A whopping 87 percent of retail leaders are worried about talent shortages in 2023, while almost all employees (94 percent) are concerned about the consequences such shortages will have on their roles and professional wellbeing, according to new research from Fourth (Austin, Texas).
“From talent shortages to the supply chain, the business challenges are clear for 2023,” said Clinton Anderson, CEO of Fourth, a global software provider to the retail, hospitality and leisure industries. “The coming year will present a lot of opportunities, with retailers ending the year in a stronger position than many expected. Fortunately for both retail leaders and employees, significant opportunities and alignment exists on how to leverage technology to address these challenges and more effectively attract, retain and engage talent.”
For retail leaders, the technologies integral to business growth in 2023 include store management (scheduling and productivity optimization), 42 percent; HR automation (workforce management technology), 40 percent; and brand activations within supermarkets and department stores, 35 percent.
The technologies most desired by retail employees include access to apps that allow real-time communication with employers, 50 percent; better point-of-sale automation technology (self-service check out, mobile POS, etc.), 47 percent; ability to see paychecks online and in real-time with earned-wage access, 43 percent; access to digital scheduling, 38 percent; and warehouse automation and dark retail (the latter is a brick-and-mortar location that’s been converted into a fulfillment center), 33 percent.
Click here to download the entire report, including individual sector data.