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What is HRM ..?: 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: Major Activities Conduct by HR Recruiting Training Selecting Evaluation Compensation Motivation Recruiting & Selecting: 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: 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 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: 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. PowerPoint Presentation: Motivating Employees How critical is Motivation of employees? Employees personal goals does vary with the management’s 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: Evaluation Means to ensure organizational goals are being met. Establishing performance standards and reviewing the performance. To identify employees who are performing well and those who aren’t. Compensation: 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 store’s performance during that period. Stock options-employees are encouraged to buy shares of their company at discounted prices Agenda: Agenda HR Challenges faced by Retailers Building Employee Commitment Categories of Management HR Challenges Faced by Retailers: HR Challenges Faced by Retailers Part-time Employees Expense Control Employee Demographics International HR issues HR Challenges Faced by Retailers: 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: HR Challenges Faced by Retailers Expense Control 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. Retailers work on thin margins and must control expenses. Thus they are cautious about paying high to their employees who perform low-skill jobs. HR Challenges Faced by Retailers: 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 Europe’s 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. PowerPoint Presentation: 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: Agenda HR Challenges faced by Retailers Building Employee Commitment Categories of Management Categories of Management: Categories of Management Managements are categorized based on the tasks they perform. They are: Strategic Management Administrative Management Store Management Merchandise Management PowerPoint Presentation: Categories of Management Strategic Management Performed by senior management. To develop a retail strategy Identify the target market Design organizational structure Select locations PowerPoint Presentation: Merchandise Management Categories of 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 PowerPoint Presentation: Categories of Management Storage Management Recruit Plan Schedules Evaluates Performance Maintain Facilities Display Merchandise Sell Merchandise Provide Service Train Employees PowerPoint Presentation: 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: Agenda HR Challenges faced by Retailers Building Employee Commitment Categories of Management PowerPoint Presentation: Building Employee Commitment Some approaches that retailers take to build employee commitment. Selective Hiring and Training Empowering employees Creating Partnering Relationships PowerPoint Presentation: 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 don’t care of your customer some one else will do. Both PRODUCT and ETIQUETTE training must be imparted. PowerPoint Presentation: 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: Don't Pinpoint Problem People PowerPoint Presentation: 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 firm’s 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. You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.