This article is brought to you by Sprockets, a NACS supplier member.
Changes during the pandemic opened the labor market and, at the same time, stifled it. With the addition of one-click apply functions to many job boards, hiring managers quickly became overwhelmed with the influx of applicants. In addition to not being able to view every application due to sheer volume, hiring managers were missing the top applicants.
According to a case study by Sprockets, an AI-powered hiring platform, 82% of applications received are never even viewed by a hiring manager. And from there, only 3% of total applications convert into employees. After the hire? Annual turnover was 118% in 2021 and 150% in 2022, according to the NACS State of the Industry (SOI) Report®.
“More often than not, hiring managers just don’t have the time to sift through applications and efficiently interview candidates. It’s no surprise that those people who are hired are often not great fits,” said Zach Matook, VP of marketing at Sprockets.
The SOI report indicates that it costs an operator $3,547 to hire a store manager and $1,143 to hire a full-time sales associate. On top of that, it costs another $6,105 to train a store manager and $1,277 to train a sales associate. With figures like this, starting the hiring process off on the right foot is essential.
With an applicant screening tool like Sprockets, hiring managers can access the top applicants quickly. Hiring managers are notified immediately when there is a top candidate in the system. This lets the hiring team act quickly before the applicant takes another offer with a competitor or loses interest altogether.
“You get an instant alert via email or text message as soon as a top candidate completes an application. All you have to do is open the message on your phone to reply, schedule an interview or send an offer. It makes it easy to contact applicants in minutes rather than days,” said Matook.
Of course, not every applicant will get hired. With Sprockets’ Pools feature, hiring managers can reengage past applicants. This means you don’t have to spend more money on job boards restarting your search.
While hiring managers may be wondering where all the top applicants are, applicants are wondering why they never hear back from employers. To understand applicant expectations and how to meet them where they’re at, stay tuned for the next installment of the two-part NACS Daily series on how to upgrade your hiring practices to find the top applicants in less time for less money. To learn more or to book a demo, visit Sprockets’ website.
And to learn more about hiring in the modern age, register for Sprockets’ webinar “Hiring in the New Era: Overcome the Problems Caused by an Outdated Process” here.