Are benefits the secret to keeping associates employed in retail? – RetailWire
January 24, 2022
Lululemon for the second consecutive year was the top-ranked retailer on Glassdoor annual list of the “100 Best Places to Work”, coming in ninth place. Like many of the other retailers on the list, the benefits were particularly talked about in Glassdoor’s employee reviews of the company.
For fulltime lululemon employees, benefits include a 60% employee discount. Part-time workers (less than 25 hours per week) benefit from a 40% reduction.
Another benefit cited in reviews is At Lululemon Sweaty Pursuits program, which provides associates with $250 per month to cover fitness and meditation classes in their local communities.
Finally, a “generous” benefits package has been cited in many reviews, which includes mmental health coverage, paid leave and paternity leave.
The second retailer on the list, Trader Joe’s, at 32, has also received plenty of criticism highlighting employee benefits, including his 10% discounts for employees and regular free tastings. Similar to Lululemon, Trader Joe’s enhanced benefits, including a 401K/retirement plan, dental insurance, and vision insurance, were cited in several employee reviews.
Many reviews from the other eight retailers on Glassdoor’s Top 100 List – including HEB (ranked 33), eBay (55), Apple (56), Wegmans (80), Vans (84), Madewell (88), Scheels (90), Costco (93), REI (95) and Malouf Companies ( 98) — also cited employee benefits and discounts.
Employee discounts include 40 to 60 percent at Madewell and 50% off regular priced items at Vans. Apple employees get product discounts (some of which can be shared with family and friends), tuition reimbursements, gym credits, and stock-purchase opportunities.
Costco and Wegmans don’t offer employee discounts, but have been praised in Glassdoor reviews for their perks and other factors.
Beyond perks and perks, the retailers on Glassdoor’s Top 100 list all had in common a strong culture and values as well as a positive and supportive work environment. Some retailers have been praised for their competitive compensation, flexible hours (especially for students), and opportunities for advancement.
According to LinkedIn’s “Global Talent Trends 2022” report, workers say their top priority in a new job is work-life balance, cited by 63%, followed by pay and benefits (60%) and colleagues and culture (40%).
DISCUSSION QUESTIONS: How important are product discounts, free food, gym credits, tuition reimbursements and other benefits to support retail employee satisfaction and retention? What factors are likely more important in securing a content store’s staff?
“Perks are a nice complement, but they won’t make up for a toxic culture, poor leadership, or a lack of opportunities for advancement.”