Never before have retailers had a tool to benchmark their labor model against those of their peers. This tool and the study conducted demonstrates that retailers receive real benefits and a tangible return on investment by investing in their labor model.
New York, NY (PRWEB) January 15, 2017
Axsium Group and EKN Research teamed up and surveyed leading retailers in order to better understand labor standards and labor model strategies, and how they measure up across the industry. The data collected was used to create an executive summary report and benchmark tool to help retailers rank themselves against their peers. The report and the benchmark tool are being unveiled at NRF’s Big Show and available at booth #3079.
The study found that after deploying labor standards, 49% of retailers experienced improved labor productivity, along with 54% experiencing an increase in their labor hour optimization. Proper labor standards also helped ensure store processes were scalable, and 63% of retailers experienced an improvement in their ability to ensure consistent store execution.
- 6 out of 10 retailers not satisfied with their current labor model.
- Online benchmark tool allows retailers to rank their labor model in two minutes.
- Executive Summary Report details all the findings of the survey and provides insights for improved operations.
- Having proper labor standards in place is vital for retailers, and can result in substantial monetary gains for the company.
- Store tasks are becoming more complex as standard store customer service processes such as sales, exchange and returns are more omnichannel today than ever before.
- 1 in 2 retailers will fulfill online orders by performing customer deliveries directly from the store by 2018. Retailers will need to streamline standards for inventory operations as well as put enhanced emphasis on balanced store task allocation.
- Accurate labor standard implementations have resulted in increased customer satisfaction and customer engagement rate, besides driving several operational efficiencies.
- Proper labor standards result in improved productivity and an increased customer engagement rate.
Bob Clements, senior vice president, Axsium Group
“Axsium Group is excited to partner with EKN on this study. Never before have retailers had a tool to benchmark their labor model against those of their peers. This tool and the study conducted demonstrates that retailers receive real benefits and a tangible return on investment by investing in their labor model and keeping their labor standards up to date.”
Sahir Anand, principal analyst, EKN Research
“EKN surveyed US retailers and spoke to several softlines and hardlines retail executives to understand their viewpoint on this key retail store execution area. The general consensus is that labor standards are not well documented or updated effectively within the retail organization. The new benchmarking tool gives retailers a very powerful way to see how their current labor model strategy stacks up and a path to make operational improvements.”
About Axsium Group
Axsium Group helps organizations around the world improve their performance by maximizing the productivity of their people. We do this by providing innovative and insightful consulting services focused in three areas. First, we help our clients establish a realistic strategy and roadmap to reach their people-related goals. Second, we focus on streamlining and defining new processes to improve the way people work, their productivity and their impact on their organization. And third, we implement and support technology that help all levels of the organization achieve their objectives. http://www.axsiumgroup.com
About EKN Research
Our research agenda is developed using inputs from the end user community and the end user community extensively reviews the research before it is published. This ensures that we inject a healthy dose of pragmatism into the research and recommendations. This includes input of what research topics to pursue, incorporating heavy practitioner input – via interviews etc., and ensuring that the blend of research takeaways are oriented towards a real-world, practical application of insights with community sign-off. For more information, visit http://www.eknresearch.com.