Market research is an essential step in the talent acquisition process and, surprisingly, is a step that may be inadequately implemented or missed all together. During my time in recruiting and sourcing roles, I learned how helpful market research was when starting the initial search for candidates. It’s helpful when identifying current supply and demand, challenges and opportunities. It gave me a solid starting point when pipelining candidates, making my search more efficient and effective. It’s also helped me reposition the position to be competitive.
Here are a few simple things you should review while initially performing market research:
- Supply and demand reports: pulling these reports can provide some great insight into the talent market. Understanding how many candidates are available in comparison to posted jobs will allow a recruiter to see what they’re up against. Also, understanding average compensation, popular job titles and typical candidate profiles can allow a recruiter to reposition the verbiage if needed to ensure their job postings are more visible.
- Competitor intelligence: in some cases, the supply and demand reports will also show top job posters in the market. This can make it easy for recruiters to see organizations that are aggressively recruiting for the same types of candidates. In researching these companies, recruiters can develop their outreach and steer conversations with candidates in a way that can highlight positives of the job and company, creating a competitive twist.
- Pipelining: not all markets and job roles are the same, so it’s important for a recruiter to research the most popular resources to find candidates before investing in these channels. Investigate job boards, social media, career fairs, and so on to see the best places to post your job and source for talent.
- Partnerships: building relevant partnerships in the talent market can be a great way for you to get your job in front of the right people and allow for opportunities to network with candidates. Research relevant professional organizations, universities/colleges/technical schools, veteran assistance programs, chamber of commerce associations, professional meet ups, and so on to really get a feel for these opportunities.
Although these are four simple suggestions to initially pull market research, it’s surprising how helpful this information can be. It’s allowed my job postings and networking to become more visible, thus allowing for more traffic. It was especially helpful during times I was a virtual recruiter and couldn’t physically do these things. It’s helped me get in front of relevant candidates and identify different ways to position my postings and conversations to ensure my jobs were competitive in the market. Do yourself a favor next time you get a new requisition and perform some of the steps above. I’d love to hear how it impacts your success rate.