Have you ever heard the phrase what kills you cures you? Well, the retail industry is a prime example of this. Few industries have felt the impact of technological disruption quite like retail, Technology has changed the way and speed at which we work and the retail market has experienced unprecedented upheaval from online competition to changing consumer expectations, increasingly demanding customers, decentralized management and high employee turnover. Many of these challenges are forcing retailers to rethink their business models and their approach to employee learning and development.
Facts and Figures:
A report conducted by LinkedIn Learning discovered that while retail is transforming from “brick and mortar to e-commerce”, this change brought with it a number of disruptions,
- Retailers have the second-highest employee turnover rate across industries at 13% per year
- For hourly store employees in the US, employee turnover has been estimated to be as high as 65%
- Over a quarter of employees working in the retail sector in the UK are considering a job change or have changed jobs in the past 12 months as a result of a poor working environment
- The average cost to find, hire and train a replacement for a $10/hour retail employee is $3,200 USD
The Towards Maturity retail sector report identifies some additional barriers specific to the learning of retail employees.
To overcome these challenges, retailers need to embrace a more modern learning experience that engages employees, develops an interactive learning culture and supports management-employee appraisals.
When retailers equip their staff members with the necessary training and knowledge and skills cost-effectively, without interrupting their busy schedules, a sense of empowerment and encouragement is created. At Enovation we have developed responsive and engaging L&D solutions for numerous retail clients through Learning Management Systems which have enabled our retail clients to meet the ever-changing customer expectations, tp tackle high employee turn over, to bridge the skills gap amongst employees and to do this in a cost-effective manner.
Check out our Case study on our partnering with Smyths Toys and find out more about how eLearning can combat the many challenges facing the retail sector. As always, we would love to hear from you to discuss any of your LMS queries. Get in touch with one of our solution experts by contacting us here.