Assessor Resource

SIRRRTF002
Monitor retail store financials

Assessment tool

Version 1.0
Issue Date: April 2024


This unit describes the performance outcomes, skills and knowledge required to manage retail store financials by controlling costs, managing rosters and stock levels, and reviewing financial performance.

It applies to individuals working in frontline management roles in a diverse range of retail industry sectors and business contexts. They operate independently with some responsibility for others and decision making, and within established organisational policies and procedures.

No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Control cost of labour.

1.1.Develop rosters according to relevant industrial agreements and wage budgets and organisational policies and procedures.

1.2.Maximise operational and customer service efficiency while minimising wage costs.

1.3.Combine duties where appropriate to ensure effective use of team members.

1.4.Roster teams with most effective skills mix to meet operational requirements.

1.5.Use roster systems and equipment to administer rosters to team members.

1.6.Amend rosters and labour spend as required.

2. Control stock levels.

2.1.Manage stock levels to meet customer demand, maximise sales and minimise shrinkage.

2.2.Identify shrinkage costs and trends and take preventative action to minimise future shrinkage.

3. Review and address financial performance.

3.1.Analyse and report on budget and sales revenue and expenditure figures according to budget targets.

3.2.Interpret financial data to identify variations from budget, and take appropriate corrective action where deviations from budget occur.

3.3.Take action to minimise budget overspend and control costs.

3.4.Communicate to the team cost control measures within their area of responsibility.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

implement and monitor a store budget over a store budgeting period by:

preparing and monitoring a staff roster

controlling stock levels

interpreting financial information and reporting on store performance

responding to three of the following situations:

significant deviations from budget occurs

scheduled labour is too high due to sales achievement below forecast

scheduled labour is too low due to sales achievement above forecast

shrinkage is high due to theft of goods

cost of goods is high due to markdowns

cost of goods is high due to damaged stock

sales targets consistently not achieved.

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

relevant aspects of employment-related laws, as relevant to job role, covering rights and responsibilities of employees and employers:

Fair Work Act 2009: minimum workplace entitlements provided by the National Employment Standards (NES)

anti-discrimination and equal employment opportunity (EEO) law

organisational policies and procedures for:

rosters

labour spend allowance

schedule amendment procedures

shrinkage concerns

human resource policies and procedures relevant to staff work hours and leave entitlements

operational requirements of the business activity, department or event subject to rosters

wage budget for the business activity, department or event subject to rosters

principles and techniques in:

interpreting store budgets

monitoring store budgets

controlling store costs

minimising shrinkage

commercial impact of retail financials, both favourable and unfavourable:

customer service levels

stock levels to meet customer demand

shrinkage

labour spend to sales ratio

markdowns

theft

sources of information on award and other industrial provisions

key elements of applicable awards:

leave provisions

mandated breaks between shifts

maximum allowed shift hours

standard, overtime and penalty pay rates

for the specific industry sector:

role of rosters in controlling labour costs

system capabilities and functions of roster software

formats for and inclusions of staff rosters

methods used to communicate rosters.

Skills must be demonstrated in a retail environment. This can be:

an industry workplace

a simulated industry environment.

Assessment must ensure access to:

relevant documentation:

store budgets

store financial reports

template store financial reporting documents

template store roster documents

current plain English guidelines issued by regulatory bodies covering:

minimum workplace entitlements provided by the National Employment Standards (NES)

industrial awards for retail employees

organisational policies and procedures for:

rosters

labour spend allowance

schedule amendment procedures

shrinkage concerns

human resource policies and procedures relevant to staff work hours and leave entitlements

operational requirements of the business activity, department or event subject to rosters

wage budget for the business activity, department or event subject to rosters.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Control cost of labour.

1.1.Develop rosters according to relevant industrial agreements and wage budgets and organisational policies and procedures.

1.2.Maximise operational and customer service efficiency while minimising wage costs.

1.3.Combine duties where appropriate to ensure effective use of team members.

1.4.Roster teams with most effective skills mix to meet operational requirements.

1.5.Use roster systems and equipment to administer rosters to team members.

1.6.Amend rosters and labour spend as required.

2. Control stock levels.

2.1.Manage stock levels to meet customer demand, maximise sales and minimise shrinkage.

2.2.Identify shrinkage costs and trends and take preventative action to minimise future shrinkage.

3. Review and address financial performance.

3.1.Analyse and report on budget and sales revenue and expenditure figures according to budget targets.

3.2.Interpret financial data to identify variations from budget, and take appropriate corrective action where deviations from budget occur.

3.3.Take action to minimise budget overspend and control costs.

3.4.Communicate to the team cost control measures within their area of responsibility.

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

implement and monitor a store budget over a store budgeting period by:

preparing and monitoring a staff roster

controlling stock levels

interpreting financial information and reporting on store performance

responding to three of the following situations:

significant deviations from budget occurs

scheduled labour is too high due to sales achievement below forecast

scheduled labour is too low due to sales achievement above forecast

shrinkage is high due to theft of goods

cost of goods is high due to markdowns

cost of goods is high due to damaged stock

sales targets consistently not achieved.

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

relevant aspects of employment-related laws, as relevant to job role, covering rights and responsibilities of employees and employers:

Fair Work Act 2009: minimum workplace entitlements provided by the National Employment Standards (NES)

anti-discrimination and equal employment opportunity (EEO) law

organisational policies and procedures for:

rosters

labour spend allowance

schedule amendment procedures

shrinkage concerns

human resource policies and procedures relevant to staff work hours and leave entitlements

operational requirements of the business activity, department or event subject to rosters

wage budget for the business activity, department or event subject to rosters

principles and techniques in:

interpreting store budgets

monitoring store budgets

controlling store costs

minimising shrinkage

commercial impact of retail financials, both favourable and unfavourable:

customer service levels

stock levels to meet customer demand

shrinkage

labour spend to sales ratio

markdowns

theft

sources of information on award and other industrial provisions

key elements of applicable awards:

leave provisions

mandated breaks between shifts

maximum allowed shift hours

standard, overtime and penalty pay rates

for the specific industry sector:

role of rosters in controlling labour costs

system capabilities and functions of roster software

formats for and inclusions of staff rosters

methods used to communicate rosters.

Skills must be demonstrated in a retail environment. This can be:

an industry workplace

a simulated industry environment.

Assessment must ensure access to:

relevant documentation:

store budgets

store financial reports

template store financial reporting documents

template store roster documents

current plain English guidelines issued by regulatory bodies covering:

minimum workplace entitlements provided by the National Employment Standards (NES)

industrial awards for retail employees

organisational policies and procedures for:

rosters

labour spend allowance

schedule amendment procedures

shrinkage concerns

human resource policies and procedures relevant to staff work hours and leave entitlements

operational requirements of the business activity, department or event subject to rosters

wage budget for the business activity, department or event subject to rosters.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Develop rosters according to relevant industrial agreements and wage budgets and organisational policies and procedures. 
Maximise operational and customer service efficiency while minimising wage costs. 
Combine duties where appropriate to ensure effective use of team members. 
Roster teams with most effective skills mix to meet operational requirements. 
Use roster systems and equipment to administer rosters to team members. 
Amend rosters and labour spend as required. 
Manage stock levels to meet customer demand, maximise sales and minimise shrinkage. 
Identify shrinkage costs and trends and take preventative action to minimise future shrinkage. 
Analyse and report on budget and sales revenue and expenditure figures according to budget targets. 
Interpret financial data to identify variations from budget, and take appropriate corrective action where deviations from budget occur. 
Take action to minimise budget overspend and control costs. 
Communicate to the team cost control measures within their area of responsibility. 

Forms

Assessment Cover Sheet

SIRRRTF002 - Monitor retail store financials
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Assessment Record Sheet

SIRRRTF002 - Monitor retail store financials

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Overall assessment result: Competent Not yet competent

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