Kronos Retail Labor Index(TM) Shows Retail Hiring at Highest Level in 2009
Kronos® Incorporated today announced the December release of the Kronos Retail Labor Index�, a family of metrics and indices that analyze the relationship between the demand and supply sides of the labor market within the U.S. retail sector, and provide a distinct and early indicator of the overa
CHELMSFORD, Mass., (December 07, 2009) –
Kronos® Incorporated today announced the December release of the Kronos Retail Labor Index(TM), a family of metrics and indices that analyze the relationship between the demand and supply sides of the labor market within the U.S. retail sector, and provide a distinct and early indicator of the overall state of the economy. The December release includes data for November 2009. The report is available on the Kronos Retail Labor Index website.
News Facts
* The Kronos Retail Labor Index: (This metric is defined as the percentage of job applications that result in a hiring, normalized within a scale of 0 to 100. A level of 3.00 percent means that for every 100 applications received, three hirings occurred). The Kronos Retail Labor Index increased to 3.87 percent this month, its highest level in 2009.
* Retail Hiring Level: The 68 retailers representing 27,034 distributed locations across the U.S. that make up the Kronos data sample recorded 49,412 hirings in November 2009; an 8.49 percent increase over October. This followed a 13.31 percent increase from September to October. November’s seasonally adjusted figure represents the highest level of hiring so far in 2009.
* Retail Applications Level: The supply of applications decreased in November for the first time in 2009 to a seasonally adjusted level of 1,266,902 down from 1,583,990 in October.
* Retail Employee Retention Rate: Continuing the trend of increased employee retention, the 60-day retention rate for November 2009 was 3.87 percent higher than it was in November 2008.
* Holiday Hiring: While the level of applications received by retailers in November has increased each year since 2006, the cumulative number of hirings made in each of those years has decreased and is currently at its lowest point since 2006, indicating that retailers are expecting a slow holiday sales season.
Supporting Quotes
* Dr. Robert Yerex, Ph.D., chief economist, Kronos
“The Kronos Retail Labor Index reached its highest level for the year this month, a positive sign for retailers and for those seeking retail employment. While the short-term news is good, the longer- term view is more troubling. Since 2006, the level of applications received by retailers from September through November each year has increased, but the cumulative number of hirings made over the same period has decreased. This indicates that retailers are expecting the 2009 winter holiday retail season to be weaker than each of the previous three years, and in response, delayed their surge in holiday season hiring by two weeks as compared with previous years.”
Supporting Resources
* Organizations that use Kronos hiring solutions employ approximately 15 percent of the U.S. consumer retail labor market, providing Kronos with a unique set of data on employee job applications, hirings, and length of service.
* The Kronos Retail Labor Index is released on a monthly basis. Go to www.kronos.com/retail-labor-index to access: the full report; a schedule of upcoming Index release dates; the Index methodology; and downloadable graphics.
* Note to reporters: cite Index findings as “Kronos Retail Labor Index”.
About the Kronos Retail Labor Index
The Kronos Retail Labor Index is a family of metrics and indices that analyze the relationship between the demand and the supply sides of the labor market within the U.S. retail sector. It is derived from a single, unified data set, allowing for statistically appropriate comparisons and time series-based trending analysis. Firms that use Kronos hiring solutions employ approximately 15 percent of the U.S. consumer retail labor market, providing Kronos with a unique set of data on employee job applications, hirings, and length of service. The Kronos Retail Labor Index provides a distinct and early indicator of the health of the retail sector.
About Kronos Incorporated
Kronos is the global leader in workforce management solutions that enable organizations to control labor costs, minimize compliance risk, and improve workforce productivity. Tens of thousands of organizations in 60 countries — including more than half of the Fortune 1000® — use Kronos time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications. To learn how Kronos uniquely delivers complete automation and high-quality information in an easy-to-use solution, visit www.kronos.com.
© 2009 Kronos Incorporated. Kronos is a registered trademark and Kronos Retail Labor Index is a trademark of Kronos Incorporated or a related company. All other trademarks are property of their respective owners.
Source: Kronos