Traditionally, the retail sector has been facing a much higher staff turnover than other industries. For instance, the Hay Group reported a median turnover rate of 67 percent for part-time retail employees, a 33 percent increase over the year before. That’s one of the biggest challenge the industry has to cope with. One solution can arise from training as a way to engage employees and increase loyalty. As a matter of fact, the 2015 retail sector benchmark report Towards Maturity showed that 46% of retail firms were planning on increasing the size of their training budget in the following two years.
Lacoste – a world-leading fashion brand, spreading over 120 countries with around 10,000 employees – has implemented an ambitious training plan. The crocodile brand launched in 2014 its Retail Academy whose main mission is to develop retail training around 3 categories: brand & product, customer experience, and management. Since its launch, 5,230 retail associates have been trained thanks to the creation of a network of 40 internal trainers. As a result, Lacoste was cited in the first annual Korn Ferry Employee Engagement Awards in 2017.
Download our checklist to learn how Lacoste managed to successfully implement its training program, and significantly increase employee engagement.