Retail talent disrupted

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New rules for attracting, retaining, and developing talent

?The digital revolution is forcing the retail industry into a time of unparalleled change. How can retailers attract, retain, and develop a workforce that meets the evolving needs of this marketplace? Deloitte’s research revealed five key findings, each highlighting the growing talent-related challenges in the retail marketplace. While all retailers are influenced by the changing environment, find out where the talent challenge has the most impact and what retailers need to do about it.

Retail talent research

Spurred by the digital revolution and the demands of an evolving consumer, new companies have entered the marketplace with innovative business models that threaten to make traditional retailers obsolete. Emerging retailers with “digital” in their DNA are challenging the ways many traditional companies acquire customers, compete in the marketplace, and configure their business.

Through an extensive study exploring the talent practices of a wide range of retailers, Deloitte has concluded that a bold new set of “rules” should be considered for retailers to attract, retain, and develop a workforce that can meet the needs of the evolving marketplace. To explore the disrupted retail talent dynamic, we examined retail businesses and their challenges across three dimensions:

  1. Customer
  2. Competition
  3. Operating model

As the findings show,  disruptive changes in the retail marketplace have created both new challenges and new opportunities for retailers, relative to their talent needs.

?Key retail talent-related research findings

Deloitte’s research revealed five key findings, each highlighting the growing talent-related challenges in the retail marketplace. While all retailers are influenced by the changing environment, we discovered that the talent challenge tends to impact well-established retailers most profoundly.

  1. Retailers across the board are experiencing a shortage of qualified talent, but the struggles of well-established retailers are dramatically more pronounced.
  2. Retail organizations are striving for increased agility and innovation, but well-established retailers are at a significant disadvantage.
  3. Digital is becoming engrained in the retail culture and operating model and Internet-age retailers are ahead of the curve.
  4. Continuous change in the way retailers operate is driving evolution in retail skill requirements, and Internet-age retailers are more adept in responding.
  5. The competition for fresh, highly skilled talent is intensifying, and well-established retailers are falling behind.

Can you relate to these findings?

About  The Authors

Meet the authors

Kasey Lobaugh

Chief Innovation Officer | Retail & Distribution asey serves as the chief retail innovation officer and omni-channel retail practice leader for Deloitte Consulting LLP. He works with many retailers to drive strategic perspectives and organizational change. Kasey consults with clients to think about the implications of the changing competitive landscape and the rapidly evolving consumer. He focuses on broad business-based strategy that will enable innovative customer experiences, operational scalability and provide return-on-investment.

Thomas McElroy

Thom is a principal in Deloitte Consulting LLP's Consumer Business industry and leads its Retail Human Capital service area. For nearly 20 years, he has helped national and global retailers increase the potential of their organizations. With in-depth experience in transformation change management, organization architecture, post-merger integration, culture change, leadership effectiveness, and performance management, Thom has helped retailers transform their businesses.

Nathan Sloan

Nathan is a principal in Deloitte Consulting LLP's Human Capital practice based out of Charlotte, NC. He works with global companies to determine the organizational structures, talent programs, and HR priorities required to implement their business strategies. Nathan is the Human Capital leader for the Retail & Wholesale Distribution Sector and also leads Deloitte’s National Talent Strategies practice, overseeing the development of all Talent Management solutions.

 

Retail talent disrupted

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