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Evidence Guide: SIRRRTF002 - Monitor retail store financials

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

SIRRRTF002 - Monitor retail store financials

What evidence can you provide to prove your understanding of each of the following citeria?

Control cost of labour.

  1. Develop rosters according to relevant industrial agreements and wage budgets and organisational policies and procedures.
  2. Maximise operational and customer service efficiency while minimising wage costs.
  3. Combine duties where appropriate to ensure effective use of team members.
  4. Roster teams with most effective skills mix to meet operational requirements.
  5. Use roster systems and equipment to administer rosters to team members.
  6. Amend rosters and labour spend as required.
Develop rosters according to relevant industrial agreements and wage budgets and organisational policies and procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maximise operational and customer service efficiency while minimising wage costs.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Amend rosters and labour spend as required.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Control stock levels.

  1. Manage stock levels to meet customer demand, maximise sales and minimise shrinkage.
  2. Identify shrinkage costs and trends and take preventative action to minimise future shrinkage.
Manage stock levels to meet customer demand, maximise sales and minimise shrinkage.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and address financial performance.

  1. Analyse and report on budget and sales revenue and expenditure figures according to budget targets.
  2. Interpret financial data to identify variations from budget, and take appropriate corrective action where deviations from budget occur.
  3. Take action to minimise budget overspend and control costs.
  4. Communicate to the team cost control measures within their area of responsibility.
Analyse and report on budget and sales revenue and expenditure figures according to budget targets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Take action to minimise budget overspend and control costs.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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.

Required Skills and Knowledge

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.