It’s no secret that turnover rates are inordinately high in retail environments—especially when compared to other businesses. It’s not uncommon to experience turnover as high as 60-70% in small retail businesses.
Feeling discouraged at rates like these is normal–because experienced business owners know that the cost of replacing an employee is very high. Lost hours in searching for the right talent and training them can eat away at an already low-margin operation.
However, not all hope is lost—and the solution to the problem of employee retention may be lying right before your eyes.
Smart data collected by your point-of-sale software can help you with a myriad of business solutions and is designed to grow your business! Here are a few easy ways to leverage smart data and boost employee retention.
For retail in the business of service provision, one of the common complaints of employees is wasted time on their end. Imagine you’re scheduled for a shift, only to have two clients come in across an eight-hour workday! For these employees, the tips may be the only reason they’re sticking around.
Smart booking software like Franpos makes it easier than ever to fill holes in schedules. Employees and managers alike can see ahead to next week’s booking and work with existing clients to try and fill the gaps.
Plus, you can keep your finger on the pulse of your customer base by sending out discounts and coupons for low-volume days to further fill in the gaps.
That way, your team members know exactly when they’re needed, and know they’ll make their tips whenever they’re scheduled!
It seems counterintuitive, but making sure your team members are happily working and keep busy throughout their shift can benefit both you and them!
In the current economic climate, and particularly with entry-level positions commonly found in the retail business, it’s almost expected that you aren’t the only employer of a team member. Giving them clear hours and a consistent schedule opens them up to other side opportunities that may keep them happy.
After all, if you’re at a job and aren’t needed, doesn’t your mind wander to what you could be doing with all that wasted time?
At the end of the day, you don’t want to waste money on labor just as much as your labor doesn’t want to waste their time. So, run reports on your back-of-house software and make sure your hours make the most sense for your business.
See when you were overstaffed, or when closing an hour early results in more revenue saved than lost.
Setting Up For Success
All of these optimization strategies and more can be found on the Franpos system—designed to make your operations as streamlined and efficient as possible. Set your business up for success with a powerful commerce platform that’s constantly looking out for you.
Work with a dedicated representative—not a hotline—and get the answers you need today. With your data, and our help, we can make sure your employee retention rate is low and your revenue growth projects remain higher than ever!
Reach out for your free demo and see why thousands of businesses use Franpos to optimize their schedules, automate their marketing efforts, sell products and services online, and much, much more!