While the job market seems to be looking up in many ways, a survey by 24 Seven and Women’s Wear Daily has revealed that job satisfaction and loyalty from fashion and retail professionals is waning.
The sixth annual survey by 24 Seven (an admittedly biased organization as the company is in talent management and recruiting), surveyed more than 1,700 retail professionals at various levels in retail organizations and found that loyalty is at an all-time low, with 90% of employees willing to consider changing jobs. Of those surveyed 72% were female, 28% male and they shared a median annual salary of $70,000. Forty-four percent of respondents worked for a company with 1,000 or more employees and 79% were GenXers.
The study showed that unsatisfied employees are 11 times more likely to move to a new organization in the next year. It also uncovered that 40% of executives feel under pressure to attract and retain talent, yet only 20% report that their company has a formalized retention strategy in place. For those with a formalized plan, 69% have created customized strategies and are able to retain top talent.
Findings also showed that digital talent is in very high demand. It has seen the highest increase in salary and there is virtually zero unemployment as it relates to digital talent. The most sought-after positions include e-commerce, social media and mobile marketing expertise, but compensation, which only rose about 3.9%, is still king for those surveyed.
Results showed that 66% of employees are expecting raises in 2012, and a higher base salary is the number one reason to leave their current job in favor of another. In addition, 12% of respondents are now in new roles and reported a double-digit salary increase from the previous year
The study also reported how important rewards can be for boosting morale and loyalty. Summer hours and comp time ranked as top priorities for employees, but only 38% are receiving them. At the same time, 60% of respondents receive free or discounted merchandise from their retail employers, but only 9% really value the benefit as what employees really want is a better work-life balance.