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Improving Quality of Hire for Retail

Henry Yu

November 24, 2023

Quality of hire for retail generally focuses on turnover:

  1. Annual turnover rates in retail range from 50% to over 100%
  2. Average cost to replace an entry-level retail employee is $3,328

Offer a Competitive Salary

When surveyed, retail employees would leave for another job that offered:

  1. Better opportunities / promotions
  2. Better compensation packages

Invest in Training

When surveyed, retail employees would stay at a company that offered better training. New training tools include:

  1. VR & AR
  2. Videos on-demand
  3. MOOCs (massive open online courses)

Explore New Screening Tools

  1. AI for screening: learns what the qualifications required for the job are and then ranks and grades new candidates from A to D.
  2. Chatbot: provides candidate messaging in real time, on demand.

Using Ideal for screening, Indigo reduced time to hire by 75%
Using Ideal for messaging, Hot Topic reduced recruiter workload by 30%