start DP Button -->\n<style>\/* widget: DP Button *\/\n\n.dp-blue-white-btn:hover{\ncolor: var(--blue-color) !important;\n}\n\n<\/style>\n\n<div class=\"dp-btn-wrap dp-mt12 dp-mb12 \" style=\"justify-content: center;\">\n <a class=\"dp-btn-normal dp-blue-orange-btn \" href=\"\/demo\/\" target=\"_self\">Book a demo <i class=\"fas fa-chevron-right\" style=\"font-size: 12px;position: relative;bottom: 1px;margin-left: 1px;display:none\"><\/i><\/a>\n<\/div>\n<!-- end DP Button -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b999039 elementor-hidden-desktop elementor-hidden-tablet_extra elementor-hidden-tablet elementor-hidden-mobile_extra elementor-hidden-mobile elementor-widget elementor-widget-ucaddon_dp_heading_text\" data-id=\"b999039\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_dp_heading_text.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start DP Heading Text -->\n<style>\/* widget: DP Heading Text *\/\n\nh1 span, h2 span, h3 span, h4 span, h5 span, h6 span {\n  font-family: var(--primary-font) !important;\n}\n\n<\/style>\n\n<h2 class=\"dp-font-40 navy-text dp-font-primary f-weight-300 text-left mb0 dp-mt48\" style=\"max-width: nonepx;margin: inherit;\">FAQs<\/h2>\n<!-- end DP Heading Text -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-df8f0c4 elementor-hidden-desktop elementor-hidden-tablet_extra elementor-hidden-tablet elementor-hidden-mobile_extra elementor-hidden-mobile elementor-widget elementor-widget-ucaddon_dp_faq_s\" data-id=\"df8f0c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_dp_faq_s.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start DP FAQ&#039;s -->\n<style>\/* widget: DP FAQ&#039;s *\/\n\n\/* video faq styles *\/\n\n.faq-answer-video-wrap {\n  width: 100%;\n  display: flex;\n  margin-top: 22px;\n  overflow: hidden;\n  justify-content: center;\n  align-items: center;\n}\n\n.faq-answer-video-wrap .faq-answer-video-inner {\n  width: 100%;\n  margin: 10px;\n  \/* max-width: max-content; *\/\n  display: flex;\n  justify-content: flex-start;\n  align-items: center;\n}\n\n.faq-answer-video-wrap .faq-answer-video-inner .video-height {\n  height: 230px;\n  width: 100%;\n  max-width: none;\n}\n\n.faq-answer-video-wrap 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!important;\n    font-size: 16px;\n  list-style: inside;\n      line-height: 24px;\n}\n\n.dp-faq-wrap .faq-accordian ul li section ul li::marker{\n  margin-right: 5px;\n}\n\n.faq-arrow-reverse .acc-icon i, .acc-icon i{\n    transition: all ease 0.3s;\n}\n\n@media all and (max-width: 1250px) {\n  .faq-answer-video-wrap .faq-answer-video-inner .video-height{\n    height: 190px;\n    width: 100%;\n    max-width: 420px;\n  }\n}\n\n@media all and (max-width: 990px) {\n  .faq-answer-video-wrap .faq-answer-video-inner .video-height{\n    height: 140px;\n    width: 100%;\n    max-width: 420px;\n  }\n}\n\n@media all and (max-width: 768px) {\n  .faq-answer-video-wrap {\n    flex-direction: column;\n  }\n\n  .faq-answer-video-wrap .faq-answer-video-inner {\n    margin: 0;\n    margin-top: 15px;\n}\n\n  .faq-answer-video-wrap .faq-answer-video-inner .video-height {\n    max-width: none;\n    height: 210px;\n  }\n}\n\n.faq-arrow-reverse .acc-icon i {\n  transform: rotate(180deg);\n  -webkit-transform: rotate(180deg);\n  -moz-transform: rotate(180deg);\n  -ms-transform: rotate(180deg);\n  -o-transform: rotate(180deg);\n}\n\n.dp-faq-wrap .faq-accordian ul li section p a:focus{\n  color: var(--blue-color) !important\n}\n\n<\/style>\n\n<div class=\"dp-faq-wrap\">\n  <div class=\"faq-accordian white\" role=\"region\" aria-labelledby=\"dp-accordian-heading\">\n    <ul class=\"accordian\" id=\"dp-accordian\">\n      <li class=\"accordian-open\" role=\"heading\" aria-level=\"3\">\n        <div class=\"accordion-head\" role=\"button\" tabindex=\"0\" aria-expanded=\"true\">\n          What was the 2022 trend for turnover rates in the retail industry? \n          <span class=\"acc-icon\" aria-hidden=\"true\">\n            <i class=\"fas fa-chevron-down\" aria-hidden=\"true\"><\/i>\n          <\/span>\n        <\/div>\n        <section>\n          <p><span style=\"font-weight: 400;\">According to a November 2022 analysis, the retail industry turnover rate was 75.8% for all hourly, in-store positions.<sup>6<\/sup><\/span><\/p>\n        <\/section>\n      <\/li>\n      <li class=\"accordian-open\" role=\"heading\" aria-level=\"3\">\n        <div class=\"accordion-head\" role=\"button\" tabindex=\"0\" aria-expanded=\"true\">\n          Are retail industry turnover rates higher compared to other industries?\n          <span class=\"acc-icon\" aria-hidden=\"true\">\n            <i class=\"fas fa-chevron-down\" aria-hidden=\"true\"><\/i>\n          <\/span>\n        <\/div>\n        <section>\n          <p><span style=\"font-weight: 400;\">The 2021 separation rate for retail was 64.6% compared to a national average of 47.2% across all industries.<sup>7<\/sup><\/span><\/p>\n        <\/section>\n      <\/li>\n<li class=\"accordian-open\" role=\"heading\" aria-level=\"3\">\n        <div class=\"accordion-head\" role=\"button\" tabindex=\"0\" aria-expanded=\"true\">\n          How can retail companies combat high turnover rates?\t\n          <span class=\"acc-icon\" aria-hidden=\"true\">\n            <i class=\"fas fa-chevron-down\" aria-hidden=\"true\"><\/i>\n          <\/span>\n        <\/div>\n        <section>\n          <p><span style=\"font-weight: 400;\">Retail companies can increase compensation and financial wellness benefits such as on-demand pay to entice workers to remain at their company.<sup>8\u00a0<\/sup><\/span><\/p>\n        <\/section>\n      <\/li>\n<li class=\"accordian-open\" role=\"heading\" aria-level=\"3\">\n        <div class=\"accordion-head\" role=\"button\" tabindex=\"0\" aria-expanded=\"true\">\n          How did the pandemic affect retail turnover? \n          <span class=\"acc-icon\" aria-hidden=\"true\">\n            <i class=\"fas fa-chevron-down\" aria-hidden=\"true\"><\/i>\n          <\/span>\n        <\/div>\n        <section>\n          <p><span style=\"font-weight: 400;\">Although retail turnover is traditionally high compared to the national average, there has been an even greater discrepancy between retail turnover in 2020 and 2021 and the national average in those years.<sup>9\u00a0<\/sup><\/span><\/p>\n        <\/section>\n      <\/li>\n<li class=\"accordian-open\" role=\"heading\" aria-level=\"3\">\n        <div class=\"accordion-head\" role=\"button\" tabindex=\"0\" aria-expanded=\"true\">\n          What was the average retail turnover rate in 2022?\n          <span class=\"acc-icon\" aria-hidden=\"true\">\n            <i class=\"fas fa-chevron-down\" aria-hidden=\"true\"><\/i>\n          <\/span>\n        <\/div>\n        <section>\n          <p><span style=\"font-weight: 400;\">The BLS publishes annual turnover numbers in March of the following year, with 2022 stats expected in early March 2023. The retail turnover rate in 2020 was 69.6% and in 2021 it was 64.6%.<\/span><sup>10\u00a0<\/sup><\/p>\n        <\/section>\n      <\/li>\n     <\/ul>\n  <\/div>\n<\/div>\n<!-- end DP FAQ's -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3410d56 elementor-widget elementor-widget-ucaddon_dp_footnotes\" data-id=\"3410d56\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_dp_footnotes.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start DP Footnotes -->\n<style>\/* widget: DP Footnotes *\/\n\n.footnotes-textarea{\n  margin-bottom: 24px;\n  display: block;\n  color: #676b75;\n  font-size: 12px;\n  line-height: 16px;\n  max-width: nonepx;\n}\n\n.footnotes-textarea p{\n  margin-bottom: 10px;\n  color: #676b75;\n  font-size: 12px;\n  line-height: 16px;\n}\n\n.footnotes-column-wrapper p{\n  color: #676b75;\n  line-height: 16px;\n  margin-bottom: 4px;\n  display: flex;\n}\n\n.footnotes-column-wrapper p sup{\n  margin-right: 2px;\n}\n\n.footnotes-column-wrapper p a{\n  font-weight: 400;\n  text-decoration: underline;\n  color: #676b75;\n  transition: all ease 0.3s;\n  width: 100%;\n  max-width: max-content;\n}\n\n\n.elementor-widget-theme-post-content .footnotes-column-wrapper p a{\n  font-weight: 400;\n  text-decoration: underline;\n  color: #676b75;\n  transition: all ease 0.3s;\n}\n\n.footnotes-column-wrapper p a:hover{\n  color: #494c52;\n}\n\n\n.elementor-widget-theme-post-content .footnotes-column-wrapper p a:hover{\n  color: #494c52;\n}\n\n.footnotes-copy-text{\n  display: none;\n}\n\n.footnotes-copy-text .colon-symbol{\n  margin-right: 5px;\n}\n\n.dp-footnotes-show{\n  display: block;\n}\n\n.dp-column-wrap{\n  flex-wrap: wrap;\n}\n\n.footnotes-column-wrapper{\n  width: 100%;\n  margin: 0px;\n  display: flex;\n  flex-wrap: wrap;\n}\n\n.footnotes-column-wrapper.dp-column-wrap-1 p{\n  width: 100%;\n}\n\n.footnotes-column-wrapper.dp-column-wrap-2{\n  gap: 0 20px;\n}\n\n.footnotes-column-wrapper.dp-column-wrap-2 p{\n  width: calc(50% - 10px);\n}\n\n.footnotes-column-wrapper.dp-column-wrap-3{\n  gap: 0 15px;\n}\n\n.footnotes-column-wrapper.dp-column-wrap-3 p{\n  width: calc(33.33% - 10px);\n}\n\n.footnotes-column-wrapper.dp-column-wrap-4{\n  gap: 0 10px;\n}\n\n.footnotes-column-wrapper.dp-column-wrap-4 p{\n  width: calc(25% - 10px);\n}\n\n@media only screen and (max-width: 768px) {\n  .footnotes-column-wrapper.dp-column-wrap-4, .footnotes-column-wrapper.dp-column-wrap-3, .footnotes-column-wrapper.dp-column-wrap-2{\n    gap: 0\n  }\n  .footnotes-column-wrapper.dp-column-wrap-4 p, .footnotes-column-wrapper.dp-column-wrap-3 p, .footnotes-column-wrapper.dp-column-wrap-2 p{\n    width: 100%;\n  }\n}\n\n<\/style>\n\n<div class=\"footnotes-textarea\"><p>All information herein is for educational purposes only and should not be relied upon for any other use. The information herein does not constitute the rendering of professional advice by DailyPay. DailyPay does not warrant the completeness or accuracy of any information provided to you.<\/p><\/div>\n<div class=\"dp-column-wrap\">\n  <div class=\"footnotes-column-wrapper dp-column-wrap-1\" style=\"max-width: nonepx;\">\n    <p class=\"f12 \"><sup>1<\/sup> <a href=\"https:\/\/www.bls.gov\/news.release\/jolts.t03.htm\" target=\"_blank\" rel=\"noopener\"> BLS, 2023<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>2<\/sup> <a href=\"https:\/\/www.mckinsey.com\/industries\/retail\/our-insights\/how-retailers-can-attract-and-retain-frontline-talent-amid-the-great-attrition\" target=\"_blank\" rel=\"noopener\">McKinsey<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 no-link\"><sup>3<\/sup> <span alt=\"\" target=\"_blank\" rel=\"noopener\">Harris Poll survey commissioned by Funding our Future and DailyPay, July 2023 <\/span><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 no-link\"><sup>4<\/sup> <span alt=\"\" target=\"_blank\" rel=\"noopener\">DailyPay User Survey, August 2023<\/span><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 no-link\"><sup>5<\/sup> <span alt=\"\" target=\"_blank\" rel=\"noopener\">DailyPay Employer Experience Research, Arizent study commissioned by DailyPay, September 2023<\/span><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>6<\/sup> <a href=\"https:\/\/www.forbes.com\/sites\/forbesbooksauthors\/2023\/02\/14\/keeping-your-talent-using-training-retraining-and-upskilling-to-keep-and-develop-the-best\/?sh=6af2a12527c8\" target=\"_blank\" rel=\"noopener\">Forbes, 2023 <\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>7<\/sup> <a href=\"https:\/\/www.greatplacetowork.com\/resources\/blog\/creating-a-culture-of-recognition\" target=\"_blank\" rel=\"noopener\">Great Places to Work, 2023 <\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>8<\/sup> <a href=\"https:\/\/www.nasdaq.com\/articles\/4-reasons-why-happy-employees-are-good-for-your-bottom-line\" target=\"_blank\" rel=\"noopener\">Nasdaq, 2023<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 no-link\"><sup>9<\/sup> <span alt=\"\" target=\"_blank\" rel=\"noopener\">DailyPay Employee Experience Research, Arizent study commissioned by DailyPay, September 2023 <\/span><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n   <\/div>\n<\/div>\n<!-- end DP Footnotes -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>High turnover rates in the retail industry can hinder success and outstanding customer service. Turnover disrupts the quality of service, adds expenses to a business\u2019s bottom line, and can impact overall workplace morale.\u00a0 As of February 2024, the average total separations rate for the retail industry was 4.3% compared to 3.5% across all sectors, according<a class=\"read-more\" href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/employee-turnover-rates-in-retail\/\">Read More<\/a><\/p>\n","protected":false},"author":78,"featured_media":44552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[147],"tags":[403,227,68],"class_list":["post-2766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-attrition-rate","tag-employee-attrition","tag-employee-turnover"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Retail Turnover Rates In 2024 - DailyPay<\/title>\n<meta name=\"description\" content=\"What is the average retention and turnover rate in retail, what leads to high turnover in the retail industry and how can retail companies improve hiring and retention?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/employee-turnover-rates-in-retail\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail Turnover Rates In 2024\" \/>\n<meta property=\"og:description\" content=\"What is the average retention and turnover rate in retail, what leads to high turnover in the retail industry and how can retail companies improve hiring and retention?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dailypay.com\/resource-center\/blog\/employee-turnover-rates-in-retail\/\" \/>\n<meta property=\"og:site_name\" content=\"DailyPay\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/dailypay\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-01T20:05:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-01T20:05:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Retail-Turnover-Blog-Image-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Chris Brunau\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@dailypay\" \/>\n<meta name=\"twitter:site\" content=\"@dailypay\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Chris Brunau\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Retail Turnover Rates In 2024 - 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