Letters: Looming talent shortages
[Re: Halfords focusing on offering shoppers more essentials as they slash discretionary spending, Nov 23]
Unsurprisingly, the cost of living crisis is impacting shopping habits. In fact, Fourth’s data shows consumers will spend less on a variety of items from holidays to groceries next year.
So we may expect more announcements from retailers, and whilst attracting footfall in the golden quarter is vital, it is only half the challenge.
Our data shows 78 per cent of retailers are worried about talent shortages in 2023. It’s a pre-pandemic issue that’s been exacerbated by fiscal uncertainty throughout Covid-19 and worsened by the cost of living crisis.
With the data showing employees want more benefits, such as access to flexible pay with earned wage access, retailers must prioritise their employees to ensure they have the resources to meet consumer demand for a streamlined shopping experience that integrates more tech – such as loyalty offers via apps.
Striking this balance between attracting shoppers and retaining employees is the key during these tough times.
Managing Director, EMEA at Fourth