Fourth Finds 87 Percent of US Retailers Name Talent Shortages as Major 2023 Challenge

New research from Fourth, the leading global software provider to the retail, hospitality, and leisure industries, found that 87% of retail leaders are worried about talent shortages in 2023 and almost all employees (94%) are concerned about the consequences labor shortages will have on their roles and professional wellbeing.

In the competition to attract and retain talent, financial worries are top of the agenda, with 83% of employees responding that earned wage access would reduce financial stress and 56% feeling overworked and underappreciated from understaffing. Amid a tougher economic climate, the data underscores that HR technology and workforce management solutions are key priorities for both retail leaders and employees.

"From talent shortages to the supply chain, the business challenges are clear for 2023," said Clinton Anderson, CEO, Fourth. "The new year will present a lot of opportunities, with retailers ending the year in a stronger position than many expected. Fortunately for both retail leaders and employees, significant opportunities and alignment exists on how to leverage technology to address these challenges and more effectively attract, retain, and engage talent."

For retail leaders, the technologies integral to business growth in 2023, include: Store Management (i.e., scheduling and productivity optimization) (42%), HR automation (i.e., workforce management technology) (40%), Brand activations within supermarkets and department stores (35%).

The technologies most desired by retail employees include: Access to apps that allow real-time communication with employers (50%), Better point of sale automation technology (i.e., self-service check out, mobile POS, etc.) (47%), Ability to see paychecks online and in real-time with earned wage access (43%), Access to digital scheduling (38%), and Warehouse automation and dark retail (33%).

Download the entire report, including individual sector data.

About Fourth

When every hour of every shift matters, Fourth helps restaurants, retailers, and hotels conquer the day with data-driven workforce and inventory technology. The Fourth Intelligence Platform leverages more than 20 years of rich data and advanced analytics to deliver actionable insights and demand forecasting for optimizing operations, maximizing margins, and empowering employees. With a streamlined business powered by Fourth Intelligence, industry operators can act with certainty and conquer with confidence whatever comes their way every day. Visit us at fourth.com to learn more.