Retail talent disrupted
New rules for attracting, retaining, and developing talent
The digital revolution is forcing the retail industry into a time of unparalleled change. How can retailers attract, retain, and develop a workforce that meets the evolving needs of this marketplace? Deloitte’s research revealed five key findings, each highlighting the growing talent-related challenges in the retail marketplace. While all retailers are influenced by the changing environment, find out where the talent challenge has the most impact and what retailers need to do about it.
Retail talent research
Spurred by the digital revolution and the demands of an evolving consumer, new companies have entered the marketplace with innovative business models that threaten to make traditional retailers obsolete. Emerging retailers with “digital” in their DNA are challenging the ways many traditional companies acquire customers, compete in the marketplace, and configure their business.
Through an extensive study exploring the talent practices of a wide range of retailers, Deloitte has concluded that a bold new set of “rules” should be considered for retailers to attract, retain, and develop a workforce that can meet the needs of the evolving marketplace. To explore the disrupted retail talent dynamic, we examined retail businesses and their challenges across three dimensions:
3- Operating model
As our findings show, in each of the three dimensions examined, disruptive changes in the retail marketplace have created both new challenges and new opportunities for retailers, relative to their talent needs.
Key retail talent-related research findings
Deloitte’s research revealed five key findings, each highlighting the growing talent-related challenges in the retail marketplace. While all retailers are influenced by the changing environment, we discovered that the talent challenge tends to impact well-established retailers most profoundly.
1- Retailers across the board are experiencing a shortage of qualified talent, but the struggles of well-established retailers are dramatically more pronounced.
2- Retail organizations are striving for increased agility and innovation, but well-established retailers are at a significant disadvantage.
3- Digital is becoming engrained in the retail culture and operating model and Internet-age retailers are ahead of the curve.
4- Continuous change in the way retailers operate is driving evolution in retail skill requirements, and Internet-age retailers are more adept in responding.
5- The competition for fresh, highly skilled talent is intensifying, and well-established retailers are falling behind.