Assessment Requirements for SIRRRTF002 Monitor retail store financials

Release: 1

Assessment Requirements for SIRRRTF002 Monitor retail store financials

Modification History

Not applicable.

Performance Evidence

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.

Knowledge Evidence

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.

Assessment Conditions

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.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=ca051b1b-5101-4ec2-ac1c-49699303188d