As the holiday season approaches, retailers are hiring fewer seasonal workers, HireVue chief innovation officer Nathan Mondragon tells Alexandra Canal on Wealth!, breaking down what driving the change in hiring trends and what the seasonal job market looks like.

“The retailers hire based on anticipated sales growth for the year,” Mondragon says, explaining that this year they’re expecting 2.5% to 3.5% sales growth compared to the 3.8% growth seen last year. “That projection then leads to needing less retail workers to fill the needs.”

“There's less roles compared to last year. There's still 520,000 anticipated roles being filled as we speak, but there's also more people navigating the employment space for these part-time jobs compared to last year as well. So fewer roles, more applicants is making the competition a little bit higher compared to last year.”

For more on the hiring trends affecting the seasonal labor market, watch the video above.

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This post was written by Naomi Buchanan.