Investing in employees can appear in many ways, most commonly in the form of financial compensation and benefits offered. However, in recent years, there has been a shift in the priorities of employees’ values; this shift being placing a higher value on overall company culture than compensation. According to Business News Daily, “American millennials are more likely to care about work culture over salary (65%) than those age 45 and older (52%).”
To build a retail business where employees feel supported, there must be a compelling mission, goals, and values that are well-defined and implemented into all work practices, most crucially being the hiring and onboarding processes. If hiring managers articulate the company values during the interview process, employees are more likely to understand and reflect those values on the retail floor.
There are three underlying values that are trending as top priority in the retail sector: employee voice, diversity, equity, & inclusion, and sustainable practices.
Company culture extends beyond shared lifestyles and common interests. Employees want to feel heard by their leaders. An insider at Fast Company wrote, “If you look at some of the strongest companies around the world, regardless of industry, a common thread is that leaders in those businesses don’t just dictate. They also get feedback from their teams and consider what workers say.” Retail is a particularly important industry for employees to feel heard, as they serve as the face of the brand and interact with customers in-store, every single day. Likewise, retail employees provide invaluable internal feedback on the day-to-day retail operations.