For countless economic reasons, the declining national unemployment rate is exceptionally good news. However, for convenience store operators and other retailers, that low rate can be a point of concern.
Currently, only 4.1 percent of Americans seeking jobs are out of work, which economists say is extremely close to functional full employment — the point at which everyone seeking a job has one, presenting a clear sign of continued economic strength for the nation.
However, the impact this has on c-store operators and other retailers might surprise you.
The declining national unemployment rate means it will become increasingly difficult to find candidates for c-store jobs and harder than usual to find high-quality associates. This puts tremendous pressure on operators to keep their current staff, which can be challenging.
People Power for C-Stores: Using Employee Engagement to Build Business Results examines real-world scenarios and offers tips to help store-level managers build and maintain high-performing teams. The study, the newest from the NACS/Coca-Cola Retailing Research Council, demonstrates that there are critical steps managers should take to improve their staff management practices and, in the process, drive employee productivity and motivation in the workplace — making employees more likely to stay in their jobs.