How Cash Automation Takes on the Retail Labor Shortage
Updated: Sep 1, 2022
Like many retailers, you may be exploring technology that makes it easier to cope with the ongoing retail labor shortage. Solutions like cash automation address this persistent workforce challenge by reducing the impact insufficient staffing levels can have on operational success.
Cash automation helps cash-intensive businesses address the daily, time-consuming and
laborious task of accurately and quickly counting cash. It also improves cash security to keep employees and customers safe.
As a retailer, you can leverage this technology to boost worker productivity and create an environment in which valuable workers are more likely to stay. Plus, by taking steps today to integrate cash automation technology into daily operations, you can prepare for labor shifts that are on the horizon.
Consider the Value of Automation
The Covid-19 pandemic accelerated demographic trends -- such as the exodus of boomers from the workplace-- that were already shaping the size and demographic makeup of the workforce. Many industries were already planning for baby boomer retirements, but no one expected the sharp uptick in older employees leaving the workplace—and no one expected the Great Resignation, in which people have quit jobs en masse to find better opportunities or to just sit on the sidelines.
Currently, 47% of businesses rank labor shortages as a significant issue. With labor so expensive and scarce, retaining talent is more difficult than ever. Burnout rates persist as companies try to address exceedingly high consumer expectations with less head count.
That’s why it’s imperative for retailers to make the most of the workers they do have. Cash automation offers a powerful assist.
Leverage Automation to Become an Employer of Choice
According to a recent study, 85% of business executives believe automation will help them retain employees and hire new talent during the ongoing Great Resignation.
With a solution that automates tedious processes like cash handling, businesses can crush workforce efficiency while boosting workers’ fulfillment and job satisfaction.
Automation eliminates labor intensive repetitive tasks, especially those that can be stressful — such as counting and securing cash. Ultimately, it gives employees time to do what they signed up for: providing excellent customer experiences.
When a cash automation solution takes care of the menial task of counting cash, cashiers have more time to develop selling skills; managers have more time to build a successful team and take on strategic growth projects.
How Cash Automation Makes a Difference
Cash automation helps businesses create a hassle-free work environment.
In retail, administrative tasks like counting cash can also decrease human interaction — which is often the main reason consumers opt for a brick-and-mortar shopping experience.
With automated cash management, retailers bring substantial efficiencies to counting and securing cash, from the point of sale to the back office. In an example business scenario, a retailer who brings in $33,000 in cash receipts per week has three POS tills per shift, two shifts per day, aggregate hourly wage costs of $86 (three cashiers, one manager), and three weekly cash-in-transit (CIT) pickups. This retailer can realize a cost reduction of 41% with cash automation — a savings of more than $1,800 per.
The substantial time a business saves with cash automation can be used for revenue-generating activities. Workers will have additional time for helping customers and taking care of more fulfilling tasks and responsibilities—such as marketing, event planning, team building, etc. At the end of the day, managers and cashiers will be less likely to have to stay and spend extra time reconciling tills.
How Cash Automation Works
It makes sense to focus your frontline workers on exceeding sales targets—not counting cash you’ve already earned. Instead, automate this task with an end-to-end cash automation solution.
A complete cash automation solution leverages a cash recycler driven by a middleware application. In retail, the cash automation solution can connect to the POS for quick balancing, or balancing can be completed via an easy manual input.
XpressCashTM, a robust middleware application designed specifically for retail, goes above and beyond the installed OEM recycler software to make cash transactions fast and efficient.
Why Investments in Automation Are Investments in Human Capital
Even with cash automation or other technology tools, your business’ number one asset will always be people. However, when you don't have enough people to run your business, your business is going to be negatively affected.
Strategic investments in technology can increase worker productivity and reduce turnover.
With our cash automation solutions, businesses can automate the essential function of cash management and gain the accuracy, speed and control human labor consistently fails to deliver. Our solutions give retailers transaction efficiency and security that lead to greater control of cash operations and other key areas of their business. This ultimately contributes to making the work environment more satisfying.
Your company’s ability to automate mundane tasks will play a role in its success — both now as you grapple with retail labor shortages and in the future. Find out how you can upgrade your technology with cash automation to maximize the productivity of every worker. Our transaction automation experts are on standby to help you chart your path to cash and check automation. Connect with us today!