A recent report showed that an average of £340 billion is spent on retail each year by a total of about 60 million customers. That represents an average spend of almost £5,700 per person in the UK, so business should be booming. Unfortunately, retailers are facing tough challenges - and human resources teams are at the forefront of the battle.
Costs are rising rapidly, fuelled by the National Living Wage, Apprenticeship Levy, Business Rates and the uncertainty of BREXIT. According to a recent BRC report, UK retailers will be hit with a £14 billion bill by 2020, and by 2025 there could be 900,000 fewer retail jobs. Meanwhile, digital price transparency and omnichannel shopping is deflating prices, lowering profits, and forcing retailers to change the fundamental structure of their organisations.
Retailers are turning to their HR departments for help in weathering the storm. They’re looking for smarter and more efficient ways to attract, retain, engaged and utilise labour resources and talent through advanced planning, forecasting, budgeting, scheduling, management and analytics. Like all industries, finding and retaining top talent at the moment is critical, as skilled employees are in short supply.
Kronos has a special interest in human capital management. In this briefing, we’d like to share a few of our thoughts and recommendations on how retailers can tackle these challenges to drive greater performance and profitability. We’d like to hear your thoughts too.