Retail Revolution

Retail businesses turn to wage increases and bonuses amid worker shortage

Last week, McDonald's joined Chipotle in an increasing list of companies that are raising wages and offering other benefits like on-the-spot hiring to attract new employees amidst a post-pandemic worker shortage in retail. In 2020, more unemployment claims were filed than in the Great Recession, thanks to both temporary and permanent store closures. Today, businesses are beginning to see sales return to pre-pandemic levels: food and retail sales were up 36% and 26%, respectively, in the first quarter of 2021 compared to the same time period the year prior according to the U.S. Census Bureau. However, businesses like McDonalds and Chipotle are facing PR crises over workplace treatment, and are struggling to find workers. To meet demand, businesses are raising wages, using on-the-spot-hiring and offering one-time bonuses to interest potential candidates.

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Modern Retail Summit
Oct 12–Oct 14, 2021

At the Modern Retail Summit, retail executives will come together to discuss effective strategies for driving sales by building a loyal customer base both online and offline.

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