Harrods is a British institution and one of the well-known retail stores all over the world. David Jones is a similar retail store in Australia, the store was launched in 1838 by Mr. David Jones with a view to sell the best and most exclusive goods under one roof. Since then David Jones has grown to 35 stores, 2 warehouses and online store (David Jones, 2017). However, it still trails Harrods despite the growth. Few recommendation that would help David Jones grow to Harrods levels are-
1. Training and Development – Training and development is essential for any organization but Harrods has shown the effect that it can have for retail companies. By providing the required training to employees and ensuring their development through on-the-job …show more content…
Providing Specialized Courses/ Degree – David Jones should provide specialized courses or degrees, which would help an individual be a specialist in one of the divisions of David Jones. Providing Sales degrees or retail growth degree would help individuals gain skills which are required for the job. Providing these degrees and jobs to the top students would ensure that David Jones is capturing the brightest minds available and with their help growing the business. Specialized courses can help the employees think outside the box and come up with new solutions that can disrupt the industry or help David Jones get competitive advantage over its …show more content…
Employee Retention – In retail the employee turnover rate is very high compared to some other industries. One of the major costs every year on the balance sheet of retail companies is that of employee recruitment and admin costs due to employee separation. However, Harrods successfully implemented a culture that has seen their turnover rate almost halve itself from 51% in 2006 to 25% in 2011. It is not an overnight process and David Jones needs to improve its culture and policies to retain employees. Few of ways they can retain employees are – improve working hours, better benefits and bonuses, higher incentives, opportunity for growth and job safety. One of the key factors for Harrods lowering their turnover rate was that employees felt a sense of belonging towards Harrods due to the internal growth policy, Harrods had more retentions after training through employees that had grown with them rather than employees who joined from outside the
1. Training and Development – Training and development is essential for any organization but Harrods has shown the effect that it can have for retail companies. By providing the required training to employees and ensuring their development through on-the-job …show more content…
Providing Specialized Courses/ Degree – David Jones should provide specialized courses or degrees, which would help an individual be a specialist in one of the divisions of David Jones. Providing Sales degrees or retail growth degree would help individuals gain skills which are required for the job. Providing these degrees and jobs to the top students would ensure that David Jones is capturing the brightest minds available and with their help growing the business. Specialized courses can help the employees think outside the box and come up with new solutions that can disrupt the industry or help David Jones get competitive advantage over its …show more content…
Employee Retention – In retail the employee turnover rate is very high compared to some other industries. One of the major costs every year on the balance sheet of retail companies is that of employee recruitment and admin costs due to employee separation. However, Harrods successfully implemented a culture that has seen their turnover rate almost halve itself from 51% in 2006 to 25% in 2011. It is not an overnight process and David Jones needs to improve its culture and policies to retain employees. Few of ways they can retain employees are – improve working hours, better benefits and bonuses, higher incentives, opportunity for growth and job safety. One of the key factors for Harrods lowering their turnover rate was that employees felt a sense of belonging towards Harrods due to the internal growth policy, Harrods had more retentions after training through employees that had grown with them rather than employees who joined from outside the