The 2024 Hiring Insights Report: Retail Edition by GoodTime highlights the retail sector’s strategic use of AI and automation to enhance hiring efficiency and candidate experience in a competitive market.
Today, GoodTime released its 2024 Hiring Insights Report: Retail Edition, providing an in-depth look at how retail talent acquisition (TA) teams leveraged technology to navigate hiring challenges.
Despite a competitive landscape and evolving work models, retail businesses achieved a 23% lift in hiring goal attainment in 2023. The report, sourced from 105 HR and TA professionals in the sector, illustrates a shift towards technology to streamline hiring processes and improve the overall candidate experience.
Key findings from the report:
- 99% of retail TA teams have integrated automation or AI into their hiring processes.
- Retail hiring goal attainment jumped up to 57.7% in 2023 (versus 46.8% the year prior), ranking among the highest of all sectors.
- Major challenges include talent retention, adapting to hybrid work models, and managing compensation expectations.
- 91% of retail TA leaders plan to increase investment in hiring technology in 2024.
Retail’s strategic response:
Facing a shortage of workers and struggles with talent retention, the sector’s TA leaders have:
- Enhanced use of AI for tasks like application screening and interview scheduling.
- Focused efforts on improving candidate experiences and streamlining interview processes.
- Standardized hiring processes to ensure efficiency and fairness.
“In retail, where companies need to hire quality workers at a high volume, adapting processes is not just a necessity but an art,” said Ahryun Moon, CEO & Co-Founder of GoodTime. “This year’s report illuminates how a sector deeply impacted by shifting consumer behaviors and the digital revolution is ingeniously harnessing AI and automation. These tools are not only being used to accelerate the pace of hiring, but also to refine the art of identifying and nurturing talent that meets the needs of today’s fast-paced, customer-centric world.”
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