Annual turnover rates in retail range from 50% to over 100% for some retailers.
With the average cost to replace an entry-level retail employee calculated to be $3,328, turnover gets expensive quickly. As an example, if Walmart replaced 50% of their 500,000 entry-level employees in an year, it would cost them approximately $850,000,000!
It makes sense then that quality of hire for retail generally focuses on turnover. The responsibility for increasing quality of hire by decreasing turnover usually falls on the recruiting department.
Here are 3 tips for improving quality of hiring for retail.
Strategy 1: Offer a competitive salary and incentives
A survey of retail employees by Korn Ferry found the #1 reason for leaving a job was “better opportunities / promotions” followed by more money. Continue reading
LinkedIn reports quality of hire is the most important recruiting priority for talent acquisition leaders. Quality of hire is the value a new hire adds to your organization in terms of performance and tenure.
For financial services, quality of hire is a top priority because it directly contributes to their bottom line.
Measuring quality of hire is notoriously difficult, however, because it requires technical know-how, access to data, and a long-term mentality. Organizations that can get it right will create a huge competitive advantage.
Here are 3 tips for measuring quality of hire when recruiting for financial services.
Tip #1: Partner with the business to determine what a quality hire looks like
The first step to measuring quality of hire is going back to the basics. Continue reading
As the finance sector continues to be a strong source of economic growth, recruiting for financial institutions faces a new set of challenges.
Among the highest levels of demand for talent for financial institutions are tech- and data-related roles such as data scientists and quantitative analysts. This means institutions such as major banks have new competitors for talent.
Here are the 6 facts recruiters need to know to successfully hire for today’s financial institutions.
1. Recruiting AI and automation is becoming common
The financial sector is an innovation leader. In Canada, 74% of financial services firms have undertaken some form of innovation compared to 64% for other sectors. Continue reading
In 2018, employers are looking to hire more than ever before, while many employees are looking for a change.
According to a recent study by CareerBuilder, an astounding 40 percent of employees reported that they plan to change jobs in 2018. With so many candidates applying to jobs, companies are going to have to step up their game to attract the most qualified applicants and organize them once they’ve applied.
That’s where finding the best Applicant Tracking System comes into play.
What is an Applicant Tracking System?
An Applicant Tracking System, also known as an ATS or talent management system, is an easy-to-use computer-based hiring tool that can help recruiters save time and stay organized as they search for the best candidates. Continue reading
With recent accusations against Intel and IBM and a new lawsuit alleging companies used Facebook ads to screen out older job seekers, age discrimination in hiring is making headlines.
The Equal Employment Opportunity Commission defines age discrimination as “treating an applicant or employee less favorably because of his or her age.” In the U.S., the Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older.
According to Dice’s 2018 Diversity and Inclusion Report, a depressing 76% of respondents believe ageism exists in technology.
Research has shown that age discrimination at the screening phase does exist. Continue reading
With AI’s growing adoption, recruiters are enjoying the clear benefits of the increased efficiency provided by intelligent automation.
However, AI continues to capture the attention of recruiting professionals for another major reason: according to LinkedIn’s Recruiting Trends 2018, 43% believe it removes human bias.
In a new interview with Canadian HR Reporter, watch Ideal’s data scientist, Ji-A Min, explain how AI technology like Ideal can be used to reduce unconscious bias and improve workplace diversity.
Optimize Your Hiring Using AI Continue reading
According to LinkedIn’s Recruiting Trends 2018, 67% of recruiters say AI helps them save time, 43% believe it removes human bias, and 31% say it delivers the best candidate matches.
So if you’re in talent acquisition, investing in AI seems like a smart move. But how do you decide which AI tool is right for you?
I break it down in our new 11-point buyer’s checklist on AI for recruiting software.
Section 1: Questions for your team
Your decision making process for buying AI for recruiting software starts with the questions you ask your team (and yourself).
A good starting point is asking yourself: what’s our biggest pain point? Continue reading
At its core, hiring is trying to predict the future: how do we predict which candidate will become a good employee? And how can we know who will be retained?
New approaches in talent prediction have emerged with the adoption of AI for recruiting to complement the predictive power of psychometric assessments.
Industry analysts agree that AI technology is a force multiplier for pre-hire assessments.
In our new video, Kathryn Christie, Director of Talent & Strategy at Self Management Group and I explain the intriguing way AI and assessments are being combined to help recruiters find better talent.
Integrating AI and assessments into your recruiting workflow looks like this:
A candidate applies; their resume enters a company’s ATS. Continue reading
With the rise of chatbots, conversational recruiting has become the hottest strategy in talent acquisition.
A recent demonstration of Google’s Assistant scheduling a haircut blew people’s minds and hints at the intriguing future of what conversational recruiting could look like.
Conversational recruiting is defined as attracting, qualifying, and engaging candidates with real-time, continuous one-on-one messaging. These conversations are flexible and take place where candidates already are: on mobile, social media, and messaging apps.
Already common in sales and marketing, conversational commerce is the adoption of real-time messaging with people, brands, products, and services.
The technological advancement that enabled conversational commerce to happen was the merging artificial intelligence with everyday consumer interactions. Continue reading
Communication among recruiting teams can be a pretty messy situation. Ask 100 recruiters about their least favourite thing about their job. The answers would probably include:
Poor or a lack of communication in the workplace
Too much task work and top-of-funnel activities
We’ve already talked several times about reducing task work (e.g., automate the top of funnel activities), so let’s discuss communication.
There are two major issues around communication on teams:
The caring aspect: Communication in the workplace drives everything — how can you know what to do if someone isn’t communicating it? — but it’s often viewed as a “soft skill.” As a result, many people ignore communication and focus on tasks or revenue-facing activities. Continue reading