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HUMAN RESOURCE MANAGEMENT

What is HRM ..?


Human resource management is the effective use of human resources in order to enhance organizational performance. Objectives: Maximize the return on investment from the organization's human capital and minimize financial risk. To align the capabilities and behaviors of employees with the short-term and long-term goals of the retail firm.

Major Activities Conduct by HR


Recruiting

Selecting Training
Motivation Evaluation Compensation

Recruiting & Selecting

Process of locating, identifying, and attracting capable candidates. Can be for current or future needs. What sources do we use for recruitment.

Recruiting & Selecting


The process of assessing candidates and appointing a post holder. Purpose is to hire the person(s) best able to meet the needs of the organization. Method of Selection Interview Aptitude test

Training
Training tends to be done for current job.

Aims to improve efficiency.


Keeps the employee up to date with changes in the field

Can be external or in-house.

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.

Means to ensure organizational


goals are being met.

To identify employees who are


performing well and those who arent.

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

Building Employee Commitment

HR Challenges Faced by Retailers


Part-time Employees

Expense Control

Employee Demographics

International HR issues

HR Challenges Faced by Retailers


Part-time Employees

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.

HR Challenges Faced by Retailers


Expense Control

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.

HR Challenges Faced by Retailers


Employee Demographics

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.

HR Challenges Faced by Retailers


International HR issues

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

Building Employee Commitment

Categories of Management
Managements are categorized based on the tasks they perform. They are:

Strategic Management Merchandise Management

Store Management Administrative Management

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

Performed by Corporate Staff Buy merchandise :


Locate vendors, Evaluate vendors, Negotiate with vendors, Place orders

Control merchandise Inventory:


Budget plans, Allocate Merchandise to stores, Evaluate stock position

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)

Performed by Operations Manager

Promote the firm, its merchandise and services


Plan communication programs, Develop communication budget, Plan special promotions, Design special displays.

Manage Human Resource


Recruit, hire and train managers, Plan career path, Develop policies for managing employees.

Agenda
HR Challenges faced by Retailers

Categories of Management

Building Employee Commitment

Building Employee Commitment


Some approaches that retailers take to build employee commitment.

Selective Hiring and Training

Empowering employees

Creating Partnering Relationships

Building Employee Commitment


Selective Hiring and Training

To seek best and the brightest candidate.

To seek the candidate with the right attitude.


Investing in developing employee skills is very important as more than 60% employees have direct customer contact. and If you dont

care of your customer some one else will do.


Both PRODUCT and ETIQUETTE training must be imparted.

Building Employee Commitment


Empowering employees
Empowerment is the process of managers sharing power and decision-making authority with employees. Ways of empowering employees: Share Leadership Vision- Help people feel that they are part of something bigger than themselves and their individual job. Trust People Provide Frequent Feedback -so that people know how they are doing. Solve Problems

Building Employee Commitment


Creating Partnering Relationships

Reduce Status Difference:


Retailers attempt to reduce status difference among the employees. With limited status difference employees feel they play a important role in the firms achievement and their contributions are valued.

Promoting from within:


Promotion from within is a staffing policy that involves hiring new employees only for the positions at the lowest level in job hierarchy and then promoting employees for openings at higher levels in the hierarchy.

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