As part of its recognition lists announcement, Great Place To Work® India today announced India’s Best Workplaces™ in Retail 2023. The global authority on workplace culture, Great Place To Work, assesses various organizations as a part of their research, based on which companies get identified as Best Workplaces, every year.
This year, the report found that the retail industry is growing at a CAGR of 10-11% in the country. Between 2019 to 2022, India saw a growth of 5 bps in the Trust Index Grand Mean, and the 2023 Trust Index stabilized at 85%. Future growth prospects for the retail sector lie in prioritizing digital transformation, expanding e-commerce, adopting omnichannel strategies, and enhancing personalized customer experiences.
The retail sector outshines other industries across all workplace culture aspects, especially on parameters of impartiality, equity, and collaboration at work. Differences between retail and other sectors were observed in employee perception – Most: Impartiality, Equity (4%), and Collaboration (3%) and Least: Justice Intimacy, and Personal Job (1%). The Best Workplaces report up to 6 – 10 percentage points higher positive experience on key aspects than the overall industry.
Ms. Yeshasvini Ramaswamy, Serial Entrepreneur & CEO, Great Place To Work India said, “The retail industry in India has been growing-rapidly in recent years, driven by the country’s expanding middle class and increasing purchasing power. From online shopping to AI-powered personalization, retailers are exploring innovative ways to attract and retain customers in an increasingly competitive landscape. According to a recent report by the Retailers Association of India (RAI), the retail industry in India is expected to reach USD 1.1 trillion by 2026, growing at a compound annual growth rate (CAGR) of 10-11%.
The increasing penetration of the internet, smartphones, and the convenience of online shopping, has made e-commerce a popular choice among Indian consumers. The online retail segment has been a significant contributor to the growth of the retail industry in India, with e-commerce sales expected to reach USD 200 billion by 2026. With the increasing urbanization and changing lifestyles of consumers, food, and grocery retail, which accounts for the largest share of the retail market in India, is also expected to grow significantly in the coming years.
As per our report, Retail is outshining every other industry across all workplace culture aspects. Leaders have been able to uphold employee sentiment for the last four years at 88%. Additionally, the Indian government’s efforts to improve the business environment and simplify regulations have made it easier for retailers to enter and expand in the market. The government has also introduced various initiatives, such as the ‘Make in India’ program and the ‘Digital India’ program to encourage investment and support the growth of the retail industry. Retailers who can effectively meet the evolving needs of Indian consumers will be best positioned for success in the market.
Congratulations to all our winners on achieving this great accomplishment. I have faith that the industry and its leadership will continue to establish international standards for workplace culture. India has a lot to offer to the world.”
Great Place To Work India has released the list of winners identifying India’s Best Workplaces in Retail 2023, which recognizes organizations that have created a High-Trust, High-Performance Culture ™ for their employees.
