"Rather than being viewed as a loophole or bad practice, flexible retail jobs are often preferred by individuals balancing studies, caregiving responsibilities, or seeking initial work experience. Retail is one of the most significant entry points into the labour market. About 780,000 retail jobs are held by individuals aged 16 to 25, accounting for 28% of the sector's workforce and making the industry the largest gateway to employment for young people in the UK."
"Recent BRC data indicate that 70% of Gen Z workers aged 18 to 29 consider workplace flexibility important, rising to 73% among part-time workers. Industry leaders warn that a misguided approach to provisions, such as guaranteed hours, could lead to increased costs and administrative complexity. Since April of last year, the cost of employing a full-time entry-level worker has increased by 10%, while the cost of part-time roles has risen by more than 13%."
"According to BRC survey data, 52% of leading retail chief financial officers plan to cut hours or overtime to offset rising employment costs, while 32% expect to freeze recruitment. This warning comes as the Office for Budget Responsibility forecasts that unemployment will reach 5.3% this year. Among 16 to 24-year-olds, youth unemployment has hit 16.1%, its highest level in over a decade."
The British Retail Consortium warns that worker security reforms could diminish employment opportunities for young people if implemented poorly. Seventy percent of Gen Z workers value workplace flexibility, particularly part-time workers at 73%. Retail provides crucial entry-level positions, with 780,000 jobs held by 16 to 25-year-olds representing 28% of the sector's workforce. Youth unemployment has reached 16.1% among 16 to 24-year-olds, described as an existential crisis. While the Employment Rights Act aims to improve job security and living standards, retailers worry about implementation costs. Employment costs for entry-level workers increased 10% for full-time roles and 13% for part-time roles since April. Retailers plan to cut hours, freeze recruitment, or reduce overtime to manage rising costs.
Read at London Business News | Londonlovesbusiness.com
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