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
Many recruiters don’t consider the psychology of how to approach different industries and verticals, even though they’re recruiting human beings, so psychology is going to play a role somewhere.
Here are 5 steps to understanding the psychology of candidates for financial institutions.
Step 1: Make sure you’re undeniably professional
While financial services are now embracing digital and mobile and tech overall, it’s still a traditional industry in terms of processes and behaviours.
And because salaries for early-stage career hires are higher than in many other industries, there’s an expectation of professionalism throughout the process. This means making sure you’re on time to all meetings, presenting well physically for any in-person appointments, and having strong grammar in any email correspondence. Continue reading
According to Silkroad, employees referrals are still the top source of hire at 30% of all hires. With the market getting even tighter, leveraging referrals is more important than ever.
Your current employees are likely to know people who would be good fits for roles you need. When a referral program works well, recruiters are a lot less stressed.
Why don’t more companies use referral programs?
The main reason is that referral programs are time-consuming.
At a RecruitingDaily event in Atlanta, the consensus among recruiters was that while referrals are an effective channel for them, it can take up to 70% of their time in a given week to manage it. 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
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
To most people, recruiting is “a HR thing.” That’s the silo it belongs to. Silos are very prevalent in business. In fact, Machiavelli discussed silos in 1513.
But we also work in a time when collaboration is super important. Teams are scattered all over the country or even the world, and the strategy often involves a “road map,” which means A needs to be finished before B gets started. Groups need to come together to hit goals.
The “knowledge economy” we often reference is really a “collaboration economy.” Collaboration and silos don’t typically go well together.
All this said, what other departments should talent acquisition be working with the most? Continue reading
Sourcing is the second highest origin of hires after direct applicants, so a lot of attention is being paid these days to metrics and tools to improve this crucial function.
Here are 7 metrics about sourcing that every talent acquisition professional should know summarized in an infographic below.
Metric #1: Every 1 in 72 sourced candidate is hired
According to Lever, candidate sourcing is one of the most effective ways to hire. On average, one in every 72 sourced candidates is hired compared to one in every 152 applicants.
Metric #2: Sourcing takes up 1/3rd of a recruiter’s work week
Entelo’s data found on average, a recruiter spends ⅓ of their week or about 13 hours sourcing candidates for a single role. Continue reading
There’s an increasing body of research that shows human beings don’t use our time all that well, including this study on how judges schedule their time.
One of the key findings of this research is:
“For knowledge workers and managerial positions, there is evidence from time diaries that all sorts of workers schedule their workflow ineffectively, in the sense that they tend to jump from one task to another too frequently.
They spread themselves thin, and then they achieve less than they would if they worked on something until completion.”
If you’re reading this, you’re likely in recruiting, sourcing, or talent acquisition. Continue reading
Bullhorn recently published their 2018 North American Staffing & Recruiting Trends Report, a survey of more than 1400 staffing professionals.
Compared to 2017, the majority of staffing professionals – 67% – are less confident about the future. This is likely due to the tension between the potential opportunities presented to staffing agencies vs. the challenges they face in 2018.
I’ve highlighted some important findings on recruiters’ priorities for 2018 from Bullhorn’s report below.
Increases in hiring and operating budgets
Whether internal or external, recruiters are experiencing the same challenges from the tighter labor market.
While 70% anticipate an increase in hiring needs, 64% of staffing pros say their top challenge is the talent shortage. Continue reading
With recent entries in applicant screening tools from Google and Facebook, candidate screening software is currently top of mind.
Here are some factors to consider when buying candidate screening software.
What do you need from candidate screening software?
This is where the discussion needs to start. Before you progress to the demo stage, you need to ask yourself if the screening software you’re considering fits these criteria:
Aligns with your business model
Integrates with your pre-existing software and processes
Is capable of handling the highest volume of hiring you plan to do
Those are the “big three” you typically need in place when evaluating candidate screening options. Continue reading