RETAIL MANAGEMENT - HUMAN RESOURCE MANAGEMENT - FINANCIAL MANAGEMENTOPERATIONS MANAGEMENT

CONTENTS
Retail management in :
Human

resource management managemet- Finance management-operations

- sarika (46) - jishad (15) -shafna jasmin(50)

Operations Operations Operations

management-operations (cont..) - jazeer (14)

RETAIL MANAGEMENT

The various processes which help the customers to procure the desired merchandise from the retail stores for their end use refer to retail management. Retail management includes all the steps required to bring the

customers into the store and fulfill their buying needs.

Retail

management makes shopping a pleasurable

experience and ensures the customers leave the store with a smile. In simpler words, retail management helps customers shop without any difficulty.

HUMAN RESOURCE MANAGEMENT IN RETAILING

HRM

involves recruiting, selection, training, compensating, and supervising personnel in a manner consistent with the retailers organization structure and strategy mix. Personnel practices are dependent on the line of business, number of employees, the location of outlets, and other factors. Example: U.S retailing employs 23 million people, thus there is a need to attract and retain the existing ones. Two million fast food workers are aged 16 to 20, and they stay in their jobs for only short periods.

HRM IN RETAIL
Hiring

persons with Right Attitude is important in all organizations . The HR Function in Retail Involves: 1. Identifying Various roles in organizations 2. Recruiting people with the right attitude to fit the jobs. 3. Training 4. Motivating Employees 5. Evaluating employee performance

HUMAN RESOURCE ENVIRONMENT OF RETAILING

Retailers

face a HR environment characterized by a large no:

of : Inexperienced workers Long hours Highly visible employees Diverse work force Many part time work force Variable customer demand These factors complicate employee hiring, staffing and supervision.

WOMEN AND MINORITIES IN RETAILING

Retailing

has made lot of progress in career advancement for WOMEN. Some of the issues for retailers to address with regard to female workers: Meaningful training programs, advancement opportunities, flex time-ability of employees to adapt their hours, job sharing and child care. More minority workers rate career opportunities as favorable than unfavorable and have a better view of retailing than nonminority workers. Issues to be considered: Clear policy statements, active recruitment programs etc.

HRM PROCESS IN RETAILING

The HRM process consists the following interrelated activities:

Recruitment Selection Training Compensation Supervision

CONT..

Recruitment- generates job applicants. Sources includes educational institutions, channel members, competitors, ads, employment agencies, unsolicited applications, employees and wages.

Selection- requires thorough job analysis, creating job

descriptions, using application blanks, interviews, testing, reference checking and physical exams.

Training after selection employees undergo proper training methods.

CONT..

Compensation- employees are compensated by direct monetary payments and/or indirect monetary payments.

Supervision- main task is employee motivation. The causes of job satisfaction/dissatisfaction and the supervisory style must be reviewed. Supervision is provided by personal contact, meetings and reports.

OPERATION MANAGEMENT ON
RETAILING

INTRODUCTION
Operation management is the efficient and effective implementation of the policies and tasks that satisfy a retailers customers, employees and management(and stockholders if it is publically owned) For a firms to succeed in the long term, operational areas need to be managed well. A decision to change a store format or to introduce new anti theft equipment must be carefully reveiwed since these acts greatly affects performance . In running their buisiness, retail executives must make a wide range of operational decisions such as these:

CONT
What operating guidelines are used? How can inventory best be managed? How can the personal safety of shoppers and employees be ensured? What levels of insurance are required? How can credit transactions be managed most effectively? Should any aspects of operations be outsourced? What kind of crisis management plan should be in place? etc

STORE FORMAT , SIZE, AND SPACE

ALLOCATION

A key store format decision for chain retailers is whether to use prototype stores , where by multiple outlets conform to relatively uniform construction, layout and operations standards. Such stores make centralized management control easier, reduce construction costs, standardized operations, facilitates the interchange of employees among outlets, allow fixtures and other materials to be brought in quantity and display a consist chain image. Retailers also focusing on allocating store space. They use facilities productively by determining the amount of space, and its placement for each product category. some times retailers drop merchandise lines because they occupy too much space.

CONT
With a top-down space management approach a retailer starts with its total available store space divides the space into categories and then works on product layouts With bottom-up space management approach begins planning at the individual product level and then proceeds to the category total store and overall company levels.

PERSONNEL UTILIZATION

From an operational perspective, efficiently utilizing retail personnel is vital : because these are the main points. Hiring process Workload forecasts Job standardization and cross training Employee performance standard Compensation Self-service Length of employment

1.

STORE MANAGEMENT, ENERGY MANAGEMENT, AND RENOVATIONS.

Use better insulation in constructing and renovating stores. Carefully adjust interior temperature levels during non selling hours. In summer, air conditioning is reduced at off hours; in winter, heating is lowered at off hours Use computerized system to monitor temperature levels Substitute high efficiency bulbs and fluorescent ballasts for traditional lighting. Install special air conditioning systems and control humidity levels in specific store areas like freezer locations to minimize moisture condensation.

OUTSOURCING
With outsourcing a retailer pays an outside party to undertake one or more of its operating functions. The goals are reduce the cost and employee time devoted to particular tasks .for eg : limited brands use outside firms to oversee its energy and use and facilities maintenance. Crate and barrel outsources the management of its e mail programs. Retailers agree that outsourcing can provide them with a higher level of expertise as well as fresh talent and out of the box thinking.

CRISIS MANAGEMENT

Retailers may sometimes be faced with crisis situations that need to be managed as smoothly as feasible. Crisis may be brought on by An in store fire or broken water pipe, Access to a store being partially blocked due to picketing by striking workers a car accident in the parking lot A burglary A sudden illness by the owner or a key employee A storm that knocks out a retailers power Unexpectedly high or low consumer demand for a good or services, A sudden increase in a suppliers prices, A natural disaster like flood or an earthquake or other factors.

INVENTORY MANAGEMENT

INVENTORY MANAGEMENT

A retailer uses inventory management to maintain a proper merchandise assortment while ensuring that operations are efficient and effective.

STORE SECURITY
Store security relates to two basic issues: a)Personal security b) merchandise security Many shoppers and employees feel less safe at retail establishments. To solve the problem in shoppes the retailers are take remmedial actions. They are 1) Uniformed security guards provide a visible presence that reassures customers and empolyees, and it is warning to potential thieves and muggers.

2) Under cover personnel are used to complement uniformed guards. 3) Brighter lighting is used in parking lots,which are also patrolled frequently by guards. 4) TV cameras and other devices scan the areas frequented by shoppers and employees.

INSURANCE
Among the types of insurance that retailers buy are workers compensation,product liability, fire,accident,property,and officers liability. Insurance decisions can have a big impact on a retailer: (1) Premium have risen dramatically (2) Do not provide coverage on all aspects of operations (3) Insurance against environmental risk

CREDIT MANAGEMENT
Credit management is a term used to identify accounting functions usually conducted under the umbrella of Accounts Receivables. Several factors are used as part of the credit management process to evaluate and qualify a customer for the receipt of some form of commercial credit. This includes gathering data on the potential customers current financial condition, including the current credit score.

The current ratio between income and outstanding financial obligations will also be taken into consideration. Competent credit management seeks to not only protect the vendor from possible losses, but also protect the customer from creating more debt obligations that cannot be settled in a timely manner.

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