The staff shortage crisis has seen the number of companies offering sign-on bonuses skyrocket more than 450 per cent.
According to the latest figures from analytics giant GlobalData, the number of roles offering bonuses to attract new staff has increased from 10,312 in August 2020 to a whopping 57,123 in August this year.
The retail sector, alongside hospitality, has been on of the hardest hit by the global skills shortages emerging post-pandemic.
In July reports emerged that many retailers were facing 30 per cent staff shortages, due to a cocktail of increasing coronavirus cases, Brexit, and a reluctance of former staff to return to the sector after months of lockdown closures.
The issue is being exacerbated by problems within the supply chain, seeing a quarter of retailers report stock issues due to a shortage of drivers.
Companies like Amazon have recently introduced £1000 “golden hello” bonuses to attract new warehouse staff to keep its supply chain running smoothly in the run up to Christmas.
In signs that it was not only struggling to attract staff but also retain them, just days later it announced an attendance bonus of £50 a week for staff who attend all their scheduled shifts.
Elsewhere retailers including Games Workshop, Poundland, Tesco are offering welcome bonuses, with the latter calling on the government to amend apprenticeship levy rules to enable it to attract younger staff.
“We are seeing sign-on bonuses ranging from $150 to $100,000, as companies are desperately trying to entice new employees amid the current shortages,” GlobalData’s business fundamentals analyst Ajay Thalluri said.
“Roles that involve a shared workspace or are front office are the most likely to offer a sign-on bonus during the pandemic due to employees coming into contact with others.
“It would be wise for companies to advertise the bonus in the job description as those that do are receiving a higher number of applicants compared to those that don’t.”