New Time & Attendance Software Dramatically Increases Efficiency And Control Of Retailer's Labor Costs, Reports IHL Consulting Group
New study examines top vendors of time and attendance solutions, reveals strategies to help retailers compete with Wal-Mart
FRANKLIN, TN - Growing labor struggles and costs, plus the margin-eating presence of super-efficient superstores, has North American retailers seeking new ways to better manage their employees, including renewed interest in workforce management and time & attendance software, according to new research by IHL Consulting Group.
"Let's face it, in the retail marketplace today, it's all about competing with Wal-Mart – lowering costs and finding that competitive niche," said Greg Buzek, president of IHL Consulting Group, an analyst firm and consultancy that serves retailers and retail technology vendors.
"Most retailers already have taken steps to leverage technology to make their other processes more efficient," he said. "As the labor market becomes tighter with each passing month, it's crucial that retailers also use technology to manage their workforce more efficiently."
About one-seventh of the United States' workforce is employed by the retail industry. That translates to about 20 million retail employees. And labor costs are rising at a much faster rate than revenue and gross margin because of benefits, Buzek said.
"Retailers are caught in a catch-22," he added. "They need to provide a level of service that differentiates them from Wal-Mart and Target, but they must also balance those increasing labor costs to increased sales margins. With the right software solution, retailers can make the best possible decisions about their workforce, creating a new efficiency with their largest variable cost. That means great service for customers, without over-staffing."
According to IHL's "Market Study: Retail's Top Time & Attendance Software Vendors," the majority of retailers – some of them major industry players – still use homegrown time and attendance software. While this may have been sufficient in the past, it won't help retailers take on the Wal-Marts of the industry, Buzek said.
"With a modest investment, retailers can buy a proven, off-the-shelf solution that will integrate with the rest of their store IT systems," he said. And retailers can see almost immediate ROI."
In its report, IHL analyzes the top software vendors of time and attendance solutions to evaluate their strengths, weaknesses, interoperability with other retail software, and customer lists.
IHL Consulting Group is an independent retail technology consulting firm providing retailers and retail technology vendors with customized research and reports about store-level hardware, software and systems. Based in Franklin, Tenn., IHL authors annual industry analysis, including "The North American Retail POS Report," "The Europe/Middle East/Africa POS Report", "Retail Self-Checkout Systems in North America" and more.
For more information, visit www.ihlservices.com, or call (615) 591-2955. For press contacts and interviews, contact Roy Miller at (972) 716-4070 x235, or via e-mail at rmiller@transsynergy.com.
Source: IHL Services