What's the point in market mapping?
When a role needs to be recruited for, ensuring you’re approaching the right candidates is time consuming and can involve a myriad of challenges.
Market mapping is a way to address these challenges before a recruitment need comes up, ensuring you don’t have to carry this work out from scratch with time constraints working against you. It can drastically improve your quality of candidate, and reduce the time to hire and cost for each hire too. It gives you key information for your talent strategy, including which businesses you’re competing with for talent and what the going rate is for these candidates.
By carrying out an exercise like this before you need to recruit means you’ll know when you should make certain decisions – such as when it becomes cost effective to stop outsourcing your finance function and recruit in house. It also means that when a role does come up, you’ll be able to target passive candidates directly, confident they’ll be interested in the role and you’re offering it at the right salary.
So how do you go about it?
Work out what your “perfect” candidate is
First of all, you need to decide what key skills and qualities you want your employees to have. A good starting point for this would be identifying who your star workers are, and what it is that makes them such a good fit. By doing this, you’ll start to build out your candidate profile so when you’re next hiring you know exactly who you’re after.
Create a list of companies with similar ideal candidates
Work out who you’re competing against for the workers you’d like – perhaps it’s companies who are your direct competitors, or maybe just those who require the same set of skills for operating in different industries.
Research the roles
With websites like Glassdoor and Payscale, understanding the role you’re recruiting for is easier than ever. You can use these sites to build a picture of the types of qualifications the role requires, the salary expectations for people within those roles and whether they expect things like flexible working as part of their package. This gives you a great indication of how to build a suitable offer when the time comes.
Start to build your potential pool of talent
Using the information you’ve gathered means you’re ready to go ahead and start building your pool of talent. LinkedIn is a brilliant tool for this, and with the paid Recruiter account, you can save these candidates and track things like when they move roles or are looking for new opportunities. It’s worth keeping an open mind when carrying this out, as although certain people may not fit all criteria right now, they may do in the future.
If you don’t want to use LinkedIn for this, you could carry out CV searching and keep a log of candidates within a spreadsheet. You should also ensure you’re keeping track of people you meet via traditional networking channels, and making a note of anyone you think would be a good match with your business. If you have an Applicant Tracking System (ATS), it would be a good idea to load them in to this.
As your list grows, you can begin to tag the people who you deem to be the best fit for your organisation – essentially picking out the best of the best.
Getting in touch with the best candidates before you actually come to hire means you won’t miss an opportunity to build a relationship. It’s also a good chance to find out a bit more about the person and assess their skill set – you may well decide that you’d like to bring them in to the business before a role becomes available.
At Kudos Recruitment, we’re have decades worth of experience in carrying out market mapping campaigns for our clients and building their network of contacts. For more information about this or anything to do with search and selection, get in touch with one of our consultants on 0845 206 6677.
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Author: Aisha Hawkes
About the author:
Head of Marketing
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