Organized Retail: How to Increase Performance Level of Employees

The Indian retail market, which is the fifth largest retail destination globally, accordingly it has been estimated to be US$ 427 billion in 2010 and expected to grow US$ 637 billion by 2015. The rising consumerism and increased disposable income have propelled the growth of Indian retail sector at the rate of 30 percent annually. In addition, according to Mckinsey report, with the rise of Indian consumer market, retail in India is estimated to grow four times by 2025. Since organized retail is highly manpower oriented, its human resource practices require deep analysis to manage the employees and include all the management decisions that directly affects or influence the people working for the organization. The attrition rate of employees working in organized retail sector is very high and the working culture of the sector is also very stressful, thus to overcome these challenges, organizations must incorporate innovative practices. For example, monetary benefits should be given to the employees form time to time, motivating them continuously, communicating them with encouraging words, will help them to retain the employees for a longer period of time.