The Top Reasons HR Solutions Matter in the Retail Industry
The retail industry faces many challenges other industries don’t have to worry about. Whether it is being seasonally driven sales, having a bad reputation for low pay, or ongoing challenges of retention, maintaining a strong, dependable team can take its toll on HR retail professionals.
Finding high quality employees in retail is hard because a large majority of your hires are the face of your company. Your brand is in their hands. Therefore, having HR solutions that can assist with hiring and retaining strong employees should always be a high priority. Here are the top reasons HR solutions matter in the retail industry.
High Turnover
High turnover is a universal issue that leads to headaches for HR retail professionals. According to a survey by Korn Ferry, 29% of respondents saw an employee turnover increase since the beginning of 2018. Part-time hourly store employees had a turnover rate of 81% in 2018. That’s a lot of hiring you’ll have to do.
When you’re dealing with a high volume of candidates time and organization are of the essence. Applicant Tracking Software provides you with a time-saving solution that ensures high-quality candidates never fall through the cracks. Instead, you are able to efficiently search and identify the best candidates for the job. You can streamline and automate the recruitment process while also ensuring you adhere to hiring best practices.
Perhaps best of all you can begin to build an up to date talent database to reduce effort during the hiring process. Positions will not only be filled more quickly but also with the right talent for the job. Your system will automatically compare candidate eligibility against an approved checklist. You’ll never have to review resumes manually again.
Low Talent Pool
Today’s low talent pool can make filling important roles impossible. When you can quickly sort and identify the most qualified talent you can easily grow your talent pool. You’ll have more qualified candidates to refer to when a new hire is required. Applicant Tracking Software does this for you allowing candidates to enter their own information based on your needs, so you see what is important to you.
Your applicant information automatically goes to your employee database for future reference. This also improves onboarding efficiency. Sifting through candidates is done at a glance from a deeper talent pool with pre-approved applicants. You can also use the software to define the employment metrics your company uses for talent evaluation and store it for future analysis.
Employee Engagement
Although retail is known for low salaries, this is not the number one reason employees are unhappy. According to the Korn Ferry study, it was “better opportunities/promotions” cited as the number one reason they would leave the retail industry. Although more money and a desire for more hours were second and third on the list, the fact that employees are looking for a future with your company is a good thing.
Retailers have to focus on talent management and development to help improve employee engagement and retention. An HR retail solution designed to streamline the employee development process provides you with the tools you need to remain responsive to employee needs.
Performance Review Software gives employees feedback critical to continuing professional development. Human resources retail pros can track the timing for ongoing periodic evaluations, so managers have the opportunity to deliver valuable feedback while allowing employees the chance to express their desire to grow within the business. Performance reviews also provide employees with goals and an action plan, so they know you are committed to helping them move forward. This can improve retention.
Effective Time Tracking
Effective time tracking is a must as employee payroll affects margins. When you can accurately track time, you can reduce errors while also having accurate data to help project coverage. This improves customer service while ensuring money spent towards staffing is justified.
Time Tracking Software ensures employees are correctly compensated for their time, reducing the manpower required to track payroll issues. Software not only mitigates the risk associated with human error but also provides a clear understanding of your current payroll and labor needs. In-depth reporting provides accurate data that is actionable, allowing you to remain responsive to coverage needs.
You will save time on manual payroll tasks as everything will automatically calculate labor costs. Communication is also improved allowing your team to focus on more important aspects of the HR department. You will reduce labor costs based on things such as unplanned overtime as you will be better prepared to make accurate estimates for the hours required.
HR solutions prepare you for the inevitable challenges human resources retail professionals face. You will improve your hiring process, maintain an impressive talent pool and improve employee engagement with set plans for development. Effective time tracking will also improve coverage while reducing labor costs.
About The Author
Kayla is the Marketing Manager at Paypro Corporation overseeing all inbound and outbound marketing and sales efforts. She has 7+ years of experience working within the B2B and SaaS based solutions space and thrives on creating messaging and campaigns that introduce products and services to those who need them most.