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Article by Anneka Carroll , Consultant - Human Resources & Talent Management Recruitment
In an increasingly agile and connected world, all industries have felt the impact of advances in technology and the rise of social media, but none more so than the retail sector. Consumer behaviour is increasingly moving away from traditional bricks & mortar to the convenience and rapid satisfaction of online buying. But what has this meant for the traditional retailer and how are businesses adapting to meet these new challenges? And what does this mean for their HR functions?
Traditional high street retailers are having to invest heavily in their online presence to ensure they remain competitive in the digital world. The major shift in consumer buying patterns from direct store to online happened so rapidly, many retailers were caught unaware and are now either running to catch up, or no longer exist.
The rise of the millennials and the addiction to social media, means brands have to develop increasingly innovative ways to stand out from the crowd. Having your products or services talked about on social media sites like Facebook, Pinterest, Instagram, Twitter, and now Snapchat can have a massive impact on sales for the savvy retailer who knows how to leverage this exposure and translate it into revenue.
Despite this, there is still a place for the traditional high street retailer, with many people still preferring the visual and tactical experience of browsing in a physical store. In reality, it is likely to be a hybrid approach that will win out with many individuals doing their initial browsing online but actually completing the purchase in-store. Therefore, in order to properly assess buying trends retailers need to have a unified approach to analytics, viewing both online and in-store data to get a holistic view of buying trends.
So what does this mean for HR Teams within the Retail Sector? With increasing competition and lower barriers to entry, the war for the top talent in the digital space is incredibly tough. Competition for this talent comes from not just the retail sector but the majority of other industries, who are all battling it out for the top talent in this space. As a result, Talent Teams are having to become increasingly innovative in the ways they both attract and retain top talent, with individuals in this space tending to have different drivers and motivators to the more traditional retail employees.
Online presence and employer brand are more important than ever and are key to optimising consumer experience, but are also key in attracting the very best talent to your business, as potential customers could also be potential employees. The HR function therefore needs to work closely with digital and marketing teams to ensure that their online brand presence is a true representation of the organisation brand and values, with the information and application experience being as smooth and effective as the buying experience of consumers.
It is challenging times ahead for the retail sector. The successful organisations will be those that can be agile and adapt effectively to these changes, making retail an exciting place to be for the HR professional!
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