Navigating The Talent Quagmire In Retail A Millennial's Perspective

By Author: sakirrehmani
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Staff Pipeline Many retail companies have found a sense of false security due to their solid middle and upper management tiers, completely ignoring a pressing issue: their apathetic approach towards talent management is a ticking time bomb. Concealed behind the facade of experienced managers is a rapidly expanding talent vacuum that the retail world can't afford to overlook any longer.

This pressing issue in the retail talent pipeline has been brewing due to a variety of factors such as the withdrawal of recruitment and growth programs, falling enrollments in retail-centric academic programs, a significant exodus of millennials from the retail arena, and looming fears of an impending US recession. These issues, already significant, were further amplified during the pandemic and have remained a concern in its aftermath.

To give some historical context, many of those currently holding executive and middle management positions in retail firms kickstarted their careers in the early 1990s. At that time, plenty of large retail companies had well-structured training programs in place to mold fresh talent, often recruits ...
... right out of college.

Such programs commonly entailed several months of experience across various corporate sectors like loss prevention, store operations, and purchasing. Post these rotational stints, the individuals were generally absorbed into a full-time role where they demonstrated the highest potential.

Leap to the present day, through several recessions and a worldwide pandemic, and it's clear those comprehensive programs are largely missing from the retail organizations of today.

Interestingly, present-day retail corporate offices house workers from multiple generations:

Baby boomers, still a considerable part of the executive teams, plan to stay professionally active into their 70s. Gen X individuals, after dedicating more than 25 years to hone their skills, foresee at least another 20 years in their professional journey. Millennials, thanks to their unique tech-savvy nature, primarily occupy analytical and marketing roles but are rapidly exiting the industry. Hot on the heels of millennials, Gen Z is forecasted to make up 27% of the workforce by 2025. However, retailers are grappling with several challenges when it comes to attracting and retaining younger workforce:

Recruitment teams within organizations were significantly downsized or entirely wiped out during the pandemic. The shadow of a possible recession has resulted in a hiring freeze across a majority of the industry. Institutions such as the Fashion Institute of Technology (FIT) and the Fashion Institute of Design & Merchandising (FIDM) have seen a steady decline in enrollment over the past five years, a trend that was only exacerbated during the pandemic. Even amid these adversities, many companies are channeling their focus on initiatives that amplify their commitment to social and environmental causes, technological advancements, and refining business procedures. While these endeavors are essential, they can bring little to no benefit if the companies neglect their most valuable resource: their people.

So, what's the solution for retailers to fill this emerging talent void?

Here are five strategies that every retailer should immediately employ to secure their future talent supply:
Redefine Roles and Organizational Frameworks:
Gone are the days when fresh hires would patiently wait for promotions and pay hikes. Retailers need to reimagine what success looks like for early-career professionals, by devising step plans that reward short-term achievements aiming at long-term targets.

Innovative organizational frameworks promoting cross-functional exposure will hold more appeal than those confining individuals to a single career path from the get-go.

Overhaul Onboarding and Learning & Development Programs
In today's hybrid work landscape, the traditional approach to onboarding is becoming less prevalent. Companies should tailor onboarding programs blending immersive remote experiences with independent tasks and constant feedback. Moreover, they need to frequently update their learning and development content to keep both new and experienced employees engaged and loyal to the company's vision.

Fortify your Digital Transition
In today's times, offering a flexible and seamless digital environment is crucial. A holistic digital environment ensuring real-time system and analytics access, coupled with user-friendly tools, is vital. Companies should also equip their teams with modern collaborative tools for visually intensive tasks.

Revise Talent Recruitment Strategies
Recruitment teams need to revisit their approach. While job postings may continue to attract mid-career or experienced professionals, they are falling short in identifying emerging talent. It's time to return to time-tested methods like internships, structured training programs, and strategic partnerships with educational institutions. Furthermore, integrating the company's brand identity, purpose, and culture into recruitment strategies is key.

Listen, Evaluate, and Respond Lastly
Retailers must be proactive in listening to their new hires, monitoring progress towards achievable objectives, and responding to both sets of feedback. Including new hires in defining what to measure, how to interpret the captured data, and continuously raising expectations is crucial.

These recommendations aren't a walk in the park. They demand strong leadership, cross-functional efforts, significant investment, and even tough calls. Each retailer is unique with its own set of challenges regarding technology, organizational clarity, learning environment, and business processes.

A comprehensive assessment of the entire organization followed by the creation of a prioritized roadmap aligning with business goals can fortify talent management and ensure a more robust future workforce pipeline. For more information visit: https://www.retailjobs.com