Powering your tomorrow

Powering your tomorrow

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STOrai Magazine

STOrai Magazine

21 ต.ค. 2016, 16:00 — ใช้เวลาอ่าน 7 นาที

The development of the retail sector has been overwhelming. According to a recent India Brand Equity Foundation report, the indus­try is expected to grow to USD 1.3 trillion by 2020, registering a CAGR of 9.7 percent. This tremendous growth not only showcases the po­tential of the sector but also poses a challenge to the players to remain relevant and innovative. Companies are encouraged to put their best foot forward to gain an edge over competition for market share. While de­vising marketing plans, in-depth research and innova­tive strategies, organisations have simultaneously rec­ognised the importance of nurturing their workforce as it plays a key role in an organisation’s success. No matter how good the strategy, its success­ful implementation hinges on the people.

 

The National Skill Development Cor­poration (NSDC) estimates that by 2020, India will need around 56 million people in India’s booming retail sector. A majority of employees in this business are customer facing and therefore play a critical role in contributing to the compa­ny’s success. Collectively, they define an organisa­tion’s outlook to the world, represent the culture and shape the organisation’s reputation.

 

People power businesses

Studies indicate that employee engagement has result­ed in customer satisfaction that has in-turn positively impacted the company’s profits. Employees are now being recognised as invaluable assets to a company and emphasis has been laid on attracting and main­taining the right talent. To drive a company’s vision and mission, it is imperative that its people under­stand these values and reiterate them in their actions and outcomes.

 

Setting up the right people practices is also essential to not only attract but also nurture and grow talent within an organisation. Engaging formats and innova­tive practices help an organisation leverage the capa­bilities of its people to augment its business practices.

 

This is particularly important in the beauty and wellness business as the sector is currently largely un­organised. Companies in this space need to analyse the current market and address the employee’s need for training and skill development, which will help build a strong and robust workforce. While there are several initiatives that can help address this concern, some of the key initiatives include in-house training, on–the-job training, industrial visits, counselling seminars by expert professionals and interactive workshops.

 

Companies like Kaya that have realised the correla­tion between employee satisfaction and business suc­cess, are investing in training their workforce about various sophisticated technological tools to improve employee perform­ance. Some companies are also spon­soring their employees for further education, skill development pro­grammes and industry conferences. Well-designed training modules help employees to be future ready, com­petitive and equipped with the correct problem-solving attitude.

Technology to your advantage

Brands are realising the role that technology and em­ployees play in connecting the various stakeholder communities together. Technology is bridging gaps between employees and customers; and social media is a good example that demonstrates this equation. Companies can also use technology for improving their employee practices. With the help of technology, recruitment processes are simplified as it helps source the right talent mix through in-depth evaluations. It also helps in training, skill development and identify­ing gaps for enriching the workforce.

 

Technology is therefore playing a key role not just in enhancing products and services but also in em­powering the workforce. However, for the service sec­tor where customer experiences drive business, it is important to have a balance between technology and service delivery through human interface.

 

New rules of engagement

Employee engagement is another contributory factor that helps build a network that is mutually supportive and promotes healthy stakeholder relationships. It pro­motes a sense of belonging within the employees and helps retain them in the future.

 

Fostering a fair work-environ­ment that safeguards the employ­ees and promotes equality, helps them feel motivated. It promotes employee satisfactions that re­flects in their performance and drives customer experience. For instance, we at Kaya have multi­ple communication forums which connect the management teams with the employees and ensures a two-way flow of communication. Business conference and off-sites are a few examples of engagement practices which enables the man­agement to connect with each and every person across the organisa­tion to come together and connect the management. The members share their ideas and understand the company vision. To cater to the young and diverse workforce, free counselling services can be provided to help, guide and moti­vate them. This contributes to em­ployees’ confidence and improves their performance.

 

Additionally, the HR teams work towards helping members unwind through team bonding outings, hobby classes, games, grooming sessions, excursions or just simple get-togethers.

 

Remuneration and designa­tions are key determinants in the longevity of an employee but there are several factors that contribute towards the aspirational value per­ceived by existing and potential employees in brands. Achieving synergy between the brand values and perception with strategic in­ternal frameworks helps a compa­ny to build on its people quotient and potential.

 

People, above all

As we move towards an increas­ingly complex world and market dynamics, we need to remember one thing: While technology can solve business problems, employ­ees are the ones to identify future challenges and design the right solutions. Developing technology alone does not yield the desired results without proper employee intervention. This is how employ­ees add value to the various tech­nological offering that a company provides. For an industry like re­tail that emphasises on a one-on-one customer interface, a focused workforce can leverage technology to deliver tangible results.

 

Brands are increasingly realis­ing the importance of building a strong workforce to be future ready as they have the potential to identify opportunities and align their capabilities to deliver quality results for customers.

 

Article source: STOrai Magazine

 

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.

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