Easy-to-use cash counters are essential in high turnover industries
Turnover is a top concern for retailers today, and money counters can help ease the stress of this reality. According to Innovative Retail Technologies, a new study conducted by WorkJam found 34 percent of retailers have a quarterly turnover rate of at least 26 percent for hourly staff. Moreover, one-third of retail managers feel this rate has increased over the last two years.
Despite heavy levels of fluctuation, retailers must ensure their cash flow and management stays consistent and efficient as staff members enter and leave the scene. Additionally, business owners and managers alike prioritize cost savings, and heavy turnover can lead to heightened hourly wages while new employees are ramping up to their new roles. In fact, BloombergBusiness reported, according to the Center for American Progress, the cost of replacing an employee earning less than $30,000 per year is roughly 16 percent of that individual's annual wage. While training is going to be a perpetual reality in the retail business, leveraging intuitive technology can help ease much of the workload that emerges when new hires join the team.
Intuitiveness is a key differentiator for money counters
From point-of-sale systems to inventory management software and cash counters, every piece of technology in a retail environment should be easy to use, because turnover will remain consistent. Retailers need cash counters to help them detect counterfeit money, sort and count bills and provide accurate financial reports at the beginning and end of a shift.
A good cash counter is one that saves retailers time so they can focus on more customer-oriented tasks. Additionally, new employees should be able to learn how to use the technology with minimal effort. The key is to invest in easy-to-use money counters that allow users to change processing modes with the touch of a button and feature an intuitive color touch-screen display that employees can adapt to quickly. By using the right technology, business owners can ease the costs of training in two distinct ways:
- Fewer paid hours spent on training.
- A lower level of counting errors from new employees that could be potentially costly.
Today, customer experience in a retail environment is everything. It's also true that turnover is high. As staff members fluctuate, it is important to ensure the training process is as quick and seamless as possible, so associates can spend time on the customer sooner and focus less on learning to use difficult new technologies
March 8, 2016