An abundance of seasonal workers, low wages, insufficient onboarding, minimal training, and low employee engagement are a few of the common factors contributing to high turnover within the retail industry.
In fact, the average turnover rate in the retail industry is just above 60 percent, according to the National Retail Federation. Additionally, it costs more than $3,300 to replace a $10/hour employee, based on results from a Center for American Progress study.
There is no question that high turnover and seasonality of employees is commonplace and costly for the retail industry. However, when it comes to deprovisioning workers, this trend can be extremely dangerous for retailers -- even leading to serious cyberattacks.
The problem stems from IT departments, who must tackle numerous potential cybersecurity risks and implement/manage procedures and technology to protect the business, while also ensuring all employees and customers have the access they need to be productive.
Consequently, the deprovisioning of employees who are leaving the organization takes a back seat. But, this in turn, creates an enormous security risk.
Download this ebook to learn about the retail industry’s security risks and possible solutions.