Why Creating Good Jobs Has Financial Benefits

On the flipside, lacking a good jobs strategy can increase turnover costs.

March 12, 2021

100 Dollar Bills

ALEXANDRIA, Va.—Creating good jobs can drive employee productivity, improve motivation and reduce turnover costs—costs that continue to have a huge impact on the convenience store industry.

In 2020, turnover rates remained in the triple digits at 123% for store associates, according to the newly-released NACS State of the Industry Compensation Report of 2020 Data. The average turnover rate for full-time hourly store associates was 91.8% and for part-time hourly store associates, it was 153.9%. The turnover rate for managers dipped slightly to 20% in 2020 from 22% in 2019.

To help convenience retailers attract and retain top-notch people, NACS partnered with the nonprofit Good Jobs Institute in January 2020 to bring the Good Jobs Strategy to the industry. The Good Jobs Strategy, which is a combination of investment in people and smart operating choices, increases employee productivity, motivation and contribution and promotes operational excellence. Case studies show that implementing the Good Jobs Strategy can grow a business and increase customer loyalty.

The costs of providing good jobs, such as wage or benefit increases, are immediate and easy to quantify, while the greatest benefits, including revenue uplift and cost reduction, are further out and harder to quantify.

To help retailers learn more about the Good Jobs Strategy, Sarah Kalloch of the Good Jobs Institute will share the financial implications for creating good jobs at convenience stores. The 20-minute webinar, “Identify the Financial Benefits of Creating Good Jobs,” will take place on April 7 at 2:00 p.m. EST.

Participants will also learn how to use the Good Jobs Calculator, designed exclusively for NACS and the convenience industry. This tool allows retailers to use their own data and customized assumptions about the amount of improvement or uplift achievable, and executives can run scenarios on the bottom-line impact of a Good Jobs system.

Register today and learn what’s possible by implementing a Good Jobs system.