The Impact of Changing Retail Landscape on Employees
- Retail workers face higher risk of redundancy compared to other sectors
- Retail sector’s employment share has fallen by 12% since 2003
- Ex-retail workers more likely to become unemployed and stay unemployed for longer periods
- Productivity in retail has increased by 40% since 2000, real hourly pay up 5% since 2009
- Younger workers most affected by retail job losses
A new report by the Resolution Foundation reveals that retail workers are more likely to face redundancies and experience longer periods of unemployment compared to employees in other sectors. The report, titled ‘Sorry, we’re closed’, highlights a long-term trend of falling employment share in the retail sector that predates the rise of online shopping. Since 2003, retail’s share of employee jobs has dropped by 12%. Retail workers now have a higher redundancy rate than any other sector (31% compared to an average of 26%) and are more likely to remain unemployed for six months or longer (41%). The report also emphasizes the impact on younger workers, with three in five ex-retail employees under 30 years old being unemployed despite only a third of the retail workforce falling into this age bracket. However, the study notes that productivity in retail has increased by 40% since 2000 and real hourly pay has risen by over 5% since 2009. Daniel Tomlinson, research and policy analyst at the Resolution Foundation, suggests focusing on diversifying town centers for leisure activities instead of trying to save traditional high streets.
Factuality Level: 8
Factuality Justification: The article provides accurate information from a recent report by the Resolution Foundation about the impact of changing retail trends on employment and unemployment in the sector. It presents relevant data and quotes an expert for context and analysis. However, it could be improved by providing more details on the methodology used in the report and including perspectives from other sources to provide a more balanced view.
Noise Level: 3
Noise Justification: The article provides relevant information about the impact of changing retail trends on employment and unemployment in the sector, with evidence from a report by the Resolution Foundation. It also offers insights into potential solutions for affected workers and communities. However, it could benefit from more analysis or discussion of the underlying causes and long-term implications of these changes.
Financial Relevance: Yes
Financial Markets Impacted: The report highlights the impact on retail workers’ employment and productivity in the sector.
Financial Rating Justification: The article discusses the falling employment share in the retail sector, redundancies, and increased unemployment duration for retail workers. It also mentions the increase in productivity and real hourly pay in the sector. These topics are related to financial matters such as job creation, unemployment, and economic changes.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event in the text that happened in the last 48 hours. The article discusses the impact of changing retail trends on employment and unemployment rates, but it does not mention an extreme event.
www.retailsector.co.uk