Retail hiring expected to skyrocket this holiday season
As the holiday season notches closer, retail companies are preparing to bring in an influx of new labor, which Branch Messenger CEO Atif Siddiqi estimated could result in at least 650,000 new employees being hired.
“They’re really feeling the crunch now,” Siddiq said on Friday during an interview with FOX Business’ Maria Bartiromo. “Because unemployment is at an all-time low, the lowest it’s been since 1969.”
This year, Siddiq there’s been about a 10 percent increase in seasonal hiring. But brick-and-mortar retailers are struggling to recruit -- and keep -- workers amid a relatively strong jobs market, which at the tightest it’s been in nearly two decades. National unemployment rate is at a 17-year low of 4 percent.
In order to woo potential employees, retail stores are trying to offer better incentives, like higher hourly wages, gift cards and deep employee discounts.
“Retailers are still having a tough time retaining these employees, with about 100 percent turnover year-over-year,” he said. “They’re doing everything they can to incentivize to bring them in.”
And it’s not just retailers that are hiring: Because of the rise in e-commerce, distribution centers, fulfillment centers and manufacturing facilities are all hiring as well.
“It’s across the spectrum here, on not just store employee, but from everything to service that store and put products on the shelf,” he said.