Navigating Business Challenges in Retail & Hospitality: Insights and Strategies for 2024
This report provides a window into the state of Retail & Hospitality business operations according to over 300 leaders.
The great resignation continues to trouble R&H
66% of R&H leaders report employee turnover & turnover-related fallout as their biggest problem.
Staff shortages and retention were a pain felt by R&H leaders 5x greater than any other, including loss prevention, no call no shows & digital transformation.
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Employees lie at the heart of customer experience, but lack knowledge
“Employees who go above and beyond” were judged more important than any other factor in improving CX, ahead of even product quality and pricing.
But 83% of R&H leaders lack confidence in employees’ ability to interact with customers, despite 79% focusing on customer-related training.
Training is being used as a strategic lever, but inefficiently
93% are delivering employee training but 92% still don’t use modern training systems for staff, relying primarily on face-to-face delivery.
As a result, for over 50%, training sessions take more than one day. This is in spite of leaders believing “training that was quicker to complete” would improve learning outcomes.
Easy opportunities to improve training engagement are being missed
R&H leaders felt making training “easier to access” as well “more fun” would improve its appeal among a 71% Millennial & Gen Z workforce.
Though 89% say employees access softwares like HCM systems daily, 62% do not have their employee training embedded in these high touch surfaces.
