Empowering Retail Workers With e-Learning and Financial Training

    The NHS recently launched an e-learning resource for employment checks training, available to anyone with an NHS email account. According to the healthcare body, the training modules will “help increase understanding and confidence to make safe recruitment and employment decisions locally, in turn helping to prevent barriers to employment being created by the NHS employment checking requirements. This will also contribute to reducing the time to hire.

    The thing is, the NHS isn’t the only employer investing in e-learning for its employees. Online learning has become a big business. According to Statista, the online learning market in the UK this year is US$0.54 billion. The revenue is projected to grow at an annual rate of 6.7% (CAGR 2023-27). And, it’s expected to reach a market value of US$0.7 billion by 2027.

    That’s because employee upskilling leads to better results, and employers are wising up. Not only can they get better results from their workers, but they also see better employee engagement and retention.

    Employee e-Learning Resources For Retail Workers

    According to an article by Retail Insight Network, e-learning programmes can reduce staff turnover in retail businesses. Some people might think retail workers don’t need e-learning since they only need to sell products. However, this is one group of people who could really benefit from upskilling programmes. 

    The Retail Bulletin cites a study conducted by financial institution Claro Money’s wellbeing division. It states that 73% of retail workers worry about their finances but only 15% receive financial wellbeing benefits.

    Over half—52%—of the respondents said the rising cost of living was impacting their mental health.

    The report also revealed that 75% of the retail workers who responded wished for more financial support. And, 36% said they’d welcome one-to-one coaching or using self-learning resources that financial experts created.

    The thing is, e-learning resources can be used for more than just financial guidance. Online courses can also help employees progress in their careers, providing them with a defined path for advancement in the company. This helps them plan their career and income, giving them a tangible means of bettering their finances and lives.

    These resources also help employee retention if the resources are engaging and informative.

    Types of Training That Could Be Offered to Retail Staff

    Well-trained and engaged staff play a key role in delivering great customer experiences and contributing to a successful retail environment. At the same time, they can lead to happier workers.

    But what types of training should you offer to retail staff to achieve these goals? 

    Product Knowledge Training

    To serve customers effectively, retail employees need to have a deep understanding of the products they sell. This includes knowing the features, benefits, and various customer use cases. Product knowledge training ensures that your staff can provide accurate information, make informed recommendations, and address customer inquiries with confidence.

    Sales Training

    The art of selling goes beyond just knowing the product. It involves engaging customers, positioning products or services persuasively, and handling objections with finesse. Sales training equips retail employees with the skills necessary to close deals. It can also help workers create meaningful connections with customers, and contribute to increased sales figures.

    Soft Skills Training

    In retail, it’s not just about what you sell but how you sell it. Soft skills training focuses on developing the interpersonal skills crucial for success in the retail industry. These skills include effective communication, active listening, empathy, and conflict resolution. These can enhance their interactions with both customers and colleagues.

    Compliance Training

    Retail businesses have to operate within a framework of laws, regulations, and policies. These include health and safety regulations and data privacy laws. Compliance training ensures that employees understand and adhere to these standards. That reduces the risk of legal issues and reinforces the ethical foundation of your business.

    Management Training

    For those in leadership roles within the retail sector, management training is vital. It covers topics like leadership, team management, and performance management. Developing effective management skills can lead to better team cohesion, increased productivity, and a positive working environment.

    Management training also helps workers rise through the ranks effectively.

     Financial Training

    Managing money is a fundamental aspect of any retail operation. Financial training equips employees with the knowledge and skills required to handle tasks like cash handling, accounting, and budget management. This training is essential for maintaining financial integrity, reducing errors, and contributing to the overall financial health of the business.

    Financial training can also be crucial in helping staff manage their personal finances effectively. This training should cover topics like budgeting, financial planning, and understanding employee benefits. By providing financial education and tools, retailers can empower their employees to navigate economic pressures. It can help reduce financial stress, and ultimately enhance the workers’ overall well-being.

    Using e-Learning For Employee Training

    In today’s digital age, there’s an added layer of appeal when it comes to e-learning for retail staff. Younger recruits are drawn to digital learning systems that offer added value. Technologies like AI are on their radar, and companies that incorporate these cutting-edge elements naturally capture their attention. Retailers need to keep up with new technology to stay ahead in learning and development.

    The other advantage of e-learning is that you can create your own course. This can be tailored to the specific requirements, policies, regulations, and benefits offered by your company. As such, it can be much more valuable than generic training material. 

    You even have e-learning authoring platforms like Elucidat to make your work easier. With tools like that available to you, it’s not a very difficult task to help your employees get more out of their jobs and lives.

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