Inside employees’ minds in the retail industry
Retail and hospitality employees didn’t get to stay home during the pandemic — some were laid off, and the rest went to work, wore masks, installed glass barriers, and kept the consumer economy afloat. Then, in late 2021, the industry was hit with supply chain issues and labor shortages, followed by the war in Ukraine, and now, inflation.
Retail and hospitality workers are struggling the most out of all employees in the industries studied in Mercer’s Inside Employees’ Minds 2022 report. Most retail and hospitality front line employees make $60,000 or less per year. While all of the above challenges hurt people working in the retail and hospitality industry, inflation has been the single biggest hit. These employees have indicated that the emergency money they had saved is now going into rent, food, and other increased expenses that they didn’t budget for.
Three out of five of the top concerns for retail and hospitality employees in 2022 relate to financial security:
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Covering monthly expenses remained the top concern since last year, but respondents now indicate that they’re nearly twice as concerned about that as any other item.
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The ability to retire rose to the #3 spot, up from #8 last year
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Concerns over personal debt are now in the top five
Download the retail and hospitality industry summary to learn about why many are considering leaving the industry altogether and seeking better opportunities.
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