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"Take away my factories, but leave my people, and soon we will have a new and better factory."
Selecting Training
Motivation Evaluation Compensation
Process of locating, identifying, and attracting capable candidates. Can be for current or future needs. What sources do we use for recruitment.
Training
Training tends to be done for current job.
Motivation
Motivating employees to perform up to their potential is the key to maintaining a productive, successful business. Ways in which you can motivate employees
Interact - Talk to your employees regularly. Recognition & Appreciation - A job well done should be appreciated and encouraged. Pay them Right - Pay employees for what they are worth and they will be happy to work. New challenges - Give employees new and interesting challenges to keep them stimulated and learning.
Motivating Employees
How critical is Motivation of employees?
Employees personal goals does vary with the managements goals
According to a study, 5% increase in employee satisfaction results in a 1.3% increase in customer satisfaction and 0.5% increase in sales
Customer loyalty is directly related to motivation of employees
Evaluation
Establishing performance
standards and reviewing the performance.
Compensation
Incentive Compensation can be Commission, Bonus and stock options.
Commission is a compensation based on fixed formula for sales.
Bonus is periodical compensation based on the stores performance during that period.
Stock options-employees are encouraged to buy shares of their company at discounted prices
Agenda
HR Challenges faced by Retailers
Categories of Management
Expense Control
Employee Demographics
International HR issues
Part-time employees are essential apart from the regular full-time employees.
Part-time employees are less committed to the company and their jobs.
Part-time employees are more likely to quit the company than the full-time employees.
Retailers work on thin margins and must control expenses. Thus they are cautious about paying high to their employees who perform low-skill jobs. Poor attitude, lack of experience and lack of motivation directly reflect on the sales and customer loyalty as Employees get into direct contact with the customer.
The changing demographic patterns results in a chronic shortage of sales associates. Since 1995, the Asian workforce has grown by 240 million while Europes has only grown by 6 million. Thus managing this growing diversity and changing values in retail workforce especially in tight labor markets creates problems for HR managers.
Managing employees working for a international retailer is challenging because of difference in work values, economic systems and labor laws.
Differs
This implies that HR practices effective in one country might not be effective in another.
Agenda
HR Challenges faced by Retailers
Categories of Management
Categories of Management
Managements are categorized based on the tasks they perform. They are:
Categories of Management
Strategic Management Performed by senior management. To develop a retail strategy Identify the target market Design organizational structure Select locations
Categories of Management
Merchandise Management
Price merchandise:
Set Initial prices, Adjust Prices
Categories of Management
Storage Management
Recruit Maintain Facilities Evaluates Performance Sell Merchandise Train Employees
Plan Schedules
Provide Service
Display Merchandise
Categories of Management
Administrative Management (operations)
Agenda
HR Challenges faced by Retailers
Categories of Management
Empowering employees