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Merchandise analyst hiring summary. Here are some key points about hiring merchandise analysts in the United States:
Here's a step-by-step merchandise analyst hiring guide:
A merchandise analyst is an individual who monitors inventory levels while following and charting the profits and sales of a store or company. Merchandise analysts are required to identify appropriate industry and product categories so that they can focus on maximizing the business of each store. They must review and analyze weekly advertisement results with team members to meet their sales goals as well as identify causes of high carryover and methods for reduction. Merchandise analysts must also use data analysis to identify markets and fine-tune merchandise.
First, determine the employments status of the merchandise analyst you need to hire. Certain merchandise analyst roles might require a full-time employee, whereas others can be done by part-time workers or contractors.
A merchandise analyst's background is also an important factor in determining whether they'll be a good fit for the position. For example, merchandise analysts from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
Here's a comparison of merchandise analyst salaries for various roles:
| Type of Merchandise Analyst | Description | Hourly rate |
|---|---|---|
| Merchandise Analyst | Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price. | $23-44 |
| Marketing Department Internship | A marketing department internship is a marketing degree program requirement in most colleges. This is the work experience period where interns get to apply the knowledge they acquire in the real world... Show more | $12-18 |
| Marketing Internship | Marketing interns are usually marketing students or fresh graduates who are interested in getting actual work experiences before taking on a full-time job. They usually have an interest or academic background related to marketing... Show more | $11-18 |
Including a salary range in your merchandise analyst job description is one of the best ways to attract top talent. A merchandise analyst can vary based on:
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Washington | $102,614 | $49 |
| 2 | New Jersey | $79,504 | $38 |
| 3 | California | $79,332 | $38 |
| 4 | Oregon | $77,609 | $37 |
| 5 | Connecticut | $74,813 | $36 |
| 6 | Michigan | $74,265 | $36 |
| 7 | New York | $73,460 | $35 |
| 8 | Minnesota | $72,388 | $35 |
| 9 | Massachusetts | $69,999 | $34 |
| 10 | North Carolina | $69,951 | $34 |
| 11 | Tennessee | $68,382 | $33 |
| 12 | Texas | $68,242 | $33 |
| 13 | Maryland | $67,822 | $33 |
| 14 | Georgia | $67,663 | $33 |
| 15 | Illinois | $67,575 | $32 |
| 16 | Virginia | $64,827 | $31 |
| 17 | Rhode Island | $63,850 | $31 |
| 18 | Nevada | $62,584 | $30 |
| 19 | Arkansas | $61,214 | $29 |
| 20 | Indiana | $60,089 | $29 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Macy's | $96,555 | $46.42 | 5 |
| 2 | Patterson Companies | $90,953 | $43.73 | 6 |
| 3 | Calvin Klein | $89,632 | $43.09 | |
| 4 | Walmart | $83,380 | $40.09 | 163 |
| 5 | Southeastern Grocers | $83,123 | $39.96 | |
| 6 | Spencer's | $78,709 | $37.84 | 3 |
| 7 | Bob's Discount Furniture | $78,156 | $37.58 | |
| 8 | Harris Teeter | $75,399 | $36.25 | |
| 9 | Fanatics | $75,329 | $36.22 | 27 |
| 10 | Floor & Decor | $75,143 | $36.13 | 5 |
| 11 | Target | $73,610 | $35.39 | 8 |
| 12 | Williams Sonoma | $73,303 | $35.24 | 29 |
| 13 | The Home Depot | $72,783 | $34.99 | 30 |
| 14 | Finish Line | $72,612 | $34.91 | 3 |
| 15 | Sally Beauty Holdings | $71,445 | $34.35 | 2 |
| 16 | McLane | $71,414 | $34.33 | 8 |
| 17 | Crocs | $71,354 | $34.30 | 3 |
| 18 | Dollar General | $70,186 | $33.74 | 2 |
| 19 | Oxford Solutions | $69,493 | $33.41 | |
| 20 | ICONMA | $69,482 | $33.40 | 2 |
A job description for a merchandise analyst role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's a merchandise analyst job description:
To find merchandise analysts for your business, try out a few different recruiting strategies:
Your first interview with merchandise analyst candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.
Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the merchandise analyst position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
You should also follow up with applicants who don't get the job with an email letting them know that you've filled the position.
After that, you can create an onboarding schedule for a new merchandise analyst. Human Resources and the hiring manager should complete Employee Action Forms. Human Resources should also ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc., and that new employee files are created.
Before you start to hire merchandise analysts, it pays to consider both the one-off costs like recruitment, job promotion, and onboarding, as well as the ongoing costs of an employee's salary and benefits. While most companies that hire merchandise analysts pay close attention to the initial cost of hiring, ongoing costs are much more significant in the long run.
You can expect to pay around $67,933 per year for a merchandise analyst, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for merchandise analysts in the US typically range between $23 and $44 an hour.