Hey everyone, welcome back for another Deep Dyes.
Today we're gonna get into something
that I know is top of mind
for a lot of retail executives out there.
And that is employee retention.
You know, keeping your best people around,
especially in this crazy job market we're in right now.
Yeah, it's not easy.
It's not easy at all.
And we're really lucky today
to have this great article from Multimedia Plus
called Tackling Staffing Challenges
to kind of guide us through the conversation.
So.
That's a good one.
Yeah, it is.
It really gets into the nitty gritty
of why retention is so important.
It's more than just a nice thing to do.
It's really a strategic imperative.
It absolutely is.
And you know, you think about it,
like when somebody leaves the company,
you've gotta replace them, right?
Right.
And that's the obvious cost.
The recruiting, the hiring, the training.
But what about those hidden costs?
The stuff that doesn't always show up on a spreadsheet?
That's what I think is so fascinating
about this whole topic, right?
Like we all know it costs money to lose people,
but those hidden costs, they can really, really hurt.
Yeah, and they're huge.
I mean, think about all that knowledge
that walks out the door when a seasoned employee leaves.
I mean, all that expertise about your products,
your customers, your systems, proof, gone.
And then what happens to the team?
Yeah, you've got this domino effect.
Right.
One person leaves, then others start to wonder,
hmm, maybe I should be looking around too.
And all of a sudden you've got a full blown morale problem.
It's contagious almost.
Absolutely.
And it creates this uncertainty,
this feeling that things are unstable.
And that just leads to more departures.
It's a vicious cycle.
So how do you break that cycle?
Well, the article really emphasizes
the importance of employee engagement.
And they cite some pretty compelling stats too.
Oh yeah.
For example, there's this study
by the Corporate Leadership Council
that found that highly engaged employees
are 87% less likely to leave.
87%, that's huge.
Yeah, think about what that means for your business.
I mean, when employees are engaged,
they're not just showing up for a paycheck,
they actually care about the work they're doing.
They feel connected to the company's mission.
And they feel like they have a future there.
They see a path forward.
Exactly.
And that's powerful.
That's what makes people want to stay.
I love how the article connects this idea of engagement
with the idea of continuous training.
They say it's like rocket fuel for retention.
I love that analogy.
And it's so true.
When you invest in developing your employees' skills,
they get better at their jobs.
They feel more confident.
And that leads to better performance all around.
It's like everyone wins.
Yeah, exactly.
The company wins because they've got
a more skilled workforce.
The employees win because they're growing their careers.
And it creates this positive cycle
where people feel valued and appreciated.
That's what makes them want to stick around.
Exactly.
But here's the thing.
Training can't just be a one-time thing.
You know, you send them to a seminar and call it a day.
Right, it's got to be more than that.
It's got to be ongoing.
It's got to be integrated into their day-to-day work.
And it's got to be adaptable to the fast-paced world of retail.
So it has to be flexible.
Oh, absolutely.
You know, and another thing that can really make a difference
is thinking about career paths.
You know, a lot of people, especially in retail,
they start in entry-level roles.
And if they don't see a way to move up
to grow within the company,
well, they're going to start looking elsewhere.
That makes sense.
You want people who are ambitious.
Right.
But so often, retail is seen as a stepping stone,
not necessarily a long-term career.
So how do you change that perception?
Well, this article talks about the power
of promoting from within.
Oh, interesting.
Yeah, think about it.
When you promote someone internally,
you're not just filling a position.
You're sending a message.
What kind of message?
A message that you value your employees,
that you recognize their hard work,
and that you believe in their potential.
I like that.
And it probably does wonders for morale, too, right?
Absolutely.
It shows everyone that there are opportunities
to advance within the company,
and that can be a huge motivator.
And it probably helps with recruiting, too, I bet.
Oh, for sure.
When people see that a company promotes from within,
they know it's a place where they can build a career,
not just have a job.
So it's kind of a win-win all around.
Exactly.
And speaking of opportunities,
we can't forget about the role
the technology is playing in all of this.
Yeah, tech is changing everything these days.
For real.
And in the world of employee training,
it's opening up all kinds of exciting possibilities.
Like what?
Give me some examples.
Well, think about mobile learning platforms, for example.
Oh, yeah, those are cool.
Employees can access training materials anytime,
anywhere, on their phones, on their tablets.
Oh, convenient.
So convenient.
They can squeeze in a quick training module
during a break or on their commute.
It's all self-paced, right?
Exactly.
So they can learn at their own speed.
I love that.
It's so much more flexible than traditional training methods.
And some of these platforms
are even more sophisticated than that.
They can actually integrate training directly
into an employee's daily tasks.
Wow.
So how does that work?
Well, imagine a new cashier
is learning how to use the POS system.
Okay.
The platform could provide them with step-by-step guidance
right there on the screen,
as they're ringing up customers.
That's amazing.
Yeah.
It's like having a virtual coach right there with them.
Exactly.
And it's not just for cashiers.
It could be for sales associates, for stockroom staff,
for anyone who needs to learn a new skill or process.
That's so smart.
And I bet it's really effective too.
It is because it's learning by doing.
You know, they're not just passively watching a video
or reading a manual.
They're actually applying what they're learning in real time.
It's like hands-on training, but on a whole other level.
And here's another cool thing.
These platforms can track an employee's progress
and identify areas where they might need extra help.
Oh, that's interesting.
Yeah.
So it's not just a one-size-fits-all approach.
It's personalized learning.
You know, each employee gets a customized learning plan
based on their individual needs and their performance.
I bet that makes a huge difference.
It does.
And the article mentions this platform called Insight,
which is doing some really innovative stuff in this area.
They're using data and analytics
to create a truly individualized learning experience
for every employee.
That sounds pretty cutting edge.
It is.
And it's just one example of how technology
can be used to boost employee engagement and retention.
It's amazing how much tech is changing the game.
Yeah.
But at the end of the day, it's not just about the tech.
It's about creating a work environment where people
feel valued and respected.
Right.
Oh, absolutely.
100%.
All the tech in the world won't matter
if you don't have a solid foundation of human connection.
It's about creating a culture where people actually
want to come to work.
Exactly.
And that's something that the article really emphasizes.
They talk about this study by SHRM, the Society for Human
Resource Management.
OK.
And they found that the number one factor in job satisfaction
was respectful treatment.
Interesting.
So it's really about the basics, huh?
It is.
Treating people with kindness and respect,
recognizing their contributions, making them
feel like they're part of a team.
It sounds simple, but I bet it's not always easy to do.
It's not always easy, especially in a fast-paced environment
like retail.
But it's so important.
And the good news is that even small gestures
can make a big difference.
Like what?
Like saying thank you, like acknowledging
someone's hard work, like offering
flexible schedules when possible.
These things may seem small, but they can really
go a long way in making people feel appreciated.
And appreciated employees are more likely to stick around.
Exactly.
And it all starts with good management.
The manager, the unsung hero of retail.
That's right.
The manager is the linchpin.
They're the ones who set the tone for the team.
They're the ones who can create a culture of respect
and support.
And how do they do that?
By communicating openly, by giving constructive feedback,
by being there for their employees.
When employees feel heard and supported by their manager,
they're much more likely to be engaged and committed
to their work.
It makes sense.
It's about building trust and rapport.
Exactly.
It's about creating a sense of belonging.
And that's what ultimately makes people want to stay.
It's not just about building a team.
It's about building a team.
That's it.
And that's what this whole idea of retention is all about.
So it really is about thinking about your employees as people.
People, yeah.
Not just numbers on a spreadsheet.
Not just cogs in the machine.
Right.
Exactly.
And that brings us back to you.
To you as a retail executive, think about the best team
you've ever worked with.
What made them so great?
What made you want to go the extra mile?
Was it just about the skills?
Or was it something more?
I bet it was something more.
It was that feeling of being part of something bigger
than yourself than just your job.
It was about feeling valued and respected
and knowing that your contributions mattered.
It's about having a purpose.
Exactly.
And when you can create that kind of environment
for your employees, that's when the magic happens.
That's when you unlock the true power of retention.
And in today's market, that's more important than ever.
It really is.
It's the secret weapon that can set your company apart.
Because when you have a team that's engaged and committed
to your success, you can accomplish anything.
It's easy to lose sight of that, though, right?
When you're in the trenches, dealing
with the day-to-day challenges of running a retail business.
It is.
It's easy to get caught up in the operational side of things.
You know, the metrics, the sales figures, the inventory.
All the stuff that keeps you up at night.
Right.
But we can't forget about the people.
The people who make it all happen.
The heart and soul of the operation.
Exactly.
And sometimes we need to take a step back and ask ourselves,
what do our employees need from us?
What makes them feel valued?
What motivates them to do their best work?
Those are great questions.
And the answers might surprise you.
But once you start asking those questions
and really listening to the answers,
you can start to build a culture that truly supports
and empowers your employees.
It's about creating a workplace where people want to be.
Exactly.
A place where they feel like they belong.
A place where they can grow and thrive.
So it's not about finding some magic formula.
No, it's not.
There's no one-size-fits-all solution.
It's about taking these principles
and adapting them to your own unique circumstances.
Exactly.
What works for one company might not work for another.
It depends on your industry, your culture, your values.
But the underlying principles are universal.
They are respect, recognition, growth.
These are the things that matter to people,
no matter where they work.
So as a retail leader, it's up to you
to create that kind of environment.
It is.
And it starts with you.
It starts with your mindset.
If you believe in your people, if you invest in their development,
if you create a culture where they feel valued and appreciated,
they will reward you with their loyalty and their hard work.
And that's what will ultimately drive your success.
Absolutely.
So as we wrap up our deep dive today,
I want to leave you with this thought.
Retention is not just a metric.
It's a mindset.
It's a commitment to building a workplace where everyone can thrive.
And that's something worth striving for.
It absolutely is.
Well, that's all the time we have for today's deep dive.
But the conversation doesn't have to end here.
We encourage you to continue exploring these ideas
and to think about how you can apply them to your own organization.
And if you're looking for more insights on this topic,
be sure to check out that article from Multimedia Plus
tackling staffing challenges.
It's a great resource.
And we'll be sure to include a link to it in the show notes.
Thanks for joining us today.
It's been a pleasure.
Until next time, keep learning, keep growing,
and keep leading with heart.