Skip to main content

How to answer "Why Should we hire you? " - Interview Tips

 Why Should we hire you?  Why should we hire you is another one of the most important job interview questions asked in the interview and if you are not prepared for this question well in advance then it will be the toughest. So prepare the answer beforehand. To answer this question then you should have a good understanding of the key requirements of the job. To answer this question you should highlight what makes you a perfect candidate for this specific job opportunity. Describing the selling points relevant to the job such as job experience, industry experience, technical skill and company cultural fit will ensure your success in getting this job opportunity. If the job opportunity requires a change in industry or career, you should convince the interviewer that your experience and background will match the new role. This has to be done i f your experience does not match directly with the job. And if the job candidate has little or no experience then you should convince the ...
Post a Comment

Difference between KRA and KPI Explained in Retail

KRA & KPI 

KRA, KPI, KRA and KPI, KRA vs KPI, Key Performance Indicators, Key Responsibility areas
KRA is abbreviated as Key Responsibility Area and
KPI is abbreviated as Key Performance Indicators

What is KRA?

KRA defines the job profile for the employee, and it will enable them to have better clarity of their role. KRA's for all the employees should be well defined, quantifiable, and easy to measure. It will help the employee to align their role with that of the organization. 

KRA's will not be the same for all the employees in the organization. The key area of HR manager will be different from the KRAs of sales manager. And similarly, the KRA's of managerial level in marketing company will be different when compared to the employee who is working in a technical firm. 

For example, the sales manager will be having KRAs, which include sales achievement top-line achievement, customer satisfaction, and so on so forth. Whereas the KRA of the HR manager will include recruitment and onboarding of suitable candidates, training and development of the employee, employee engagement, and succession planning. 

So KRAs will vary from organization to organization, and from one firm profile to another. There are no set rules to define KRA, but each employee has responsibilities based on their job profile. So these responsibilities are called Key Responsibility Areas. And usually, these are defined in the employee Job Description. 

So now that we have defined and understood the key performance indicators. Now let us understand what are key performance indicators.

Key Performance Indicators (KPI's) are the measurable indicators, which are used to gauge how well the business unit or organization is doing. So we can say that KPI is a subset of KRA, in other words, we can say that KPI is part of KRA's. 

For example, If KRA of Sales Manager is sales achievement, then the KPIs to measure KRA will be Percentage Sales Achievement, Average Selling price and Average Bill value, etc. 

And for the second KRA of Sales Manager which is Profitability(KRA) the corresponding KPI's are EBITDA, operational expense, gross margin, and net margin. 

In the same way, if the KRA of HR manager is Recruitment, then the corresponding KPI to measure recruitment would be: 

  • The average time taken to recruit the employee,
  • Performance score of new employees within the first six months,
  • The attrition rate of the existing and new employees. 

And now, if the KRA is training and development, then the KPI to measure the training and development would be:

  • Training Hours Per Employee Per Year
  • % difference in the rate of productivity before and after training

So friends this was a brief discussion about the KRA's and KPI's on our Retail and Marketing Management Discussion Forum. So we can see that KRA's are the basic responsibilities of the employee, which they are supposed to perform and KPI, are the evaluation techniques to see how well the KRA's are being performed by a particular employee.

Comments

Post a Comment

Popular posts from this blog

What Is Net Promoter Score in Retail and How do we calculate Net Promoter Score - Voice of Customer

 NET PROMOTER SCORE What is the Net Promoter Score?  Net Promoter Score is the Customer Loyalty and Satisfaction Measurement tool which is taken in the form of feedback from customers who have purchased from your retail outlet. Net promoter score measures the customer experience and predicts the business growth of a particular brand or company. In simple words, it represents the customer's opinion about any company or product. Here we ask customers that how likely they will recommend our product or service to others on a scale of 0 to 10. Here "0" is the lowest and "10" is the highest rating. For example whenever you shop in any of the organized retail stores, then you will get the message asking about the feedback of your shopping experience. Here the question will be as follows : On a scale from 0 to 10, how likely are you going to recommend this company or a product to a friend or colleague? If you rate "0" then it's the lowest and if you rate ...
Post a Comment
Read more

10 Most Common Job Interview Mistakes to Avoid

10 Most Common Job Interview Mistakes to Avoid Mistakes in Interviews are common, but there is a way to avoid all the mistakes if you follow some tips and tricks. So here we will be discussing these mistakes which are to be avoided. These are the 10 mistakes that the hiring managers complain about. The below steps will definitely help you to avoid mistakes in your Next Job Interview. 1) Not getting prepared for Interview: This is the most common mistake and this can be easily avoided. Preparing for the most common questions asked in the interview is an easy method to overcome this mistake. Doing research on the company for a couple of hours will help you in preparing for the interview. Also not preparing for the interview will give an impression that you are disinterested in the job position and it will also give an impression that you are an unprofessional candidate. 2) Wearing Inappropriate Dress to Interview: Always wear formals for an interview, this looks decent and very professio...
Post a Comment
Read more

Understanding Retail :

   RETAIL :  Retail is the selling of goods and merchandise to the end customers. In short, it's breaking the bulk. Here the customer will use the product for himself and he will not sell it further to any other persons. There are various formats of Retail , which are  1. Hypermarkets 2. Supermarkets 3. Discount Stores 4. Category Killers 5. E-Tailing 6. Malls 7. Street Hawkers - Unorganized retail 8. Cash and Carry  9. Specialty stores A retailer will sell the consumer goods and services to customers through various distribution channels to generate revenue and earn the desired profit. The word retail comes from the old French verb "tailer", which means cut off, clip, pair, and divide in terms of sharing. At present, the meaning of the word retail refers to the sale of small quantities of items to consumers. -----------------------------------------------------------------------------------------------------------------------------------------------------------...
Post a Comment
Read more