This Shiftonomics explores how companies are rethinking how we use spaces, the latest benefits employers like Chipotle and Target are offering to attract and retain their hourly employees, and what hourly workers are looking for today. We also have a new Industry Spotlight with University of Pennsylvania’s Wharton School professors of operations, information, and decisions Marshall Fisher, Santiago Gallino, and Serguei Netessine on thinking about retailers in their ‘retail life cycle’ and why so many are squandering their greatest assets -- their employees. Plus, highlights from our inaugural Branch Report, which takes a look at what hourly employees value most across work, finances, and lifestyle preferences.
👀 7 Things Hourly Workers Are Looking for Today
💰Chipotle to offer bonus program that gives hourly workers chance to earn extra month's pay
🏬 With more jobs than jobless people, companies compete for workers
🚸 Target expands family leave, backup care for hourly workers
💡Industry Spotlight: Conversation with Wharton Professors Marshall Fisher, Santiago Gallino, and Serguei Netessine
⛑ Hourly employees face greater hurdles to save—nearly half have no emergency funds
🏃 The Boutique Fitness Boom: Can $40 exercise classes save the attenuated American mall?
👀7 Things Hourly Workers Are Looking for Today | Via Motley Fool
Motley Fool’s Maurie Backman dives into the Branch Report and explores the top seven things hourly workers are looking for in a workplace.
- Over 63% of hourly workers are looking for a more generous wage.
- 57% of hourly workers crave more scheduling stability.
- More than one-third of hourly employees want to work for managers who encourage them to excel and make an effort to help them move their careers forward.
💰Chipotle to offer bonus program that gives hourly workers chance to earn extra month's pay | Via Marketwatch
Marketwatch’s Ciara Linnane reports that Chipotle has announced the launch of a bonus program for its workers that gives hourly employees the chance to earn up to an extra month's pay as part of its larger efforts to attract and retain talent in an increasingly competitive industry.
- To qualify, restaurant teams have to meet certain sales, cashflow and throughput goals.
- The first bonuses will be announced after the close of the company's second quarter in July.
🏬With more jobs than jobless people, companies compete for workers | Via KETV
KETV Omaha’s Kevin Early interviews Marissa Andrada, chief people officer at Chipotle, about the tight labor market and the competition for hourly workers.
- According to Greater Omaha Chamber of Commerce President David Brown, "companies are thinking about what it's going to take for their employees to be happy and to stay, so the benefits are changing dramatically too."
- Chipotle offers English as a second language classes for employees and their family members for free. It also offers tuition reimbursement for hourly workers up to $5,200 a year.
- Andrada explains the company's culture also plays into its attempt to keep workers. She says Chipotle makes an effort to "cultivate a workplace that lives up to its mission of food through integrity."
🚸Target expands family leave, backup care for hourly workers | Via HR Dive
HRDive’s Valerie Bolden-Barett reports that Target's workforce, including part-time, hourly employees, will soon have expanded access to paid family leave and backup care.
- Will shift from offering two weeks' paid parental leave to a broader policy that gives employees up to four weeks' paid time off annually to care for a newborn or sick family member.
- Retailers like Lululemon and H&M have also followed suit and begun to offer more paid leave as a benefit.
💡Industry Spotlight: Conversation with Wharton Professors Marshall Fisher, Santiago Gallino, and Serguei Netessine | Via Branch
We’ve interviewed University of Pennsylvania’s Wharton School professors of operations, information, and decisions Marshall Fisher, Santiago Gallino, and Serguei Netessine about why we need to think about retailers in the context of their retail life cycles, how retailers can account for optimal staffing and training to impact their revenue, and how major retailers are reacting to the tight labor market.
- There’s a retail life cycle comprised of stages -- start-up, high growth, maturity, and decline -- and as a retailer goes through those stages, life changes for them.
- Retailer commentators often look at individual retailers who are struggling to navigate the transition from growth to maturity and falsely conclude that all of physical store retailing is in trouble.
⛑Hourly employees face greater hurdles to save—nearly half have no emergency funds | Via CNBC
CNBC’s Megan Leonhardt discusses Branch Report findings on how 75% of hourly employees have less than $500 saved and 40% have $0 saved.
- After accounting for inflation, today’s average wage has about the same purchasing power it did 40 years ago, according to Pew Research.
- Hourly employees now not only have the challenge of affording day-to-day expenses, but it can be even more difficult when those wages fluctuate.
🏃The Boutique Fitness Boom: Can $40 exercise classes save the attenuated American mall? | Via New York Times
New York Times’ Katherine Rossman explores the emergence of boutique “fitness clusters” taking over shopping centers that previously housed traditional retailers like Gap, Sharper Image and Barnes & Noble.
- As brick-and-mortar retail stores have taken a beating from the internet, yoga, Pilates, rowing, boxing, cycling, barre and H.I.I.T. studios are entering the spaces formerly inhabited by apparel, books and electronics stores.
- These studios now make up a big part of what’s been called the “experiential economy.”