Building a Resilient Workforce in Retail
Unlock your workforce’s potential with strategies to boost performance and enhance guest experiences.
Building a Resilient Workforce in Retail
Unlock your workforce’s potential with strategies to boost performance and enhance guest experiences.
Building a Resilient Workforce in Retail: in the Human Capital Advisory
to Combat High Turnover and Labour Challenges
Building a Resilient Workforce in Retail: in the Human Capital Advisory to Combat High Turnover and Labour Challenges
Over time, the retail industry is facing major challenges and one of them is the shortage of employees. According to a study, 2.5 million more job openings are available than job seekers. One of the leading causes of this is the attrition rate, primarily pushed by the Limited growth opportunities and inadequate pay. Human Capital advisory plays a crucial role in understanding these challenges and delivering solutions to address the issues.
Furthermore, with the evolution of technology specifically after covid-19 totally changed how Brick-and-mortar stores operate, not just the touch less automatic payment systems significantly increased but online shopping percentage rose as well. This also became a common reason for high turnover and labor challenges.
Additionally, this growth of E-commerce has led shoppers to demand convenience, speed, and a vast range of products, placing huge pressure on traditional physical stores. Retail organizations should form reliable online shopping platforms and create automated, engaging in-store experiences to stay competitive with the market. For addressing these evolving issues, major retailers around the world are heavily investing in Data and Analytics to better understand customer behavior, implementation of Robust technology and to forecast the emerging trends to maximize sales in the rapidly evolving retail landscape.
Five HR Roadblocks in Retail and Strategic
Solutions with Human Capital Advisory.
Five HR Roadblocks in Retail and Strategic Solutions with Human Capital Advisory.
High Turnover rates
The retail industry faces the highest turnover rate than any other industry, mainly due to factors like long working hours, low wages, job security and growth opportunities. Most of the time the retail jobs are done as a part-time job by young people who typically don’t stay in these roles for longer periods resulting in a further rise in turnover.
With the people analytics retail departments can focus on the right talent, provide training opportunities to increase loyalty, offer bonuses, promotions and digital tools to automate tasks, reduce frustration and overall build a loyal workforce.
Labor Challenges
Labor Challenges are mainly faced due to shortage of labor and skill shortage, particularly because of increased competition from other industries, changing work force preferences and the less skilled employees to operate digital tools.
With the right human capital advisory, training programs or e-learning tools can be introduced. HR analysts can use the latest software which helps in tracking progress, scheduling and identifying skill gaps in employees.
Seasonal Demand in Retail
In retail, public holidays or national events increase the demand of customers and are also considered as busy days, which require a larger workforce to meet the need of foot traffic. This definitely puts a huge pressure on the HR team.
With the help of people analytics effective seasonal workforce management can be done. By making informed decisions and early hiring the potential talent using traditional as well as digital methods, the candidate gap can be minimized despite of the demand in labor market.
Internal Theft and Fraud
The retail industry mainly consists of temporary and part-time workers who sometimes contribute to internal thrifts, misconduct and fraud. In fact, it was surveyed that 30% of retail shrink is due to internal theft by staff. This results in loss, violation of laws, and legal concerns which not just raise the challenges for HR executives but also impacts the business operations and brand reputation.
Although, it is impossible to completely overcome the concerns related to thefts and frauds, however with the implementation of People analytics HR can minimize frauds and misconducts by utilizing data driven insights about risk patterns, workforce behaviors and stronger employees monitoring. This allows business to create a safer and legally compliant environment.
Staff Protection and Regulatory Challenges
The safety of Employees is as crucial as the safety of customers in any good business. Similarly for the safety of business compliance with the legal regulations and data protection is a must. This saves the retailers from reputational loss and productivity loss.
Analytics enables the implementing, monitoring and auditing services to identify the areas that need improvements, HR can target safety trainings and track employees’ engagements with it. This approach not just helps in reducing safety concerns and legal costs but also results in compliance and mitigates the risks of cyber-attacks.
Strategies For Optimizing Workforce Management
Post Covid-19 pandemic the advancement in technology rose rapidly, which required skills that were not needed in the past. Additionally, customers’ needs and preferences for interactions also changed replacing the traditional methods of checkout to accelerated checkout, this became a convenient checkout method that customers started to love. The evolving technology and the rise in online shopping surpassed the requirement of workforce skills. Further Inventions like smart price tags, personalized promotions, or mobile notifications for shoppers demand skilled labor to boost their performance. Retailers are continuously struggling to fil this gap as the need for skilled workers exceeds the availability
To secure these challenges retailers are investing more in people analytics today, which effectively forecast the required capabilities and identify if the present workforce is able to tackle upcoming hurdles. People analytics further helps in filling the Knowledge gap by guiding in three key areas to develop, acquire, or outsource talent. Let’s explore what this truly entails,
Many Organizations understands the perks of human capital advisory solutions for reskilling but finds it expensive.
However, putting your money into analytics is a return generating investment.
How Digital Tools Are Transforming
Workforce Management?
How Digital Tools Are Transforming Workforce Management?
People analytics transforms the workforce by utilizing the latest technologies and artificial intelligence. Here let’s look how it helps by implanting digital tools in key areas,
How SS&CO Shapes
Human Capital Advisory Services in Retail
How SS&CO Shapes
Human Capital Advisory Services in Retail
Our team of professionals delivers
- Detailed Data driven insights that help retail businesses to make informed decisions.
- Workforce transformation and reshaping the staff by identifying the skill gaps in technology and customer centric roles specifically
- Better hiring strategies to overcome the existing need for the right skilled staff.
- Innovative solutions to make sure that approach is innovative, competitive, and aligned with corporate objectives.
- Flexible staffing strategies which include temporary staff or freelancers to cope with the peak season demands.
- Verification of compliance with labor laws, and industry regulations to safeguard the business and employees from legal risks.
Meet the Expert
Mubashir Islam
Senior Manager – Tax and Financial Advisory
Mubashir Islam, Senior Manager at SS&Co, specializes in delivering expert tax and advisory services tailored for fintech innovations.
