Retail industry hit by high staff turnover

More than a third of employees aim to leave their current jobs

once the employment market has picked itself up, according to a recent study carried out by Chartered Institute of Personnel & Development (CIPD).

This startling revelation could leave the retail industry in a pickle as likely staff turnovers could cost retailers a bill of up to £7 million to cover over the next year.

The retail industry employs around 11 per cent of the total UK workforce. The CIPD warns that it is one of the industry sectors with the highest rates of staff turnover with the average cost for replacing staff estimated at £6,125, rising to £9,000 for senior managers.

The solution is creating a working environment which promotes motivation, a manageable workload and a good work/life balance. Retail employers should take note that by addressing the right balance, they could save costs and prevent staff easily lured away by competitive offers.