Page 223 - DMGT550_RETAIL_MANAGEMENT

Retail Management

Notes 12.6 Summary

 Virtually every enterprise finds it necessary to hold ‘stocks’ (or ‘inventory’) of various
items and materials.
 Store managers are responsible for meeting their region’s sales and profit goals each year.
 In order to meet their sales and profit targets, store managers sometimes develop local
marketing and promotional plans to increase business.
 A store manager’s duties almost always include overseeing the various departments in
the store, including inventory management and ordering.
 A store manager’s duties also include overseeing the interviewing, selection and hiring of
all new employees.
 The store manager is responsible for ensuring that all employee paperwork or hours are
approved so that people can get paid.
 The employee recruitment process is one of the more critical aspects of running a successful
business.
 The art of recruiting and selecting good employees is one that takes an organizational
commitment by the company.
 Performance standards describe what you want workers in a particular job to accomplish
and how you want the job done.
 Effective reward systems include all forms of monetary compensation plus a wide variety
of other motivators that are important to people in a work setting.

12.7 Keywords

Job Analysis: A structured and defined process of gathering, analyzing, and synthesizing
information about a job to identify and describe the duties, tasks, knowledge, skills, abilities
and other detailed characteristics necessary to perform the job.
Job Description: A general statement of job duties and responsibilities.
Job Posting: Document used to recruit candidates for a vacant position; e.g., job duties and
qualifications, candidate screening methods and the terms and conditions of employment.
Job Seeker: An individual who has indicated an interest in employment by completing a
preliminary profile or by submitting an application to the employer.

Performance Standards: Performance standards describe what you want workers in a particular
job to accomplish and how you want the job done.
Recruitment Timeline: Schedule outlining the recruitment steps and timeline required to complete
each phase of the recruitment process.
Retail stores are businesses that depend on the availability of inventory or merchandise. In fact
it may be said that the inventory is the heart of a retail store.

12.8 Review Questions

1. Describe about Store Management Responsibilities.
2. Explain about Recruiting and Selecting Employees.
3. Discuss about Recruiting and Selecting Employees.

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