Transforming Performance and Retention through Hiring at a Fortune 500 Retailer
Key Results
40%
reduction in turnover in 6 months
27%
increase in interview-to-offer ratio
$62k
increase in revenue per employee
Location
US
Industry
Retail
Employees
10,000+
Challenges and Goals
A Fortune 500 retailer, a leading seller of home furnishings and décor, with over 10,000 employees was looking to replace its pre-hire assessment vendor. The candidate assessments they were currently using for its B2B and B2C sales and customer service teams were basic, failed to effectively measure candidates’ skills, had a high candidate drop-off rate, and a low test-to-hire ratio and ROI, resulting in it becoming too costly.
The retailer was searching for a new cost-effective hiring assessment solution that could comprehensively test over 10,000 candidates a year across multiple levels. Their hiring solution needed to include personality tests and hard skills tests for typing, writing, grammar, personality, problem-solving, computer navigation, and CRM proficiency. They also required an ATS integration, single sign-on, and the ability to give candidates a better understanding of this Fortune 500 retailer’s employee experience.
The metrics they were looking to improve included improved ramp and performance for its B2B sales roles, improved ramp and performance for sales, service, and specialty sales roles, and a reduced turnover rate.
The Solution
The Fortune 500 retailer selected Cangrade, impressed by its ability to use KPIs to predict performance, integration capabilities, shorter assessment duration, and comprehensive evaluation of both hard and soft skills. In addition to its ability to predict retention with its Retention Forecast feature and library of hard skills tests. Cangrade’s suite of hiring assessments and solutions aligned perfectly with the Fortune 500 retailer’s needs.
It decided to leverage Cangrade’s Pre-Hire Assessment with Retention Forecast to predict soft skills success and retention for eight of its roles, along with eight hard skills tests.
Implementation and Results
Cangrade collaborated closely with the Fortune 500 retailer to develop custom Success Models based on their key success metrics for its Pre-Hire Assessments, continuously recalibrating them to adapt to evolving business needs as COVID required continuous change.
“With Cangrade we are able to assess all candidates that apply to our company for a frontline position – customer service, sales, chat, on-site, or virtual. With Cangrade’s assessment, we can assess our current top performers and see what type of traits and personalities they have to be able to create a great new way for candidates to come in and be assessed properly.
“If there’s ever an issue or a problem, or something that we want to try that’s different, they’re very open and welcoming to any new ideas and are always there to help.” – Sarah, Recruiter
By leveraging Cangrade’s Pre-Hire Assessment for eight roles and its library of hard skills tests, the Fortune 500 retailer achieved remarkable results:
- Sales agents predicted as top performers drove an average of $62,000 in revenue per employee.
- Cangrade accurately predicted top sales performers with 70% accuracy.
- Completion rates increased by 17% compared to the previous vendor.
- 7.7% more hires successfully completed training.
- Interview-to-offer rates increased 27%.
- Turnover decreased 40% in non-sales roles to under 30% within 6 months.
- Significant costs were saved due to higher-quality hiring decisions and reduced turnover.
- Time-to-fill decreased with faster assessment completion times.
In addition to these results, this Fortune 500 retailer leveraged Cangrade’s multi-way scoring feature. This enabled them to predict the success of their existing candidate pool for all their open roles, not just the one to which they applied. This gave their candidates more opportunities and filled open roles faster, further enabling HR efficiency and cost savings.
Summary
By optimizing its hiring processes with Cangrade, this Fortune 500 retailer improved performance, reduced turnover, and realized significant cost savings and efficiency improvements. The partnership has empowered their recruitment team to assess candidates more effectively and ensure alignment with the company’s culture and business objectives.
Cangrade’s tailored approach to candidate assessment revolutionized the retailer’s hiring practices, driving improved performance, reduced turnover, and enhanced candidate experience across the organization.