the retail The sector in India used to be one of the fastest growing sectors in India and has undergone tremendous transformation over the past few years. While the COVID-19 pandemic has severely affected the growth rate of the industry, the sector has adapted admirably, reshaping the business models required to adapt to new trends.
Furthermore, the type of talent required in the sector has also undergone a sea of change. As we move into a post-pandemic world, optimizing workforce planning and strategy is a crucial part of the retail industry. It is important to reevaluate skills with a focus on tech-savvy employees who can perform better in a digital workplace.
Retail industry in India
According to a Forrester Research report in 2020, the Indian retail market was estimated at $883 billion. The Indian market is one of the fastest growing in the world, especially in the online retail section. The pandemic has forced a shift in business approach, forcing companies to accelerate digital transformation initiatives and alter their consumer experiences in order to respond successfully in these challenging times.
Digitization has created new sales channels and new opportunities for customers, and globalization has paved the way for new markets and introduced new competitors. While this approach ensured business continuity, it also revealed a significant talent gap within the workforce. A huge gap has developed due to the failure of employers to engage in retraining programs.
Skilled workforce and sustainable growth
The Indian retail market, with the large-scale shift to e-commerce, is bound to continuously deliver top-notch customer service and consumer satisfaction. Companies have increased their investments to ensure that the majority of the workforce is qualified.
According to a recent report by the National Skill Development Corporation (NSDC), India will need 56 million skilled workers in the retail sector by 2022.
Today, due to advancements in technology, it has become easier to acquire skills and knowledge, which has made skilled labor highly competitive. A skilled workforce drives profitability, productivity, and consistent growth in any retail organization.
In retail, a skilled workforce is necessary for the proper functioning of the various departments. Some examples of skilled labor segments in the retail industry are computer skills, communication skills, customer service skills, numeracy, marketing, and management.
Benefits of a Skilled Workforce
Skilled workers are a crucial part of any business, as they contribute greatly to the development of the company’s reputation and continued success. A skilled workforce ensures positive results in retail organizations, with productivity being the most important benefit.
Increases productivity: Qualified employees are experts in their work and this will improve the productivity of the business. While unskilled workers would need additional training, consuming valuable time and resources.
Ability to solve problems: Competent employees have advanced practical and theoretical knowledge, which enables them to overcome problems and highlight inconsistencies in business practices. A skilled workforce has the potential to do what is needed and the ability to solve problems when needed.
Improve profitability: Most companies value quantity more than quality. It is better to employ one skilled worker rather than several unskilled workers. And the company’s profitability and reputation will pave the way for stronger growth.
Positive work environment: Qualified workers contribute to the improvement of the working environment and labor relations, because they will be able to tackle their task and work in harmony with their colleagues. This will make the workplace more pleasant, reduce stress and retain staff.
Every business in the retail industry must be able to adapt to changing circumstances and solve challenges, which is what a skilled workforce excels at. Advanced training enables individuals to be able to think through issues and solve problems that come their way. The ability to adapt, learn and move forward is crucial for sustainable growth in the retail industry.
The retail sector is gradually moving towards an online model. As a result of this transformation, it is critical for retail businesses to continue growing by adapting their skilled workforce to meet the demands of an online service or industry.
Conclusion
The future of retail lies in a skilled workforce. Such a workforce will ensure that the industry grows at a sustainable rate while creating new jobs. The increased use of technology will be essential to this growth while allowing the hiring of more qualified workers. The answer to bridging the gap between sustainability and the retail market is a skilled workforce.
