Did you know that the average cost to recruit employees is over $4,000 per employee? This figure skyrockets to just shy of $15,000 if you are hiring an executive.
But what happens if, after all this substantial investment, the person you have recruited turns out not to be suitable for the job? It’s probably time to get smarter and switch recruitment strategies.
For example, have you ever heard of market mapping for recruitment? If this sounds like an alien concept, stay with us. In our essential guide here, we will explain what market mapping is, how to use it, and what its benefits are.
What Is Market Mapping for Recruitment?
Market mapping is the process of conducting a thorough analysis of a specific market, industry, or sector. The aim? To identify trends, opportunities, and challenges related to hiring new talent.
With market mapping, companies can uncover up-to-date, meaningful insights. These can help them to inform better decisions within their recruitment process. Ultimately, market mapping helps companies to attract, hire, and retain the best talent in their industry.
The Benefits of Market Mapping
Adopting the market mapping approach to recruitment can generate several benefits. For example, it can help your company to better understand the recruitment movements in your industry. With market mapping, your company can also recognize the best trends and opportunities to exploit.
Market mapping can also enable you to keep an eye on your competitors. You can look at their strategies to hire new talent and identify what works and what doesn’t.
Because it’s so specific to your industry of reference, market mapping can provide you with incredibly valuable data. Then, you can use this super-specific information to improve your recruitment decisions.
Market Mapping: How It Works
Because market mapping is a complex and specialized task, you might need help from a recruitment agency or professional. They will be able to work with you in a bespoke way and create the best market mapping strategy for you.
Market mapping experts will research, investigate, and analyze your market of reference. At the end of this phase, they will present their findings to you.
Using the information uncovered, you will tweak your current recruitment strategies and start attracting better, more suitable talent.
Ready to Join the Market Mapping Revolution?
If you want to know how to hire talent that is a great fit for your company, market mapping can help.
This is the process of conducting a deep analysis of your specific market of interest to identify all the relevant aspects of the job market. If you are interested in it, then you should work with a recruitment agency.
Adopting this approach to recruiting talent has many advantages, including knowing what the latest recruitment trends are, taking better and more informed decisions, and understand how recruitment works in your sector.
Did you enjoy this article? For more content like this, be sure to check out the rest of our website!
