Hrm in Retail Management

5 out of 7, each one scores for 20 marks (@2 marks for each point)

A) When we discuss about the HRM in Retail Management, what are the employee and management needs? (10 marks)

Employee needs:

Are the positions challenging enough?

Is there an orderly promotion program?

Is the employee able to participate in the decision marking?

Are the channels of communication clear and open?

Are jobs satisfying?

Does each employee get treated fairly?

Is good performance rewarded?

Management needs:

Is it relatively easy to obtain and retain competent personnel?

Are the levels of organization properly developed?

Are the organization’s plans well integrated?

Are the employees motivated?

Is absenteeism low?

Does the organization provide continuity so that personnel can be replaced in an orderly manner?

B) Please outline the 5 specific tasks to be performed in a retail distribution channel. (10 marks)

Buying merchandise for the retailer

Shipping merchandise to the retailer

Setting prices

Inventory storage and control

Preparing merchandise and window displays

Customer contact, i.e. Advertising and promotion

Customer follow-up and complaint handling

Billing customers

Credit operations

Delivery to customers

A) What is the Human Resources Process Management? (10 marks)

Human resource process management

1. Recruiting 2. Selecting 3. Training 4. Compensating 5. Supervising personnel aligned with corporate mission

To obtain, develop and retain employees for the long term development of company

B) What is the special HR environment in retailing? (10 marks)

The special HR environment in Retailing:

A large number of inexperienced workers

Long hours

Many part-time workers

High turnover rate

Variability in customer demand

A complex hiring, staffing and supervision HR process

A) What are the true costs for staff turnover? (10 marks)

Recruiting and hiring new employees

Training costs, included the management time

Lost sales during off-site training

Costs of mistakes made by new, inexperienced employees

Loss of customers loyal to departing employees

Loss of knowledge and experience of departing employees

Employee morale and customer perception of that morale

B) What are the compensation plan requirements? (10 marks)

Fairness

Adequacy

Prompt and regular payments

Customer interest

Simplicity

Balance

Security

Cost effective

A) What are the benefits of a well-structured financial merchandise plan? (10 marks)

The value and amount of inventory on each department and store unit during a given period can be stated clearly

Stock is thus balanced, and fewer markdowns may be necessary

A buyer can study the inventory investment in relation to planned and actual revenues

The retailer’s space requirements can be partly determined by estimating beginning-of-month and end-of-month inventory levels

B) What are the considerations in reduction planning? (10 marks)

Reduction planning revolves around two key factors:

Estimating expected total reductions by budget period and assigning the estimates monthly. There are different considerations:

Past experience

Markdown data for similar retailers

Changes in company policies

Merchandise carryover