Coinstar for Retail

Recruitment in retail is an ongoing process. Bringing in workers from all walks of life, the retail workforce is diverse and tends to have high hiring volumes. According to the Bureau of Labor, nearly 16 million people work in the retail industry, and increased turnover rates make hiring an ongoing process. Hiring in retail comes with challenges—in this article, we’ll cover what those challenges are and how you can turn them into growth opportunities in your business.

Large Hiring Volumes

The number of retail workers is growing every year, and because of the high hiring volumes, one of the hardest jobs for recruiters can be sifting through the massive amount of applications. The best way to counteract this is shifting towards artificial intelligence-based recruiting to optimize your job search and scan large amounts of resumes to pinpoint the exact skills and experience necessary. A few platforms that have been used by retailers are Paradox, Fletcher, and hireEZ. Software like this allows recruiters to devote more of their time to the most qualified candidates.

Strong Competition

Retail companies are everywhere, leaving talented employees with no shortage of options. Therefore it comes as no surprise that in order to attract the best, you have to be the best. The challenge isn’t always finding the candidates with the most experience or highest level of education but matching the candidates with positions that fit their personality and skill set. In this case, it’s best to find employees with cross-functional experience that can quickly adapt.

High Turnover Rates

According to LinkedIn data, retail is in the top five industries for turnover rate. Because the retail industry is in a constant state of hiring, firing, and having employees move on, it is crucial to create an environment that encourages and rewards employees who stay with the company. 

Optimize Recruitment Efforts and Make Your Store a Great Place to Work

In light of these challenges, what can you do to optimize recruitment efforts and increase retention rate? Go the extra mile to retain your employees and reduce turnover with more in-depth training of valuable skills, transparent and achievable career trajectories, and incentives for your team member to be to put forth their best such as pay raises or paid time off. Research has shown that with more engaged employees, you not only increase your retention rate but also your business’ revenue—increasing from $57 per person-hour worked to $87 per person-hour worked, according to a Harvard Business study. Here are a few ways to go about it:

Streamlining Job Responsibilities

Implementing new technologies in your organization can be an easy way to boost retention by streamlining the job responsibilities of your employees. Self-checkouts, automated shelf scanners, and fully managed front-wall services like the Coinstar kiosk can lighten the load for your employees and boost productivity.

Employee Empowerment

When it comes to problem-solving and customer service, allowing your team members to make customers happy using their own discretion and common sense can empower them within the team and creates a level of trust in them that may have been previously missing. This all starts with in-depth training and support from managers, providing your team with the space to learn and grow as both an individual and an employee.

Culture of Continuous Improvement

Offering the ability for growth and providing career trajectories can be a game changer in your organization, giving the employees an incentive to stay with your company for a long period of time. Encouraging them to put in the extra effort to grow and learn alongside you can both increase morale and retention, further implementing the positive atmosphere that is so important in your business.

Recognition and Appreciation

Honoring the good work that your employees do and recognizing their accomplishments on a regular basis ensures that your employees feel appreciated in the business and is crucial to remind them that you are a team. For example, Trader Joe’s (ranked in the top 100 of Glassdoor’s Best Large Places to Work list in 2022)  has implemented a review and feedback system that both recognizes their team for their work and implements a culture of continuous improvement.

Stand Out from the Competition

Making your business a great place to work can seem daunting but truly comes down to the focus and effort you and your management teams put into making your employees feel like they are a part of something bigger than themselves. With a few adjustments, you can stand out against the competition, increase retention rate, and improve employee happiness. For more insights into the retail industry, follow Coinstar for Retail on LinkedIn and subscribe to our newsletter below!