In a competitive talent market, finding the right candidate for a job can be a daunting task. With so many factors to consider, such as skills, experience, and cultural fit, it’s more important than ever to make informed hiring decisions.
That’s where market mapping comes in and it has an important role when making business and hiring decisions.
What is market mapping?
Talent market mapping is a strategic process used by organisations to identify, evaluate, and understand the availability, skills, and characteristics of potential candidates within a specific job market or industry. This method involves gathering and analysing data on current and potential employees, competitors, and market trends to create a comprehensive picture of the talent landscape.
It is the process often used in the research phase of an executive search process and the main objectives of talent market mapping include:
- Determining who the key players are in a specific field or industry, including their skills, experience, and employment status.
- Gaining insights into the talent pools of competitors, which can help in benchmarking and strategising recruitment efforts.
- Creating a database of potential candidates for future openings, ensuring a steady supply of qualified individuals when positions become available.
- Understanding trends in hiring, compensation, and skills demand, which can inform recruitment strategies and workforce planning.
- Identifying potential successors for key roles within the organisation by mapping internal and external talent for succession planning context.
- Using the insights gained to refine recruitment processes, target specific talent segments, and improve employer branding.
How can market mapping help you make better hiring decisions?
There are many benefits to using market mapping in your hiring process. Here are just a few:
- Attract top talent: By understanding what your competitors are offering, you can tailor your compensation and benefits package to be more competitive. This will make your job posting more attractive to top talent.
- Save time and money: A well-designed market map can help you identify potential candidates who are a good fit for your role, saving you time and money on the recruitment process.
- Reduce your risk of making a bad hire: By understanding the skills and experience that are required for the role, you can make sure that you are hiring candidates who are qualified to do the job.
- Improve your employer brand: When you show potential candidates that you are doing your research and are serious about finding the right person for the job, it can improve your employer brand and make you more attractive to top talent.
How to conduct market mapping
There are a few different ways to conduct market mapping. You can do it yourself, or you can hire a professional to do it for you. If you are doing it yourself, here are a few tips:
- Start by identifying your key competitors. These are the companies that are hiring for similar roles in your industry.
- Research your competitors’ job postings. Pay attention to the skills and experience they are looking for, the compensation and benefits they are offering, and the type of language they are using.
- Talk to industry experts. Get insights from recruiters, hiring managers, and other professionals who are familiar with the talent market in your industry.
- Use data-driven tools. There are a number of data-driven tools available that can help you with market mapping. These tools can provide you with insights on salary trends, skills in demand, and other relevant data.
Once you have collected your data, you can start to create your market map. Your market map should be a visual representation of the competitive landscape for talent in your industry. It should include information on your competitors, the types of roles they are hiring for, the skills and experience they are looking for, and the compensation and benefits they are offering.
Final Thoughts
Market mapping is a valuable tool that can help you make informed hiring decisions. By understanding the competitive landscape for talent, you can attract the best talent, save time and money, and reduce your risk of making a bad hire. If you are not already using market mapping in your hiring process, we’d encourage you to give it a try. You may be surprised at how much it can help you improve your results.
The process is often multifaceted and can be complex, particularly for senior roles, so you may wish to get some support from professional talent mapping consultants.
