A look back at 2019 and a preview of 2020: Strategies for maximizing performance in retail and hospitality industries for associates
Ceridian Highlights the Future of Work at NRF 2020
The National Retail Federation's (NRF) annual event, Retail's Big Show, is underway in New York City, and one of the exhibitors making a significant impact is Ceridian. At booth #4655, Ceridian is showcasing its 2020 vision and latest innovations, including its flagship human capital management (HCM) cloud software, Dayforce.
The focus of Ceridian's presentation is the future of work, a topic that is increasingly important for retail and hospitality organizations. With rapid technological advancements, the need to equip employees with up-to-date skills is more crucial than ever. According to a recent report, 63% of organizations anticipate a skills gap within the next two years.
To address this challenge, Ceridian is emphasizing the importance of embracing innovations that promote financial wellness among associates, creating competitive associate experiences, and fostering meaningful work-life balance. One such innovation is Dayforce Wallet, a technology that provides retail and hospitality associates instant access to their earned wages via mobile devices.
The winter holidays are a critical period for retail and hospitality organizations, with U.S. consumers spending $850 billion between Thanksgiving and Christmas in 2018. During this season, it is crucial for retailers to focus on their associates' well-being and overall company engagement to deliver exceptional experiences. Engaged employees help drive sales, with companies that have highly engaged associates outperforming their competitors by 147%.
Another key aspect of the future of work is the intersection of the physical store and the digital realm. Retail and hospitality organizations need to reconsider the way associates connect with customers in this new environment. Dayforce offers an end-to-end solution that connects workforce management, payroll, and talent in a single system, providing a seamless experience for both associates and customers.
Ceridian's presence at NRF 2020 also highlights the need for effective succession planning to help mitigate a potential significant skills gap. The '2020 Future of Work' report highlights that for the first time, there are five generations in the workforce, and the retail workforce spans the generational spectrum. Leaders need to adjust their definition of what it means to be an associate, focusing less on perceived generational differences and more on personalizing the associate experience, regardless of generation profile.
Rapid technological advancements are often seen as a challenge rather than a transformational opportunity by many organizations. However, Ceridian views technology as an enabler, not a disabler. By implementing modern technologies that help with upskilling and re-skilling the workforce, along with talent and recruitment, organizations can stay competitive in the future of work.
In addition, 70-80% of consumers are eager to try emerging technologies like VR and AI during their holiday shopping experience. By embracing these technologies, retail and hospitality organizations can enhance the customer experience, further driving sales and success during the holiday season.
In conclusion, Ceridian's presence at NRF 2020 underscores the importance of equipping employees with up-to-date skills, promoting financial wellness, personalizing the associate experience, and embracing technology for the future of work. By focusing on these areas, retail and hospitality organizations can deliver exceptional experiences, drive sales, and stay competitive in an ever-evolving industry.
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