Retail Observer

RETAILOBSERVER.COM APRIL 2015 32 W hat sets one retail business apart from the competition? Beyond the brick and mortar and the product displays, there's one differentiating asset that can't be duplicated: its employees. In a recent study, 76 percent of employees surveyed said opportunities for professional growth ranks among their top three non-financial motivators at their job. And further, other studies found that replacing a key employee can cost the company anywhere from 70 to 200 percent of their compensation due to the disrupted workflow among other challenges. In short, the decision to invest in your employees' development directly impacts your bottom line. In the retail world where both interpersonal and technical skills are so important, how do you ensure you meet your employees' desire for professional development, as well as retain and strengthen your company's most valuable asset? Put these simple tips into action: USE CONSTANT DIALOGUE TO UNCOVER GROWTH OPPORTUNITIES Here's a secret your employees most likely aren't telling you: they want to receive feedback. This is especially true for millennials, who prefer receiving constant feedback in real time. The key is the approach—keep it conversational. Ask how they think an interaction with a customer went, what could have gone better, and how you as their manager can help. Casual, constant dialogue spurs on-the-spot development and helps you as a manager identify the skills they need to develop through additional training. Ultimately, it fosters an engaged work environment rooted in development—a place where employees know they're growing, and where they want to stay. EMPOWER EMPLOYEES TO SHARPEN THEIR INTERPERSONAL SKILLS In a recent customer service survey, 55 percent of consumers said they would happily pay extra if it guaranteed great customer service. Yet, only seven percent of respondents said customer service experiences exceed expectations. That means there's a great opportunity to grow your business when you commit to providing the best customer service experience possible throughout the buying process. Sales professionals who take a consultative approach know how to interpret nuances of conversations with customers and have a much easier time building a genuine rapport and to identify solutions that meet their true needs. A consultative approach also extends into identifying how to best follow up and maintain contact. USE THE RIGHT TOOLS On-the-spot coaching coupled with development in a more formal setting can help immensely when it comes to improving sales and the customer service experience. Gone are the days of taking a member of your sales team off the floor to attend a course. NKBA University offers a wide variety of sales courses that are available on-demand 24/7 so employees can hone their skills when and where it works best for them, without losing valuable time on the sales floor. Developing your employees is an investment in your future. Ongoing learning helps nurture employees to reach their full potential. The result: big dividends for your company culture, your bottom line, and setting your business apart from the competition. RO THE TRUE VALUE OF TALENT DEVELOPM ENT Want big returns? Start investing in your most competitive asset: your employees A S S O C I A T I O N N E W S Tim Donahue, Principal of New York-based organizational development consultancy Talent Directions, lends his expertise as an Instructor to NKBA University. For 17 years he has worked with Fortune 500 and public sector clients— from the board room to the back office—on initiatives ranging from talent and leadership development to culture, change management and organizational communications.

• Cover