The Mann Group believes all employees of specialty retail should be well-compensated at a rate that matches the designation of “specialty.” We believe ours is an industry that requires more foundational knowledge, more passion, and more effort than most, and that our staff—even part-timers and newbies—should be compensated accordingly. We believe that in doing so, we’ll turn an industry often cited as entry-level into one of experience, dedication, and fulfillment.
We know, however, that such lofty aspirations and intentions leave you with a question: “What’s in it for me?” For specialty retailers wading through the day-to-day crises of payroll and competition, sales and social media, it probably seems like increasing your expenses is the worst case scenario. But contrary to such thinking, investing in your staff will actually alleviate those daily stresses.
Paying your employees more isn’t just a big-picture plan for improvement, it has almost instantaneous ramifications for the success of your business:
Well-paid employees are happy employees, and happy employees don’t leave their jobs. The cost of a new hire is astronomical when you consider all the auxiliary effects, like sales lost when you’re short-staffed, so employee retention is an important part of a successful business. Of course, retaining high-performing employees is most important of all, but hardest to do; they’re most tempted by other opportunities, and therefore most affected by decent wages. In paying your employees well, you help guarantee the good ones will stick around.
Your employees’ satisfaction has quite the ripple effect. Happy employees are also more likely to invest in their company and help foster its large-scale success. Well-compensated employees work harder, more genuinely, and with passion. They’re more willing to adapt to the position and improve because they want to continue to perform well and retain their position (and salary).
Superior employee performance naturally increases sales. When your employees are more invested in their positions and your business, they’re also more engaged with customers. They’re willing to better understand your products and therefore can connect them with the right customers. But most of all, they enjoy their job and that becomes evident to the customers they interact with, fostering positive relationships and sales.
Many retailers struggle to fill their schedules with part-timers and non-committed staff. Higher wages, especially for full time employees, almost instantly alleviates the burden of tough scheduling. Even part-timers are more likely to prioritize their job with you when they’re compensated well, and full-time folks will happily commit their hours to the biz.
An Elevated Retail Experience
You are a specialty retailer, which means the positions you host require a bit more knowledge and effort than most minimum wage positions. But when you offer minimum wage, you receive the effort associated with minimum wage. By increasing compensation, you instead receive the passion, dedication, and knowledge associated with a higher wage; your employees put in more effort and the experience you offer your customers reflects that effort.