Download Human Resource Management in Retail: Terms, Objectives, Challenges, and Strategies and more Quizzes Marketing in PDF only on Docsity!
As competitive Advantage: Human Resource
Management
Labor costs account for high percent of total expensesCustomer experiences are determined by employeeHard for competitors to duplicate TERM 2
Objectives of HR Management
DEFINITION 2 Short term Long term TERM 3
Short term
DEFINITION 3 increasing employee productivity TERM 4
Productivity
DEFINITION 4 Sales/Number of Employees TERM 5
Long term
DEFINITION 5 Employee attitude: customer satisfication/loyalty : Long term performIncreasing Employee Satisfaction : Reducing Turnover
Employee Turnover
of employees leaving their job during the year for any
reason/ # of positions total TERM 7
HR Management Challenges Retailing
DEFINITION 7 Work EnviroOpen long hoursPeak Sales periodsEmphasis on Cost controlEmployees:Unskilled, part time, diverse backgroundsResult in HIGH TURNOVER TERM 8
Downward Performance Spiral
DEFINITION 8 Employee Response: No motivation, poor service, great turnoverfinancial performance issues: low profits, High costsRetailers response: Layoffs, Freeze on hiring, Reduced training more part time and outsourcing TERM 9
Issues in Retail HRM:
DEFINITION 9 Expense ControlPart time employeesUtilizing Diverse Employee groupsInternational HR Issues TERM 10
Expense Control
DEFINITION 10 Do it to be profitableOften hire those with no or little experienceModest investment in hiring more staff may make increase in sales
Strategic Managment Tasks Top manag.
Board of directors
Develop overall retail strategyIdentify TMRetail FormatDesign org. StructureDevelop private label mdseInternet Catalog strategyGlobal strategy TERM 17
Merchandise Management Tasks Mdse
Division
DEFINITION 17 Buy mdseSelect, negotiate, vendors, place ordersControl Mdse inventorybudget plans, open to buy and stock positionsPrice merchandiseSet initial prices, adjust TERM 18
Store Manag. Tasks Stores
Division
DEFINITION 18 Recruit hire and trainPlan work schedsEvaluate perfomanceMaintain facilitiesLocate and display mdseSell mdse to customersRepair and alter merchandisecomplaints, inv. TERM 19
Administrative Managment tasks Corporate
specialists
DEFINITION 19 MarketingManage HR, supply chain, Financial perform.Vis Merch.,Management info systemsLegal TERM 20
Org of national chain positions
DEFINITION 20 SVP mdse: oversees mdse meets firms strategySVP Store: supervises everythingCOper. Off.: oversees managersChief marketing off. : works with staff for adsChief Financial Off.: works with CEO on financial issues
private label pres
responsible for concept, dsn, sourcing, quality, marketing for label TERM 22
Pres of direct channels
DEFINITION 22 selection and price of mdse assort. offered thru diff. channels, website, catalog, call centers TERM 23
Global operations pres
DEFINITION 23 oversees retailing outside country TERM 24
Centralization
DEFINITION 24 All decision making left to headquarters TERM 25
Adv. of centralization
DEFINITION 25 Reduce cost (fewer managers)Coordinated buying gets lower pricesOpportunity to have specialists for decisionsIncreases efficiency, faster
Training
Increasing investments in mngment training programs and developing leadersIncreasing attention to college grads: Gen Y TERM 32
Motivating Talent: Aligning Goals
DEFINITION 32 Policies and supervisionIncentivesOrganization culture TERM 33
Policies and supervision
DEFINITION 33 indicate what employees should doBehavior enforced by managers TERM 34
incentives
DEFINITION 34 commission, bonus, stock optionsOption to buy stock at certain price TERM 35
Org. Culture
DEFINITION 35 Set values, traditions, customs of firm that guides employee behaviorBehavior enforced by social pressure
Keeping Talent: Building Employee
commitment
Empower them:Sharing power with managers and employeesgives them confidence; greater good service to customersMore commiyted to firms success TERM 37
Keeping talent Continued
DEFINITION 37 Create Partnering Relationships with employeesReduce Status DiffPromotion from withinBalancing careers and familiesFlex-time job sharing TERM 38
Manage diversity
DEFINITION 38 Diversity training:Developing cultural awareness and build competencies TERM 39
Legal issues with HRM
DEFINITION 39 Equal employment opportunityCompensationLabor Relations TERM 40
Compensation
DEFINITION 40 40 hr workweek, overtime pay, minimum wage, employee pensions
