Between the thousands of temporary workers looking to earn a few extra pounds in the run up to Christmas and businesses needing to make sure there are enough bodies on the shop floor, the British retail sector is due to swell by almost 28,000 members of staff over the 2022 festive season.
With an increase in staff of course comes an increase in all things human error which can be particularly damaging to a retailers bottom line. Human beings are fallible and stock loss due to human error, mistakes made by temporary staff and even theft (especially over the Christmas period).
The impact of stock loss on a business’ bottom line really can’t be underestimated – an item that is ‘lost’ can no longer be sold and your business loses out twice. Making a loss on any item means that the margin on your remaining stock becomes tighter.
It is in times of uncertainty, stress, and hardship that stock loss not only increases but has the biggest impact on a business profit margin when it can least be absorbed and tolerated. The human factor is more important now than ever before.
So what can you do to make sure that those who join your ranks for a few weeks or months aren’t making small mistakes that turn into bigger problems?
Back to Basics Processes and procedures
When adding new and temporary members to the team, it’s really important to have your processes and procedures absolutely nailed down. Make sure everyone knows your processes on the shop floor and understands them, run training sessions to remind staff what needs to happen and when, making sure everyone is on the same page really is key.
If you’ve recruited new members of the team in preparation for business as usual, it’s vitally important to make sure they have enough knowledge to minimise any stock loss in their early shifts. It could help to pair up newbies with more experienced members of staff to ensure everyone knows what to do and the importance of getting it right.
Give your experienced team a refresher on your stock taking do’s and don’ts and empower them to bring new colleagues along for the ride.
Check in with your Team
For new team members stepping into the fast paced world of retail during the holidays, it can be a little overwhelming. Make sure you’re checking in with your team members to make sure they’re keeping up and feeling confident in what they’re being asked to do and have your business bottom line in the front of mind.
If you would like to talk to the team about getting your processes right and ensuring your team are motivated, give us a call on 01637 874609 or visit https://www.abacusvaluers.co.uk/our-stocktaking-services.