Money counters facilitate employee promotion and retention in retail environments
In retail environments, cash counters are an integral piece of technology that allow decision-makers to both promote and retain experienced employees. According a survey conducted by the National Retail Federation, 59 percent of participants in the U.S. have worked in retail, including stores and restaurants, which translates to a broader talent pool with vast experience that can be selective about the companies they work for. Business owners can ease the process of training and promoting employees to managerial positions, and improve overall staff satisfaction by employing tools that make their jobs easier and more efficient.
The relationship between cash counters and employee satisfaction
Employee satisfaction is a major concern for leaders across all industries. In fact, Retail TouchPoints shared data from a Harvard Business Review study that found retail employees ranked their satisfaction level at 63, which was two points below the 65 score averaged of all 12 industries surveyed.
In many ways, employee access to technologies and capabilities that make their jobs easier is directly tied to their satisfaction. Additionally, leveraging tools - like money counters - that decrease workers' time spent on administrative tasks and allow them more opportunities for customer engagement will positively impact their perception of their jobs. Considering retail is already an industry that experiences heavy turnover, employee retention and satisfaction are crucial, especially considering the large group of talent that exists today.
Money counters make promotions possible
As more retail employees gain experience, they will look for opportunities for upward mobility. In fact, additional data from the NRF showed retail jobs are important to workers as both entry-level positions and long-term careers.
In many cases, retail employees who are promoted to leadership positions will take on greater responsibilities in the back office, such as creating schedules, running financial reports and counting money. That said, there is a heavy amount of training involved with promotions to ensure new managers have the knowledge and expertise to do the job well.
Easy-to-use cash counters eliminate much of the stress involved with learning new responsibilities and also make the training process more efficient. More importantly, this technology can help managers remain satisfied in their new roles and free up time for these new leaders to work on more engaging issues such as employee relations, in-store strategy and customer service.
March 9, 2016