Attracting and Retaining Employees in Retail Industry

RUNNING HEAD: ATTRACTING AND RETAINING EMPLOYEES IN RETAIL
INDUSTRY 1
ATTRACTING AND RETAINING EMPLOYEES IN RETAIL INDUSTRY
Student Name
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ATTRACTING AND RETAINING EMPLOYEES IN RETAIL INDUSTRY 2
Contents
Introduction................................................................................................................................3
WEEK 1: HRM AND STRATEGIC HRM...............................................................................3
WEEK 5: RECRUITMENT AND SELECTION......................................................................4
WEEK 6: EMPLOYEE RELATIONS CHALLENGES...........................................................5
WEEK 10: MOTIVATION, REWARDS AND COMPENSATION........................................7
WEEK 11: EMPLOYEE TURNOVER AND RETENTION....................................................9
Conclusion................................................................................................................................10
Reference..................................................................................................................................11

ATTRACTING AND RETAINING EMPLOYEES IN RETAIL INDUSTRY 3
Introduction
The employees in any industry are important for bringing success to the business. The
success of the business does not depend on an individual's power or idea, but it involves
constant teamwork as well as communication among the employees. (Banker et al, 2015).
HRM resources ensures that the organisation is able to achieve the success through the
people. It helps in the management of the human capital with the specialisation in
recruitment, training and the employee-relations or benefits. The training and development is
to make sure that the employee is trained with the continuous development. It is done through
the performance evaluation and different reward programs. The report will discuss about the
different strategies of HRM that are effective with their challenges in the retail industry.
WEEK 1: HRM AND STRATEGIC HRM
HRM implies execution of management approach for managing the workforce of a company.
It is based on the procedure of hiring, developing as well as retaining the workforces with an
opinion to make them highly effective. When traditional HRM policy is compared as well as
contrasted with strategic level HRM or SHRM, it becomes an easy process to understand.
The process of SHRM is the procedure which aligns with the business strategy with
organization's human resource work, so to get strategic level goals of a company (Baum,
2018). In case of SHRM, the staff of the organization can be managed in a proactive manner.
To attract and retain the right kind of people in retail sector the overall governance of
manpower of any retail company is detailed as well as formed in a structural manner and this
process is called as HRM. A function at a managerial level also implies framing strategies in
HR in a way to have direct workforce efforts in the direction where all the goals of a
company are called as SHRM.
Challenges

ATTRACTING AND RETAINING EMPLOYEES IN RETAIL INDUSTRY 4
A retail industry like any other industry is going through a lot of challenges. Change
management is one such challenge which comes under as a specific challenge for personnel
management. Another important challenge of HRM and SHRM in the retail industry to
understand the right tools to calculate HR based effectiveness (Bilau et al, 2015). Using the
metrics to decide the efficiency right in the starting of a shift from understanding the role of
HR as a right strategic partner within the boundaries of the company.
WEEK 5: RECRUITMENT AND SELECTION
To have an effective kind of recruitment strategy which can be paramount toward the success
of any company. The function of recruitment and selection can also become expensive and
ineffective procedure when not approached in a right and proactive manner. A selection and
recruitment strategy make sure that any retail company has the right skills, attributes and
knowledge to meet present as well as future operational and strategic needs. It is also
important to make sure supply can meet the demand needs. In a retail industry like any other
sectors also the recruitment process is to find the wide pool of applicant to give the greatest
options based on selecting the best individuals for the needed roles in the company (Booth,
2017).
When the pool of people in the form of candidate has been recognized via recruitment
process the rightest employees or candidates are recognized via a selection procedure
included however not restricted to interview, checking of reference and testing. In retail
industry, candidates learn a lot of thing on the job so experience holds an important place.
Challenges
Before forming a job strategy especially in the retail sector, it is important to decide whether
hiring workforce in the best interest of the organization. To bring new workforce can be
costly when one can combine the overall costs to hire, train and orient them. Labour-based