{"id":83593,"date":"2024-01-29T08:46:05","date_gmt":"2024-01-29T13:46:05","guid":{"rendered":""},"modified":"2024-09-04T09:32:20","modified_gmt":"2024-09-04T13:32:20","slug":"how-retail-business-leaders-can-overcome-hr-challenges-in-todays-economy","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/how-retail-business-leaders-can-overcome-hr-challenges-in-todays-economy\/","title":{"rendered":"How retail business leaders can overcome HR challenges in today&#8217;s economy"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-client-success-stories\/\">\n\t\t\t\t\t\t\t<span>Commercial Client Success Stories<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">How retail business leaders can overcome HR challenges in today&#8217;s economy<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Stephanie Gilman<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"714\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1397783002.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"A diverse lineup of people, waiting for their interview.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1397783002.jpg 2073w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1397783002.jpg?resize=300,209 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1397783002.jpg?resize=768,536 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1397783002.jpg?resize=1024,714 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1397783002.jpg?resize=1536,1071 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/01\/iStock-1397783002.jpg?resize=2048,1429 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How retail business leaders can overcome HR challenges in today&#8217;s economy &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/how-retail-business-leaders-can-overcome-hr-challenges-in-todays-economy\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/how-retail-business-leaders-can-overcome-hr-challenges-in-todays-economy\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published January 29, 2024 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Economic uncertainty continues to loom over the Canadian retail sector, based on RBC&#8217;s recent survey with Maru Group, a leading client experience research and advisory services company, that identifies a shared worry among business leaders.<\/p>\n\n\n\n<p>In the online report, completed by 600 retail business owners and decision makers across Canada, leaders said their most pressing challenges are human resource-related, specifically talent retention and recruitment. They want to hire and work with top talent and struggle with how to maintain flexible staffing levels in an inflationary market.<\/p>\n\n\n\n<p>&#8220;The constant churn of retail employees really affects your customer experience and your efficiency,\u201d Laura Hammond, a seasoned HR consultant with a wealth of experience gained from stints at H&amp;M and Aritzia, says. \u201cWhen your customer has fewer dollars to spend, you want to fight for every dollar, and you can do that by giving them a delightful shopping experience with an engaged and knowledgeable employee. If you lose those employees, you&#8217;re always in a cycle of rehiring.\u201d<\/p>\n\n\n\n<p>And with turnover happening so frequently in retail jobs, that cycle can be costly, with companies needing to spend money on recruiting and training new employees. There are also costs that are harder to measure, like reduced efficiency and lost sales.<\/p>\n\n\n\n<p>Retaining staff during an economic downturn is no easy feat, especially in a tight job market. Fortunately, there are non-financial incentives that retail employers can offer to keep their staff from jumping ship for a new opportunity. Hammond says it&#8217;s important to think about how you can make the day-to-day more agreeable. One way to do that is by providing autonomy over scheduling.<\/p>\n\n\n\n<p>&#8220;Imagine not knowing your schedule in advance and having to plan childcare, meals, and familial arrangements around that uncertainty,&#8221; she says. \u201cGiving employees control over their schedules, and allowing them to pick up or trade shifts seamlessly, can reduce that stress and give them some agency.\u201d<\/p>\n\n\n\n<p>Hammond also highlights the often-overlooked benefit of employee development during slow business periods.<\/p>\n\n\n\n<p>\u201cDoubling down on your employee development programs when traffic is less steady can provide employees with usable skills and keep them engaged,\u201d she says. \u201cThis will also positively impact the customer experience and help drive business.\u201d<\/p>\n\n\n\n<p>Retail businesses should also make sure they\u2019re offering employees a broader spectrum of employee benefits, beyond monetary compensation. Mental health benefits can be one such perk, especially in retail jobs, where <a href=\"https:\/\/www.census.gov\/library\/stories\/2020\/09\/profile-of-the-retail-workforce.html\" data-dig-id=\"LP-83593-3c2006c1\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"employees tend to skew younger\" class=\"rbc-link-format\">employees tend to skew younger<\/a> and have <a href=\"https:\/\/www.nimh.nih.gov\/health\/statistics\/mental-illness\" data-dig-id=\"LP-83593-90876037\" data-dig-label=\"higher mental health needs\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">higher mental health needs<\/a>. Providing educational support and pathways to development can also add value for employees in financial need.<\/p>\n\n\n\n<p>\u201cAll these people are entering the workforce with many different stressors,\u201d Hammond says. \u201cEven if a company doesn\u2019t have the highest compensation, they can still win with their total package for employees.\u201d<\/p>\n\n\n\n<p>Another key component of retaining talent, according to Hammond, is devoting resources to employee communication and management training. She says managers need to know how to listen to their staff\u2019s concerns and be able to respond quickly and effectively.<\/p>\n\n\n\n<p>\u201cFor most of your frontline workers, their experience mostly depends on the store\u2019s leadership. Investing in that store manager or middle manager and giving them the tools to become strong leaders will help them create a more inclusive and welcoming environment for their staff, while also empowering them,\u201d she says.<\/p>\n\n\n\n<p>Employees today want to feel that they&#8217;re making a difference, so it\u2019s important that retailers clearly explain their company values, whether it\u2019s sustainability, community giving, or another ethos. Hammond adds that including employees in decision-making around corporate responsibility initiatives is another way to engage employees.<\/p>\n\n\n\n<p>\u201cFind those employees that are very dedicated and make them store ambassadors,\u201d she suggests. \u201cEveryone likes to feel like they\u2019re recognized and giving them these extra duties can really improve the employee experience.\u201d<\/p>\n\n\n\n<p>In today&#8217;s competitive market, retail business leaders also need to adapt their strategies for recruiting new talent. Hammond emphasizes the importance of a clear value proposition and streamlined hiring process, noting that a lot of retailers aren\u2019t quick enough with their hiring. To speed up the hiring process, she recommends recruiters conduct on-the-spot hiring events.<\/p>\n\n\n\n<p>&#8220;You\u2019ve got to make it easy for prospective employees,&#8221; she says. &#8220;Equip your recruiting team with a marketing budget to get eyes and ears on your hiring message. Make sure they can assess skills and competencies quickly, provide immediate offers, and get new hires into training as fast as possible.\u201d<\/p>\n\n\n\n<p>Hammond says companies can speed up onboarding by having pre-employment forms filled out digitally and letting new employees do pre-employment training on their own time. She also stresses the importance of ensuring there aren\u2019t barriers to integrating new employees with scheduling and payroll platforms so new hires can get started without delay.<\/p>\n\n\n\n<p>Of course, anyone searching for a new job is likely motivated by money, so a fair wage is essential if you want to attract high-performing individuals. But even if your competitor next door offers a slightly higher wage, Hammond believes you can still win them over by offering superior benefits and an exceptional employee experience.<\/p>\n\n\n\n<p>\u201cAn employee won\u2019t go for the job that pays fifty cents more per hour if it means they\u2019re going to be treated poorly and have less agency,\u201d she notes.<\/p>\n\n\n\n<p>As economic uncertainties persist, retail businesses must regularly monitor and adapt their talent retention and recruitment strategies to stay relevant. According to Hammond, &#8220;Your recruiters are your best source of market data since they hear from candidates about what other retailers are doing to attract employees. Keep that line of communication open, look at your HR data to identify patterns, and be proactive in testing new methods to stay agile and competitive in the ever-changing market.\u201d<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-c818dd0b-eaa4-4720-ad8c-28f502334335\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How retail business leaders can overcome HR challenges in today&#8217;s economy &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/how-retail-business-leaders-can-overcome-hr-challenges-in-todays-economy\/\">\n        <img 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\t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-3aadb5bf-b065-40ad-bd58-61bcfc0ca489\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-client-success-stories\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Commercial Client Success Stories<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/franchise\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Franchise<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/hr-for-business\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">HR for business<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/retail\/\" class=\"btn topic mar-t-0 mar-r-qtr 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height=\"767\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"cargo ship at shipping dock\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg 1440w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?resize=300,225 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?resize=768,575 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?resize=1024,767 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a 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