As the critical fourth-quarter holiday shopping season fast approaches, executive leaders in retail and the hospitality sectors are fretting over headwinds that may negatively impact business.
According to the latest research from Multimedia Plus, the training and communications technology company, “major concerns” facing the C-suite this holiday season include inflation, workforce issues, loss prevention and safety.
Regarding challenges in staffing up for the season, 46.46 percent of those polled “cited recruiting as their primary challenge in hiring seasonal associates.” Researchers at Multimedia Plus also found that 21.2 percent of “participants identified onboarding new associates as a significant challenge, emphasizing the need for efficient training and integration processes.”
With external issues, 35.1 percent of those polled “expressed concerns about the impact of inflation on their businesses” while 27 percent “indicated that staffing and wage issues are their primary concern, highlighting the ongoing importance of having a skilled and well-compensated workforce.”
Other insights from the survey showed that 14.4 percent of those polled said they are “focused on loss prevention and safety concerns, reflecting the need to ensure the security of both employees and customers during the busy holiday season,” the report’s authors said.
Investments in training and communications were top of mind for many executives.
“Nearly 47.56 percent of respondents are planning new initiatives focused on training and communications to ensure that their teams are well-prepared for the holiday rush,” the report stated, adding that about 28.05 percent of those polled said they intend to implement task management solutions to streamline operations. Training priorities included leadership development and operations training, which were seen as essential to business.
David Harouche, chief executive officer and chief technology officer of Multimedia Plus, said as the holiday season approaches “organizations are navigating various challenges, from staffing to training while keeping a keen eye on economic factors. The survey underscores the importance of well-trained staff, even in challenging times, and the commitment to enhancing the customer experience.”