By Retail Insider
Managing and engaging the workforce is one of the best ways for retailers to reduce costs and boost profitability. That’s the message delivered by a new white paper from Kronos, which provides six tips to unlock the value of workforce management technology.
The retail industry has never been more competitive in Canada as international brands enter the market and behemoths like Amazon continue to make inroads. The white paper discusses how the workforce is, in many respects, a company’s greatest asset and an avenue to improve profitability and gain real competitive advantage.
The study provides six tips that retailers can use to manage and encourage their workforce to more effectively control costs, maintain margins and deliver exceptional customer experience. The latter is more critical than ever as consumers increasingly seek out new experiences fuelled by social media.
The Kronos white paper calls workforce optimization “the next great opportunity” because, at a time when margins are becoming increasingly tight for retailers, identifying efficiencies and driving improved performance are key to improving profitability and the customer experience.
Some of the tips are intuitive - employees should be paid accurately, fairly and on time. Without sufficient controls, a retailer runs the risk of paying workers incorrectly, or late. That can lead to disengagement and staff turnover, not to mention risks of litigation. Automation is the key, according to Kronos.
Another key issue is absenteeism. With the annual estimated direct cost of absenteeism to the Canadian economy a staggering $16.6-billion annually, retailers that minimize it stand to gain a real cost benefit.
The white paper goes on to discuss other important topics such as reducing payroll inflation by eliminating fraudulent or inaccurate time recording by employees; and shrinking administrative overhead using augmented intelligence and employee self-service.
Download the white paper to learn more about how workforce management solutions can help retailers reduce costs and boost productivity.
For more information on Kronos workforce management solutions, visit www.kronos.ca.
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