Retail Plan B
Retail positions have provided many teens a first job; they’re a popular part-time gig; and also provide a livelihood for millions of full-time workers.
So when a new report finds “the shrinking of retail jobs in many ways threatens to mirror the decline in manufacturing in the U.S.” it’s a serious issue for the economy, and the legions of retail workers.
The clerks at the checkout are the most at risk of the 6 to 7.5 million retail employees projected to receive a pink slip over the next several years, according to a new report from the Investor Responsibility Research Center Institute (IRRCi).
Beside those “self-checkout” aisles that keep popping up, some 10,000 stores could close this year, according to another report from Credit Suisse.
“Our research shows that most retail companies provide transitional services, such as resume writing and training,” says Sebastian Vanderzeil, director of research for Cornerstone Capital, which conducted the study for the IRRCi.
But polishing a resume to land another store job that could also be eliminated in the future isn’t a sound long-term strategy, Vanderzeil notes.
He says workers at retailers like Lowe’s, Gap and Wal-Mart could benefit from the tuition reimbursement programs they offer, and he lauds retailers like Best Buy, Advance Auto Parts and O’Reilly Automotive for efforts to invest in employee development so workers can rise up the ranks within the company.
“Workers who acquire the skills to advance beyond their current roles will be better positioned,” Vanderzeil says.
Tuition reimbursement is something workers can take advantage of, adds Nicole Smith, economist with the Center for Education and the Workforce at Georgetown University. Smith also advises retail employees to think carefully about how their current skills could be valuable to another employer.
“If you are good at communicating and dealing with customers that is skill many types of businesses need,” Smith says.
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