The pandemic-induced labor shortage has hit the retail industry particularly hard.
Major retailers such as Walmart and Target this fall announced plans to hire workers to meet this year’s seasonal demand, but in response to higher competition for staffers, retailers have been increasing their pay and offering other incentives like covering college tuition or paying hiring bonuses.
As retailers step up their perks in hopes of enticing workers, retail sales are expected to increase. The National Retail Federation revised its sales projections for this holiday season to reflect that sales could reach 11.5% growth. Wells Fargo analysts also predicted that this year’s holiday season sales could rise to 11% compared to 2020.
