As a retailer, you know the importance of keeping your labour costs in check. Rising minimum wages and other expenditures reduce your profit margins.
You may not realize how cash handling could drive up your labour costs. Cash has a cost, and those expenses are often associated with the work people need to do to process cash in the retail environment. In fact, every year, labour expenses associated with handling cash cost businesses millions of dollars.
What if technology could help you? Cash management technology has improved over the years, and many of these devices can help you save time and money.
Some, like the cash recycler, can also help you rationalize your labour costs. Using a coin and bank note recycler, you can reallocate your employees’ time and effort, helping them get more done.
A Cash Recycler Automates Functions
Some retailers, especially those who process a large volume of cash, will have a dedicated cash room. They’ll also employ people who work specifically with money, carrying out the duties and tasks associated with cash handling. These people may be known as cash managers, supervisors, or cash attendants.
Most of their functions center around the handling of cash in the business. They’re involved in preparing tills and checking them out to cashiers. They may also conduct pick-ups from tills, removing excess cash to limit how much is in the drawer at any time. Finally, they’re checking in tills, counting them, and reconciling them.
They’ll also prepare bank deposits and conduct other cash-related tasks.
Cash recyclers can automate almost all of these tasks. The floats in tills can be prepared quickly. The recycler also counts the cash in it. Your team can spend less time tallying up the tills.
Handling Cash Efficiently
What happens at this point is your team can now handle cash more efficiently. Since the machine counts and prepares floats, employees no longer need to spend time manually doing so.
Even bank deposits can be prepared faster. The reconciliation of the books will operate with ease, and there will be fewer mistakes to find. Since employees won’t spend time finding and correcting errors, they will have more time available for other jobs.
Freeing up Time
Your cash handling activities still need to be completed. The cash recycler doesn’t make the task of counting the till go away. It shifts the responsibility from your employees to the machine. In turn, your employees have fewer jobs to complete when it comes to effective cash management. The ones they still have, they can finish sooner.
This, in turn, means they have more time to look after other responsibilities. Your cash supervisor no longer needs to spend all their time locked in the cash room. Instead, they can be on the floor, assisting your cashiers and delivering superior customer service.
This is the reallocation of labour. Before you introduce a cash recycler, cash handling may dominate your cash attendants’ time. With the help of the recycler, cash handling no longer requires so much of their attention.
You may even be able to change scheduling based on this adjustment. Before, you might have needed to schedule two attendants, managers, or supervisors so that all jobs would be completed. With the help of the cash recycler, you may be able to reallocate hours.
You could then redistribute hours to other departments or roles that need more time.
Streamline Your Labour Today
If there are certain tasks being constantly neglected, it could be time to look at where your team’s time is going.
A cash recycler could help you reallocate labour for a more efficient, productive retail business.
