Archive for October, 2014

DMSRetail Performance Framework

DMSRetail Performance Framework

 

Retail Performance Framework

Hiring: A very important step in the performance process. They say if you have the hiring right you’ve won half the battle. DMSRetail Performance framework creates a powerful candidate profile using HBDI and the “Champ” tools.

Training: Along with right hiring, a formal training program which includes all of the areas mentioned above is a must. Many retailers either skip this altogether or do a pretty mediocre job, taxing the performance right from the get go.

KPI’s & The Balanced Score Card: Correctly designed balanced scorecard is at the heart of the performance process. Through this tool, we are able to communicate what the priorities and the expectations are.

Evaluation: On going and frequent evaluation is key to make sure everyone is steering towards the right objectives and also making sure that staff has the necessary skills and tools available to them and that they are using them effectively.

Compensation: A very important part of the performance puzzle, yet does not get the necessary attention from the top executives. Retail business is a selling business which means the foundation of the compensation plan should be “Pay for Performance”. It amazes us that there are retail executives that don’t understand or just plain refuse this concept.

Promotions: One of the very few good things that we have in retail business is the ability to move up relatively quickly, provided that the individual has what it takes. Once again, only DMSRetail has the right approach to this very powerful motivational vehicle.

Standards: Operational excellence depend largely on setting high standards and making sure that the whole company performs under the “Zero Tolerance” guidance. To achieve this will require a bit of effort at the beginning but once people embrace and habitualize it, it will be 100% each time, every time.

Culture: Probably the biggest job of all is to create the right culture and the 2 additional sub-cultures. Majority of the weight of this task belongs with the top manager and it is a constant and continuous battle. That is why we don’t see success in this Endeavour very often.

What To Do Next:

DMSRetail has developed a “30 Minute Retail Management Tune-Up” which we conduct over the telephone with you and your top staff members. Here is what we accomplish together in this fast-paced, zero nonsense session:

• Ideas on how to implement the DMSRetail Performance Framework in your company

The 30 Minute Retail Management Tune-Up is conducted by the principal of our company, Matt Parmaks M.Sc., who worked with more than 100 corporations including Sony, Bell and Praxium Group. Please be assured that this consultation will not be a thinly disguised sales presentation; it will consist of the best intelligence Mr. Parmaks can supply in a thirty minute time span. There is no charge for this call, but please be advised that the call must be strictly limited to 30 minutes.

This consult will typically take place within 1-2 weeks of your call. To secure a time for this consultation, please call Josephine Hill at +1 (312) 239-0919 or email jhill@dmsretail.com  and she will advise you regarding available time slots. She will also provide you with a pre-consultation questionnaire that will prepare both you and us to get maximum value in the shortest amount of time.

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Retail Management

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October 2014
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