We read some interesting research today highlighted by the CIPD today which suggests that retailers need to keep recruiting….and recruiting strong talent even during tough economic times.
The research looked at American retailers and it found that every $ added to the payroll adds $28 to the sales total.
At vivoHR we reckon that this isn’t limited to just retail – businesses we work with who have kept investing during tough times are those we see surviving the recession most successfully – and in many cases still thriving. Several of our clients are seeing growth during a time when many of their competitors are falling by the wayside – guess what – they are the ones who have recruited great staff, trained them well, invested in resources and materials for the business and kept driving plans forward no matter how tough it is.
We recognise that it is hard to consider SPENDING more money rather than making cost savings during a recession but wise investment in high quality staff is crucial to success both now and ensuring that you are ready to be ahead of the competition as the economy picks up again.