Inflation is another challenge retail stores are having to face this year. Rising costs can hit businesses hard, but there are ways you can work towards minimizing the impact inflation has on your business. Here are 4 ways you can combat inflation at your retail store, according to a blog from American Express.
3 Ways Retailers Can Combat a Challenging Labor Market
Grocers, c-store owners, and other retailers have experienced a challenging labor market recently. COVID-19 impacted the labor market in many ways. Store owners are experiencing a shortage of employees, higher turnover rates, and difficulty hiring. 3 ways store owners can help alleviate these challenges are…
- Optimizing with Current Staff
Store owners may find themselves having to make more with less. Automating tasks where you are able to will help free up some employee time so they can focus on other day to day tasks. Additionally, it is important to ensure you have the latest payment technology to make the checkout process fast and frictionless, which can help prevent long lines and checkout times. Consider finding more areas in your store where technology can help automate staff processes and free up employee time.
- Attract Quality Candidates
Attracting candidates in today’s market can be difficult. Wages are becoming more competitive, especially for qualified candidates. Indeed states that “competitive pay is one of the best ways to attract and retain talent.” You may be apprehensive to increase pay, but data shows that paying less ends up costing your store more in the long run due to increased training and hiring costs. In addition to this, candidates look for positive work environments with good benefits and work-life balance.
- Reduce Turnover Rates
Keeping your staff happy is key to reducing turnover rates. Continuing to provide competitive pay, maintaining a positive work environment, encouraging growth, and providing feedback are a few ways to help reduce turnover rates. For employees that may be falling behind on performance, consider sitting down with them, providing feedback, and working on a growth plan – people may surprise you! Keeping your current staff can shield your store from the expenses of hiring and training new staff members.
While the labor market has been challenging for retailers, many sources agree that “there is a strong possibility for employers to gain the upper hand in 2023.” With the market getting stronger and more competitive, retailers will be able to attract more candidates and hire new employees within their budget. Hopefully, the labor market will begin to shift in favor of employers, making it easier for them to keep turnover rates low and ease the current challenges in the hiring process.