Page 131 - DMGT550_RETAIL_MANAGEMENT

Retail Management

Notes  The retail industry is a driving force in the American economy, so much so that news
reports often base at least part of their perception of the economy on how the retail
industry is performing.
 Auditing is another problem that the retail industry faces on a regular basis.
 Organization structure described as a formal system by which various activities to be
performed by employees are identified and determined, indicating the line of authority
and responsibility in the firm.
 An organizational structure is a principally hierarchical perception of subordination of
entities that work together and add to serve one universal aim.
 Productivity increases when employees have the proper amount of authority to effectively
undertake the responsibility assigned to them.
 Diversity in the workplace means bringing together people of different ethnic backgrounds,
religions and age groups into a cohesive and productive unit.

 Board members must be aware of the obligations and responsibilities that are provided
under both the Federal and State statutory framework, as well as under contracts, statutory
agreements and awards.

7.8 Keywords

Auditing: It is another problem that the retail industry faces on a regular basis. Retail businesses
are regularly engaged in competition with one another, and this competition can create price
wars, forcing a need to keep tight control over inventory and other important data.
Common law: This is case law that is developed in the court system. Previous judgments guide
how laws are interpreted. The general duties of the parties in an employment relationship are
prescribed by common law.

Contracts: An employment contract will exist between the employer and the employee in all
types of employment relationships.
Employee safety: It is an issue facing human resources personnel. The department must prevent
and correct potentially dangerous situations.
Statutes: Federal, State and Territory Governments have laws that prescribe the minimum
conditions of employment that apply to paid staff.

Statutory agreements: Statutory agreements are the product of negotiations between an
organisation and a group of employees or a union(s) that are subsequently registered by an
industrial tribunal.
Workplace diversity: It encompasses the various qualities, characteristics and experiences that
distinguish one worker from another.
7.9 Review Questions

1. Describe Human Resource Management.
2. Discuss about issues in Human Resource Retail.
3. Explain the designing structure for a retail firm.
4. Discuss the legal issues in Human Resource.

5. Discuss about retail organization structure.

126 LOVELY PROFESSIONAL UNIVERSITY