Retail Observer

RETAILOBSERVER.COM FEBRUARY 2020 56 I n today's Rent-to-Own industry, the consumer's "path to purchase" isn't different at all from any other retail transaction. The reality is that, for our customers, "good enough" simply isn't good enough anymore. Providing a high-quality shopping experience has become increasingly challenging, competitive and demanding for the brick-and-mortar dealer. However, there's one consistent value that has always made the RTO industry special and unique: consumer trust, based on a weekly or monthly rent-to-own transaction that is built on trust. A customer walks into your store, calls on the phone, or more likely, visits your website to begin the transaction. Starting with that first touchpoint, wherever it occurs, you must actively work to build a relationship of trust between the customer and your store. And, as difficult as it may seem, a single, simple mistake by someone on your team, or just one error on your website, can be enough to make the customer move on to the next retailer. I think we would agree that customers and employees are a retailer's most important assets. In order to offer your customers the trustworthi- ness they deserve while they're engaging with your store, you must attract and retain employees who'll perform at a high level. Unfortunately, this is one of retail's greatest challenges. A recent Gallup poll shared some exceedingly interesting insights on coworker engagement and job satisfaction: • 78% of coworkers are not convinced that their leaders have a clear direction for the organization. • Only 23% of coworkers agree that their manager provides meaningful feedback. • Only 30% of coworkers say that someone at work encourages their development. • Only 12% of coworkers say their company does a great job of onboarding new hires. These results should make you think hard about how your organization is addressing things like employee feedback and onboarding. Luckily, addressing these concerns doesn't require a large infusion of cash. It will, however, require the leadership, vision and direction to make sure your team has the development and feedback they are asking for. Now comes the big question: How are you going to become the employer of choice in the RTO space for the Gen Z and millennial coworker? Research tells us that nearly 60% of the Gen Z workforce believes pay is the most important consideration when applying for their first full-time position, and money becomes increasingly important the older that Gen Zer is. However, Gen Z coworkers do look at a few factors beyond salary when researching a company. Traditional benefits such as healthcare and retirement plans outweigh more modern perks such as free snacks, happy hours or gym reimbursements. And, once hired, nearly one in three say they would stay longer at a company if they had a supportive manager who does regular check-ins. By creating a culture where the employees feel supported, inspired and empowered to enjoy life inside and outside of the office (or retail store), employers can create brand ambassadors for the future. Also, when you provide a positive, challenging work environment, your coworkers are likely to repay you with increased performance and loyalty. These, in turn, will help create an exceptional customer experience. KEY STRATEGIES FOR RETAINING EMPLOYEES IN 2020 • Start new hires the right way. It's important to have a clear agenda and training program for Day One and beyond. Create a positive first impression for your new hires. • Compensate competitively. You may not be able to give everyone a raise, but you may be able to add benefits such as extra paid time off, or more flexible work options. • Find new ways to challenge coworkers. Poor coworker engagement doesn't happen all at once. Support their ideas, ask for help on a new project, cross-train them in a different role, or put them in charge of training a new coworker. • Set clear expectations for each position. Coworkers want to be part of the bigger picture. Let them know that what they're doing daily matters to the customer and contributes to the company's success. Clear and detailed job descriptions are important. • Create a coworker satisfaction survey. If you aren't sure how your coworkers feel, or you don't know what motivates them in their current position – just ask. A culture of trust and communication is key; then follow through on the feedback you receive. HOW TO ATTRACT AND RETAIN YOUR MOST IMPORTANT ASSETS "You don't build a business, you build people and then people build the business." Zig Ziglar RO Keven Dalke Rent-to-Own Trends Keven Dalke, Director of RentDirect, Nationwide Marketing Group

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