Organized Retail, globally, is on a boom cycle, with emerging markets growing at a faster pace than established markets and established markets driving all-round innovation and future direction for the industry. Unlike E-Commerce where technology is the differentiator, for user experience, organized retail which includes both Storefront Retail and E-commerce is more complex and is dependent on people and processes at every step.
HR Challenges in the Retail Industry
1. Unprecedented competition:As the marketplace gets crowded, margins drop, which has an impact on both compensation and recruitment.
2. Low customer service standards:As retail companies expand in order to beat the competition, the quality of customer service takes a beating once in a while, as employees are not monitored for the same.
3. Lack of training:70% of the employees are in a customer facing role and poorly managed training programmes impact business negatively
4. Talent crunch with high attrition:Given the seasonal nature of retail sales, retail companies resort to hiring and firing cycles, which causes a talent crunch at times and attrition that comes from low employee morale.
5. Productivity issues:In order to beat the talent crunch and attrition, retail companies resort to hiring temp workers, which has a disparity of skill sets and hence low productivity.
Globelead HCM Solution for the Retail Industry
1. Enhanced level of automation for quicker recruitment cycles.
2. Speeds up recurring tasks, thereby increasing workforce productivity.
3. Increases operational efficiency and reduces costs.
4. Enables better skill mapping and training identification.
5. Creates a mechanism for better planning and resource optimization.
6. Increases employee engagement overall.
7. Engaged employees lead to better customer experience.
8. Happy customers lead to better profit margins over time.