A RESEARCH ON STRESS AMONG RETAIL SECTOR EMPLOYEES IN &
ARROUND KOLKATA
ACKNOWLEDGEMENTFirst of all Im grateful to the Almighty GOD for
allowing me to complete the precious project on the world widely
known STREES AMONG RETAIL SECTOR EMPLOYEES IN & ARROUND KOLKATA
I wish to express my sincere thanks to my HOD Mr. A. B. Chowdhary
and obviously to my inspiring Mrs sabori modal the faculty of the
great ALIAH University. I would also like to thank all my class
mates, specially Sumaiya sultana and masum parvin. The way they
encourage and help me to reach the pick point of the UT-most
important project. Again I want to thank my thank my teacher to
encourage me to pursue this topic and spending the extra time for
helping me to achieve this one.I certify that this report is my own
work and that sources of information used in this report have fully
acknowledged. NAME RAFIKUL ISLAM & SABNAM FERDOUSROLL
NO=MBA10515 & MBA10521 MBA 6TH SEMESTERDEFINATION OF STRESS -
Stress is bodys way of responding to any kind of demand. It can be
caused by both good and bad experiences. When people feel stressed
by something going on around them, their bodies react by releasing
chemicals into the blood. These chemicals give people more energy
and strength, which can be a good thing if their stress is caused
by physical danger. But this can also be a bad thing, if their
stress is in response to something emotional and there is no outlet
for this extra energy and strength. This class will discuss
different causes of stress, how stress affects you, the difference
between 'good' or 'positive' stress and 'bad' or 'negative' stress,
and some common facts about how stress affects people today.
INDIAN PERSPECTIVE OF RETAIL STRESS - A new AXA PPP survey on
workplace stress is published today, reports The Retail Bulletin.
Retail beat by some distance those that work in IT, 59.1 per cent
of whom suggested stress was a problem in their workplace. Banking
and finance came close with 52 per cent, while half of respondents
in the hotels and restaurants business believed stress a major part
of their day.Dr Mark Simpson, managing director of AXA PPP
occupational health services says retail roles are typically high
demand, low control with staff often out of their depth, but not in
a position to make changes without involvement from above. This is
a classic recipe for occupational stress, says Dr Simpson. At the
same time retail is a fiercely competitive market with management
under extreme pressure to hit sales targets, so staff well-being
can't always be a head office priority, says Dr Simpson. He also
notes that retail has a particularly transitory workforce, making
stress measurement and management difficult to achieve
effectively.(BY Neil Long)India retail industry seems to Passing
through risky times as weakness in consumer spending due to rising
inflation, marginal real wage growth and a weak macro-economic
environment, according to India Ratings.The rating levels of India
Ratings-rated retail companies have already factored in revenue
declines and margin pressures; this contributes to the high
proportion of Stable Outlooks. Some companies with deteriorated
credit metrics also have Stable Outlooks as the agency has already
taken sufficient action to accommodate foreseeable stress
CHAPTER-1INTRODUCTION- Retailing can be defined as the sale of
goods or merchandise, from a fixed location such as a department
store or kiosk, in small or individual lots for direct consumption
by the consumer. Retailing is a well recognized business function
which compromises making available desired product in the desired
quantity at the desired time. This creates a time, place and form
utility for the consumer. The success of retailing is depend up on
the efficient supply chain and assortment of merchandise mix. A
well-developed supply chain reduces wastages and transaction cost
thereby reducing the cost of inventories to be maintained by the
producers and the traders. A reduction in the cost of inventory
management leads to a reduction in the final price to the consumer.
Retailing has been identified as a key source for promotion of
textiles, processed foods, agricultural and horticultural
products.Person engaged in the retail sector. Poor people join in
the day to day work & educated people join in higher
designation pantaloons.
RETAILING IN INDIA Retailing in India is one of the pillars of
its economy and accounts for 14 to 15 present of its GDP. The
Indian retail market is estimated to be US$ 450 billion and one of
the top five retail markets in the world by economic value. India
is one of the fastest growing retail markets in the world, with 1.2
billion people. India's retailing industry is essentially owner
manned small shops. In 2010, larger format convenience stores and
supermarkets accounted for about 4 present of the industry, and
these were present only in large urban centres. India's retail and
logistics industry employs about 40 million Indians (3.3% of Indian
population).Organized retailing, in India, refers to trading
activities undertaken by licensed retailers, that is, those who are
registered for sales tax, income tax, etc. These include the
publicly traded supermarkets, corporate-backed hypermarkets and
retail chains, and also the privately owned large retail
businesses.Unorganized retailing, on the other hand, refers to the
traditional formats of low-cost retailing, for example, the local
corner shops, owner manned general stores, paan/beedi shops,
convenience stores, hand cart and pavement vendors, etc. Organized
retailing was absent in most rural and small towns of India in
2010. Supermarkets and similar organized retail accounted for just
4% of the market.Until 2011, Indian central government denied
foreign direct investment (FDI) in multi-brand retail, forbidding
foreign groups from any ownership in supermarkets, convenience
stores or any retail outlets. Even single-brand retail was limited
to 51% ownership and a bureaucratic process. In January 2012, India
approved reforms for single-brand stores welcoming anyone in the
world to innovate in Indian retail market with 100% ownership, but
imposed the requirement that the single brand retailer source 30
present of its goods from India. Indian government continues the
hold on retail reforms for multi-brand stores. On 14 September
2012, the government of India announced the opening of FDI in
multi-brand retail, subject to approvals by individual states. On 7
December 2012, the Federal Government of India allowed 51% FDI in
multi-brand retail in India. The Feds managed to get the approval
of multi-brand retail in the parliament despite heavy uproar from
the opposition. Some states will allow foreign supermarkets like
Wal-Mart, Tesco and Carrefour to open while other states will
not.CAUSE OF RETAIL STRESS - The UK's Health and Safety Executive
lists six key stress factors-1. The demands of the job 2. The
support they receive from colleagues and superiors 3. Their
relationships with colleagues 4. Whether they understand their
roles and responsibilities 5. How far the company consults staff
over workplace changes. STRESS AT WORK - The UK's Health and Safety
Executive lists six key stress factors:1. The demands of the job 2.
The control staff have over how they do their work 3. The support
they receive from colleagues and superiors 4. Their relationships
with colleagues 5. Whether they understand their roles and
responsibilities 6. How far the company consults staff over
workplace changes. Other stress indicators at retail work include:
Sickness absence High staff turnover Poor communication between
teams Lack of feedback on performance Value and contribution
Overload of roles and responsibilities Working long hours
Uncomfortable workplace Lack of training
LITARETURE REVIEW -(Bartlett, 1932)Readers often have to make
inferences because of incomplete knowledge in a text in their
attempts to comprehend that text. In order to make inferences, the
reader has to be able to use knowledge stored in memory, referred
to as a 'schema'. Ansoff(1965) defines strategic management by
saying that is concerned with positioning an organisation with in
environment & to ensure its continued success.
Bransford, Barclay and Franks (1972) highlighted the importance
of making inferences in text comprehension, emphasising that text
comprehension is a constructive and integrative process, which
requires the construction of the intended message from text-based
and knowledge-based information.
Cohan & jones (1978) the amalgamation of the marketing
concept in the retail sector has also been support.
(ROSENFELD & WILSON (1990) change is in part, the act of
crystal-ball Gazing, looking into the future to predict what will
be the context in which organisations & individuals will exist.
Many management experts have emphasised the importance of change in
the business environment.
(Yuill & Oakhill, 1991)Difficulties in text comprehension
may occur at mainly three different levels of processing: at the
level of the word, at the level of the sentence, and at the level
of the text.
Yuill and Oakhill (1991) propose that less-skilled comprehends
are less likely to draw inferences during reading, and so may have
forgotten some of the original premises by the time an inference is
required. This may be exacerbated by their smaller working memory
processing capacities.
Oakhill (1996) noted that those readers who have difficulty
comprehending a text also have difficulty making inferences.
.(Kainer 2002; Zeytinoglu and Crook 1997)In the retail sector,
occupational segregation based on sex and the employment status
divide between full-time and part-time/casual workers is still
prevalent. Management positions, and warehouse and meat cutting
jobs are full-time and primarily occupied by males, while
front-line staff positions are invariably part-time or casual and
are largely filled by women (Kainer 2002; Zeytinoglu and Crook
1997).
( Oakhill,1984; Spires & Donley, 1998)Skilled comprehends
are more likely to use their prior knowledge to facilitate
comprehension than are less-skilled comprehends.Strickland &
Strickland (1998) are of the opinion that manager are now
confronted with a bewildering array of approaches ,techniques &
strategies to assist them in changing some aspects of their
business for the better.
As Hinton, Moruz and Mumford (1999) show, for the majority
ofworkers entering the service sector in part-time and casual jobs,
there isnow less job security and fewer positions with stability
than in the past,particularly in non-unionized jobs
(Quinlan, Mayhew and Bohle 2001)The unique work environment of
part-time and casual employment, in particular, the economic
pressure in terms of competition for jobs/contracts, pressure to
retain a job, and pressure to earn a livable income, are all
conceptualized as factors affecting stress levels of precarious
workers (Quinlan, Mayhew and Bohle 2001).
Paul freathly (2003) described a strategic management model in
his book, explaining it to be consisting of five stages, as shown
in the figure below. The relationships shown in the figure are not
linear but iterative
Jones et al. (2005, 2007) came to the conclusion that
environmental issues are the earliest and most commonly reported
CSR agendas among top retailers. They include: energy and water
consumption and emission, raw material usage, waste and packaging
volume, recycling, GMOs, application of chemicals, access for
disabled customers, and promoting local production of goods.
Retailers also seem to recognise ethics in business and urban
regeneration as predominant incentives in conducting their
businesses. Operational business imperatives, economic viability,
and CSR assure long-term growth and financial safety for
stakeholders. Study of Hughes et al. (2007) confirmed these
conclusions.
Kiel & Nicholson (2005)-Point out lack of proper control
mechanisms and ethical standards amongst corporate. Elaborating
these reasons, they claim failure to cope with interpersonal
relations is the reason behind the above. While the regulations by
state, regulatory bodies and their role has constantly been under
attack, the role of independent directors has come under a scanner
too, particularly in India.
Walter BJ (2006)-Has pointed out a lack of diversity on the
board of directors and potential shareholders. A diverse board may
not be the solution but still in crucial for good corporate
governance. Adding some more dimensions.
Gellner (2007) explains in this context that in most retail
meetings and/or publications, hardly ever is there any talk on
problems that modern retail formats are encountering doing business
in India. There is a significant profitability challenge, to
deliver the brand promise in terms of quality andgeographic spread
in line with the growth in consumer demand.
Nagesh (2007) describes that Indian retailing will see a sea of
change in the next five years, driving consumption boom never seen
in the history of any country. From a drout situation we will see a
flood of modern retail, So Indian retail will be on a steady ground
of sustained growth year after year and thereafter.
Biyani (2007) describes that we are on the cusp of change
wherein a huge, multicultural India is transforming from a
socialist economy to a consumption-led, creative economy. The scope
and depth of change that is taking place due to the revolutionary
retail market with a gigantic opportunity for marketers and
retailers, not only in large cities but also in small towns. So
retailing can play asignificant role in creating the India of
tomorrow.
Kearney (2007) explains that the retail sector provides a unique
platform toto India .Government, both central and state, need to
engage with the sector and utilize its potential for social
development. So the Indian market and its consumers poised for a
retail consumption explosion thatwill continue for future.
Anselmsson and Johansson (2007) pointed out that there are three
general attitude based dimensions for CSR positioning - human
responsibility, product responsibility, and environmental
responsibility.
Wagner et al. (2008) tried to identify which business practices
lead to perceptions of corporate social irresponsibility from the
customers perspective. Based on quantitative data from a
paper-based and on line survey, they named 14 factors that stand
for corporate social irresponsibility in the retail sector. Among
others, they were: natural environment, local businesses, societal
rules, employee benefits and wages, and sales practices. e company
deals with suppliers who adhere to principles of natural and good
breeding and farming of animals, and also maintains fair and
positive working conditions and work-place environments for their
own employees. The dimension of environmental responsibility means
that a company is perceived to produce environmental-friendly,
ecological, and non-harmful products. It implies that a clear
regiment of environmental policies exists and that product
packaging is recyclable. Product responsibility means that all
products come with a full and complete list of content, that
country of origin is stated, that the company will uphold its
declarations of intent and assume liability for its products.
According to the authors, a firms positive image resulting from
engagement in CSR has an impact on consumers intention to purchase
goods from CSR-oriented enterprises.
Wadekar (2008) says- Organized retailing is spreading and making
its presence felt in different parts of the country. The trend in
grocery retailing, however, has been slightly different with a
growth concentration. However, it was considered a traditional,
conservative and cost-conscious market, proved to be the home
ground for most ofthe successful retail names.
Bhatt & Kumar (2008)-The Satyam fiasco has opened it all up.
Poor corporate governance has been the bane of Indian industry and
the erosion of investor confidence and it is now clear that certain
key IT, media and entertainment scripts are being brazenly
manipulated on the stock exchanges.
Rajagopalan & Zhang (2008)-Claim the Indian corporate
governance system has both supported and holdback India's ascent to
the top ranks of the world's economies. Still, Indian corporate
governance has taken major steps toward becoming a system capable
ofinspiring confidence.
Mohanty & Panda (2008) opines about retailing as a sector of
India occupies important placein the socio-economic growth strategy
of the country. India is witnessing retailing boom being propelled
by increasing urbanization, rising purchasing power parity (PPP) of
ever growing Indias middle class, changing demographic profiles
heavily titled young population, technological revolution, intense
globalization drive etc.
Mishra (2008) says, there is a hectic activity in the sector in
terms of expansion, entry of international brands and retailers as
well as focus on technology, operations, infrastructure and
processes. All these present a tremendousopportunity in this high
growth industry
Shivkumar(2009), Executive Director and leader of Retail and
Consumer Practices Price Warehouse Co-operatives also holds the
opinion that retailing is the next sunrise segment of the economic
development of the country.
Sadasivan and Premkumar (2009) says-Studied that organized
retail segment has been growing at ablistering pace, exceeding all
previous estimates. According to a study by Deloitte Haskins and
Sells, organized retail has increased its share from 5 percent of
total retail sales in 2006 to 8 percent in 2007. The fastest
growing segments have been the wholesale cash and carry stores
(150per cent) followed by supermarkets (100 per cent) and
hypermarkets (75-80 per cent). Further, itestimates the organized
segment to account for 25 per cent of the total sales by 2011.
India topsthe AT Kearneys annual Global Retail Development Index
(GRDI) for the third consecutiveyear. The Indian retail market,
which is the fifth largest retail destination globally, according
toindustry estimates is estimated to grow from the US$ 330 billion
in 2007 to US$ 427 billion by2010 and US$ 637 billion by 2015.
Sharma mukharjee(2009) says-Said that there would be no negative
impact of organized retailing on the unorganized sector, which
accounts for 96 per cent of retail business. Moreover, 3.5
crorespeople have got jobs in the retail sector and the incomes too
have increased in recent times. Headded the study reveals that
unorganized retail sector is expected to grow at about 10 per cent
perannum with sales rising from $309 billion in 2006-07 to $496
billion in 2011-12. He also added that there is no restriction on
the entry of domestic investors into retail sector.Shukla (2009)
says-Studied that the marketing function depends heavily on the
presence ofintermediaries between the Producer and consumer. These
intermediaries provide broad and convenient access to products for
a wide range of customers. The retailing function adds value for
producers and consumers in a number of ways, most of which are
difficult for manufacturers to replace.
Sahu (2010) describes that a rise in consumer confidence,
improvement in profitability and aggressive expansion plans signal
better tidings for listed players in the organized retail space.
Moreover, analysts believe listed retailers could attract foreign
investments by spinning off their subsidiaries into separate
companies which can provide a great opportunity for the improvement
of this sector.
Yuvarani (2010) opines that according to a study the size of the
Indian Retail market is currently estimated at Rs 704 corers which
accounts for a meager 3% of the total retail market. As the market
becomes more and more organized the Indian retail industry will
gain greater worth. However, the future is promising, the market is
growing, government policies are becoming more favorable
andemerging technologies are facilitating operations.
Krishnan(2010) says-Found that it is important to note that
value is function of not just price, quality and service but can
also be enhanced by personalization and offering a memorable
experience. Infect, building relationships with customers can by
itself increase the quality of overall customerexperience and thus
the perceived value. But most importantly for winning in this
intensely competitive marketplace, it is critical to understand the
target customer's definition of value and make an offer, which not
only delights the customers but also is also difficult for
competitors to replicate
RESEARCH OBJECTIVE & OBJECTIVE OF THE STUDY- The objectives
of a research project summarize what is to be achieved by the
study. These objectives are looks like- To understand the evolution
of retail sector in India To study the popular retail formats To
study the emerging retail trend in india To study the impact Retail
(Organized4-5%) on the economy. To study the effectiveness of
organized retail towards customers. To know about the retail
employees To study about the organized retail; its environment and
challenges To know the factors that all influence employee to work
To ascertain the supportive moves to the employee by the bosses To
find out the policy adopted towards employee by the bosses To know
about the working environment of the employees TO have the picture
of the employees stress level To find out the stress level of
different level of employees To study and understand the level of
job satisfaction among employee.
RESEARCH METHODOLOGY- Present study is empirical and exploratory
in nature. It will examine the status, scenario, problems and
prospects of Retail industry in respect of West Bengal as well as
India. The study will be based on the information obtained through
secondary as well as primary sources(e.g. books, magazines,
journals, reports, interviews ,articles and websites) as well as
through structured questionnaires (i.e. primary source).
PLAN OF WORK : CHAPTER 1 : INTRODUCTIONCHAPTER 2 : PROFILE OF
RETAIL INDUSTRY IN WEST BENGALCHAPTER 3 : STREES AMONG CHAPTER 1 :
INTRODUCTIONRETAIL SECTOR EMPLOYEESCHAPTER 4 : RETAIL INDUSTRY,
PEOPLE ENGAGEMENT & STREES LEVELCHAPTER 5 : PROBLEM &
PROSPECTS OF RETAIL INDUSTRY in TERMS OF REDUCING THE STREES LEVEL
AMONG EMPLOYEESCHAPTER 6 : SUGGESTIVE MEASURE FOR REDUCING THE
STREES LEVELCHAPTER 7 : RECOMMENDATION &
CONCLUSIONBIBLOGRAPHY
CHAPTER 2 PROFILE OF PANTALOONS RETAIL INDUSTRY PANTALOON RETAIL
CHAIN - Pantaloon Retail (India) Limited, is Indias leading
retailer that operates multiple retail formats in both the value
and lifestyle segment of the Indian consumer market. Headquartered
in Mumbai (Bombay), the company operates over 16 million square
feet of retail space, has over 1000 stores across 73 cities in
India and employs over 30,000 people. The company PRILS leading
formats include Pantaloons, a chain of fashion outlets, Big Bazaar,
a uniquely Indian hypermarket chain, Food Bazaar, a supermarket
chain, blends the look, touch and feel of Indian bazaars with
aspects of modern retail like choice, convenience and quality and
Central, a chain of seamless destination malls. Some of its other
formats include Brand Factory, Blue Sky, aLL, Top 10 and Star and
Sitara. Future Value Retail Limited is a wholly owned subsidiary of
Pantaloon Retail (India) Limited. This entity has been created
keeping in mind the growth and the current size of the companys
value retail business, led by its format divisions, Big Bazaar and
Food Bazaar. Future Group Pantaloon Retail is the flagship
enterprise of the Future Group, which is positioned to cater to the
entire Indian consumption space. The Future Group operates through
six verticals: Future Retail (encompassing all retail businesses),
Future Capital (financial products and services), Future Brands
(management of all brands owned or managed by group companies),
Future Space (management of retail real estate), Future Logistics
(management of supply chain and distribution) and Future Media
(development and management of retail media). Future Capital
Holdings, the group's financial arm, focuses on asset management
and consumer finance. It manages two real estate investment funds
(Horizon and Kshitij) and consumer-related private equity fund, In
division. It also plans to get into insurance, consumer credit and
other consumer-related financial products and services in the near
future. Future Group's vision is to, "Deliver Everything,
Everywhere, Every time to Every Indian Consumer in the most
profitable manner." One of the core values at Future Group is,
'Indianess' and its corporate credo is - Rewrite rules, Retain
values. CORE VALUES-Indianans: confidence in ourselves. Leadership:
to be a leader, both in thought and business. Respect &
Humility: to respect every individual and be humble in our conduct.
Introspection: leading to purposeful thinking. Openness: to be open
and receptive to new ideas, knowledge and information. Valuing and
Nurturing Relationships: to build long term relationships.
Simplicity & Positivity: Simplicity and positivity in our
thought, business and action. Adaptability: to be flexible and
adaptable, to meet challenges. Flow: to respect and understand the
universal laws of nature. COMPETITION -In the fashion segment, they
face competition from Shoppers Stop, Vishal Mega Mart, Reliance
Trendz, Trent, Westside and Lifestyle. Though the hypermarket is
new only three to four years old in the country competition is
faced from likes RPG (Spencer's), Trent (Star India Bazaar) and
with Shoppers Stop. Several other outlets which are giving
competition to Pantaloon are Koutons, Charlie outlaw, Cantabil ,
etc. Another competitor may prove to be a very potential, which is
going to enter in the Indian market, and it is the WALL- MART
coming to India, in partnership with Bharti.PANTALOONS BRAND vs.
THEIR COMPETITOR Brand: The American Marketing Association
describes a brand as name, term, symbol or design, or a combination
of them intended to identify the goods and service of one seller or
group of sellers and to differentiate them from those of
competition. The company has its own brands but it focus on other
multiple brands as well. It also provides various other brands to
its customers. It has a collaboration with many different brands
and it sales them under its name ,it provides benefit to both. The
Competitor Brands in the Market are: Koutons, Tng, Cantabil, TQS,
La FAnso, Charlie Outlaw, Reliance, Cobb Italy, Levis, etc. As
these are the small retail outlets placed nearby to the local
markets, so they are giving competition to pantaloon. These are the
few famous brands which are available at Pantaloons1. ALL 2.
ANABELLE 3. BARE DENIM 4. BIBA 5. GINI N JONY 6. GIOVANI 7. HONEY
8. INDIGO NATION 9. JEALOUS 21 10. JM SPORT 11. JOCKEY 12. JOHN
MILLER 13. LEE 14. LEE COOPER 15. LILLIPUT 16. LOMBARD 17. MIX N
MATCH 18. MONTE
RETAIL PROFILE OF WEST BENGAL- The size of Indias retail market
is about US$ 8 billion and has grown by 35% CAGP in last 5 years.
And West Bengal has played a big role in this. Lot of activities
are going on in this sector right now. With the opening up of the
retail sector to the private players, investments are flocking in
from all quarters. But still now almost 97% of the retailing is
done in the state as well as the country through unorganized
sector. According to Economic Census 1998 around 2 million people
were engaged in the retail sector, which has obviously grown in
this last 7 years. The retail market in West Bengal is looking
forward to a very prosperous time in the next few years with lot of
investment in the pipeline. Global retailing giants like Wal-Mart,
Carrefour, Metro AG, and lot many have expressed their interest to
open their outlets in the state. The theme of the EIRS 2012 is EAST
INDIA: The Rising Star of Indian Retail. The East Indian States are
emerging as the consumption hubs of the country with Unprecedented
growth in retail infrastructure and opportunities. The EIRS
conference Promises to be the knowledge platform to learn, share
grow and make a mark on the Modern retail market in India the EIRS
conference will see passionate exchanges of opinions and
experiences, driving an atmosphere of knowledge sharing in retails
Best practices. After all, retails innate dynamism necessitates an
endless exchange of Experiences and innovative strategies. Key
retailers from the Eastern Region West Bengal, Bihar, Jharkhand,
Orissa and North East are expected to participate in the EIRS 2012
and avail this unique opportunity to learn from the best practices,
ideas and Opinions of the most successful companies in the country
and this region. In recent situation on of the violent aspect of
retail sector is about FDI, where, West Bengal chief minister
Mamata Banerjee said the state government will not allow
implementation of 51 per cent Foreign Direct Investment in retail
sector in the state."We will not allow 51 per cent FDI in retail in
West Bengal. It will affect the livelihood of about five crore
people," the Trinomial Congress chief told reporters here. On the
retail scenario in West Bengal, Mr Dungaree said, "It looks
promising and in the next few years, a lot of (retail) activities
are expected to happen in Kolkata." Of the proposed 20 malls in the
State, nearly 10 malls would be developed in Kolkata and in the New
Town Rajarhat area. Currently, West Bengal has about eight
operational malls, including five malls in Kolkata.CHAPTER 3 STRESS
AMONG RETAIL SECTOR EMPLOYEES- Stress In this context, the term
'stress' refers only to a stress with significant negative
consequences, or distress in the terminology advocated by Hans
Selye, rather than what he calls eustress, a stress whose
consequences are helpful or otherwise positive.
Stress produces numerous symptoms which vary according to
persons, situations, and severity. These can include physical
health decline as well as depression. The process of stress
management is named as one of the keys to a happy and successful
life in modern society. Although life provides numerous demands
that can prove difficult to handle, stress management provides a
number of ways to manage anxiety and maintain overall
well-being.
Stress caused by everything from retail work to office jobs, is
the second biggest occupational health problem in the UK. There is
still a stigma attached to mental health problems and employees are
often reluctant to seek help in case they are perceived to be
unable to cope. Stress at retail work can be the result of: Poor
relationships with colleagues Lack of control Poor working
conditions Being in the wrong job Feeling undervalued An
unsupportive boss Lack of communication Unrealistic work loads
Demanding workload or work which is not demanding enough When
people feel under pressure at work, they tend to work harder and
harder to try to close the gap between what they are achieving and
what they think they should be achieving. They sometimes stop
taking breaks and lose touch with their own needs.CHAPTER 4 -RETAIL
INDUSTRY PEOPLE ENGAGEMENT & STRESS LEVEL - Retailing in India
is one of the pillars of its economy and accounts for 14 to 15
present of its GDP. India's retailing industry is essentially owner
manned small shops. In 2010, larger format convenience stores and
supermarkets accounted for about 4 present of the industry, and
these were present only in large urban centres. India's retail and
logistics industry employs about 40 million Indians (3.3% of Indian
population).Adversely, if we talk about the retail industry in west
Bengal with all the guns or with individual players then we could
have the real picture of retail industry of the station, it shows-
Pantaloon Retail (India) Limited, is a large Indian retailer, part
of the Future Group, and operates in multiple retail formats in
both, value and lifestyle, segments of the Indian consumer market.
Headquartered in Mumbai, the company has over 1,000 stores across
71 cities in India and employs over 35,000 people, and as of 2010,
it was the country's largest listed retailer by market
capitalization and revenue.The company separated its discount store
business, which includes the Big Bazaar hypermarket and the Food
Bazaar supermarket businesses, into Future Value Retail Ltd., its
wholly owned subsidiary, so that the company may be listed
independently.The companys brands include Pantaloons, a chain of
fashion outlets, Big Bazaar, a hypermarket chain, and Food Bazaar,
a supermarket chain. Some of the company's other regional brands
include Depot, Shoe Factory, Brand Factory, Blue Sky, all Top 10
and Star and Sitara.A subsidiary company, Home Solutions Retail
(India) Limited, operates Home Town, a large-format home solutions
store, Collection i, selling home furniture products and E-Zone in
the consumer electronics segment. And if we talk about the
employment opportunity then it is only pantaloons itself have
appointed35,000 Employees, with Revenue 60.190billion
(US$1.1billion). And now with the glimpse of a single gun we can
have a bit of notion about the scenario that could be posed with
all the players.CHAPTER 5 -PROBLEM & PROSPECTS OF RETAIL
INDUSTRY IN TERMS OF REDUCING THE STRESS LEVEL AMONG EMPLOYEES
Evaluation of retail: The origins of retailing in India can be
traced back to the emergence of Kirana stores and mom-and-pop
stores. These stores used to cater to the local people. Eventually
the government supported the rural retail and many indigenous
franchise stores came up with the help of Khadi & Village
Industries Commission. The economy began to open up in the 1980s
resulting in the change of retailing. The first few companies to
come up with retail chains were in textile sector, for example,
Bombay Dyeing, S Kumar's, Raymonds, etc. Later Titan launched
retail showrooms in the organized retail sector. With the passage
of time new entrants moved on from manufacturing to pure retailing.
In the present days, retail industry can describe in a single word
dynamic in both the sense problems as well as prospect. As MNCs are
showing their intent in the Indian market on the contrary problems
are arising every day in new face.Problems: The industry is facing
a shortage of middle management level professionals. Major
retailers are hiring aggressively from the similar and smaller
organizations by offering better packages. They are creating
various levels of management and hiring on a spree. Some of the
areas such as technology, supply chain, distribution, logistics,
marketing, product development and research are becoming very
critical for the success of the organizations. All of these would
lead to the recruitment of highly professional people who
specialize in these fields. There is also a trend for hiring hotel
management graduates, though now many retail schools are coming up,
and Pantaloons has set up links with major business schools from
where it would be selecting the right candidates..
The sector is likely to produce 2 million jobs in the coming 3
years. There also exists a possibility that the retail sector would
become a poaching ground once a number of domestic and
international players enter the industry. Supply Chain
Management:The retail scenario is characterized by logistical
challenges, constant changes in consumer preferences and evolution
of new retail formats. All this increases the challenges faced by
the industry. Various strategies are to be implemented to improve
core business processes, such as logistics, innovation,
transparency, distribution and inventory, management of point sale
(POS) data. Retail majors are under serious pressure to improve
their supply chain systems and distribution channels and reach the
levels of quality and service desired by the consumers. Frauds in
Retail:It is one of the primary challenges the companies would have
to face. Frauds, including vendor frauds, thefts, shoplifting and
inaccuracy in supervision and administration are the challenges
that are difficult to handle. This is so even after the use of
security techniques, such as CCTVs and POS systems. As the size of
the sector would increase, this would increase the number of
thefts, frauds and discrepancies in the system.
Challenges with Infrastructure and Logistics:The lack of proper
infrastructure and distribution channels in the country results in
inefficient processes. This is a major hindrance for retailers as a
non-efficient distribution channel is very difficult to handle and
can result in huge losses. Infrastructure does not have a strong
base in India. Urbanization and globalization are compelling
companies to develop infrastructure facilities. Transportation,
including railway systems, has to be more efficient. Highways have
to meet global standards. Airport capacities and power supply have
to be enhanced. Warehouse facilities and timely distribution are
other areas of challenge. To fully utilize India's potential in
retail sector, these major obstacles have to be removed.
Employee TurnoverLack of worker continuity, or employee
turnover, is one of the major problems faced by the retail
industry.. Employees coming in and out of your business as if it
were a revolving door only creates problems for human resource
professionals who must constantly find and train new staff, which
can eat up valuable time and resources.AuditingAuditing is another
problem that the retail industry faces on a regular basis. Retail
businesses are regularly engaged in competition with one another,
and this competition can create price wars, forcing a need to keep
tight control over inventory and other important data. Metric
Stream, Inc. notes that the retail industry is often faced with
inefficient and poor auditing plans that make competing with other
companies difficult. The company notes that existing auditing
systems may be outdated and provide inadequate audits needed to
stay competitive.Economic ChallengesAnother area of challenge for
the retail industry is the economic uncertainty it faces moving
forward. The retail industry as a whole is largely dependent upon
the economic well-being of the nation. As the nation prospers and
people have more money to spend, the retail industry generally
flourishes. However, in more difficult economic times, the retail
industry is often faced with potential shrinkage. Columbus IT also
indicates that the future uncertainty of global economic markets
makes economic planning difficult in the retail
world.TechnologyKeeping up with the pace of modern technology is
another problem the retail industry faces. For instance, retail
point of sale technology often uses computer systems that are
several years behind the computer industry as a whole. An article
in Mobile Commerce Daily by Peter Finocchiaro points out that the
inability of retail industry technology to keep up with initiatives
such as mobile digital coupons is a problem that the industry
regularly faces. Given the rate of turnover and the constantly
changing economic environment, constantly upgrading and keeping
their equipment and networks running on the newest technologies can
be difficult for retail leaders
Prospects:Retail industry is the largest industry in India, with
an employment of around 8 per cent toover 10 per cent of the
country's Gross Domestic Product. Retail industry in India is
expectedto rise 25 per cent yearly being driven by strong income
growth, changing lifestyles, andfavorable demographic patterns.
It is expected that by 2016 modern retail industry in India will
be worth US$ 175- 200 billion.India retail industry is one of the
fastest growing industries with revenue expected to amountUS$ 320
billion and is increasing at a rate of 5 per cent yearly. A further
increase of 7-8 percent is expected in the industry of retail in
India by growth in consumerism in urban areas,rising incomes, and a
steep rise in rural consumption. It has further been predicted that
theretailing industry in India will amount to US$ 21.5 billion by
2010 from the current size ofUS$ 7.5 billion.The scope of the
Indian retail market is immense for this sector is poised for
thehighest growth in the next 5 years. The India retail industry
contributes 10 per cent of thecountries GDP and its current growth
rate is 8.5 per cent. In the Indian retail market the scopefor
growth can be seen from the fact that it is increased to US$ 608.9
billion in 2009 fromUS$ 394 billion in 2005.
The organized retailing sector in India is only 8 per cent and
is expected to rise to 25-30 per cent by the year 2012. There are
under construction at present around 325Departmental stores, 300
new malls, and 1500 supermarkets. This proves that there is
atremendous scope for growth in the Indian retail market.
The growth of scope in the Indian retail market is mainly due to
the change in theConsumers behavior. For the new generation have
preference towards luxury commoditieswhich have been due to the
strong increase in income, changing lifestyle, and
demographicPatterns which are favorable.
Among the major developments in the retail sector, DLF Limited,
the bignameinIndian real estate business has cleared its intentions
to come up in retail segmentwith 500 luxury lifestyle stores
through out India within 5 years while Tata Sonsare expanding their
business activities with 100 new Croma stores under theirretail
head Infiniti retail with in 3 years.Creative Portico is now
planning to set up 50 exclusive Tommy Hilfiger outletsof premium
home furnishings brand in India whereas Mark & Spencer, which
ispresently operating 15 stores in India, is expected to open 10
new stores in lessthan 5 years.
In the next phase of retail revolution in India, the companies
are going to woothe rural segment as the hinterland has witnessed
an upsurge in economicdevelopment over the past few years hence
maximum growth is expected tocome from rural markets. During the
last decade, the per capita income hasgrown up by 50 per cent in
rural India, mainly on account of rise in agri-commodity prices and
improved productivity, concluded the Assocham Study.
CHAPTER 6 -SUGGESTIVE MEASURE FOR REDUCING THE STRESS LEVEL
Copying with stress If you are currently employed in a retail
career, whether you are a manager or a sales assistant, we have
prepared a number of tips designed to help you cope with excessive
stress: Talk to someone you trust. Career counselling can help, as
it is totally unbiased and focuses on your specific needs Work
regular hours and make sure you take all the breaks and the
holidays you are entitled to Book a day off or a long weekend Avail
yourself of flexible working practices if available Look after
yourself. This could mean anything from exercising at least 3 times
a week to changing your diet Cut down on alcohol and cigarette
consumption; such short term solutions will only add to your stress
levels in the long term Make your work environment comfortable and
suited to your needs Discuss your problems with your manager/HR
department, it is their responsibility to help you cope with stress
at work Treat your colleagues with the respect they deserve or as
you would like to be treated yourself If you are being bullied at
work seek help either through your superior/HR or from outside
advisors (Citizens Advice Bureau etc.)
CHAPTER 7 -RECOMMENDATION & CONCLUSION -This research throws
light on various strengths and weaknesses of Pantaloon and can also
help Pantaloon to improve on different fronts in order to have an
edge over its competitors. Based on the analysis and findings of my
research I would like to give following recommendations: 1.
Pantaloon needs to improve so that it can accommodate more kinds of
products and also provide space for children coming with their
parents to play and have fun so that for them visiting Pantaloon
becomes exciting.
2. Pantaloon should incorporate more variety of products in its
basket so that it provides the convenience of availability of all
things under one roof to its customers. Variety of products should
specially be increased in traditional wear for women, Footwear,
jewellery, cosmetics and more varieties in watches. More varieties
in sizes in jeans, Shirts.
3. Sitting area should be there for children and old people, so
that they can sit while other family members doing shopping.
4. More computers should be included and number of billing
counters should be increased especially during the festive season
and sales, so as to speed up the process of billing and avoid large
queues.
5. If possible more attractive discount and offers should be
given in order to attract more customers.
6. Staff should be trained properly to assist people and to make
them understand the benefits of green card membership, it will
strengthen Customer loyalty.
7. Other Recommendations include introduction of a Book corner
for the book lovers and making shopping more joyful.
CONCLUSION:This research report aims to study consumer attitude
towards Pantaloon and highlights its strengths and weaknesses in
order that Pantaloon can fight the competition in a better way.
Though Pantaloon captures a different market and is giving
competition to big players like Vishal mega mart and big bazaar.
Retail in India is a booming sector nowadays and Pantaloon should
try to benefit more from it. Recommendations given should be
considered by Pantaloon in order to emerge as a winner in long
run.
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