Market Intelligence Influencing The Recruitment Process

The market intelligence refers to the information related to the business markets which are scrutinized and analyzed for the purpose of strategic planning and decision making. The area of research includes opportunities, penetration rate and development scope. In recent years, the concept of market intelligence has been combined with the HR segment in order to understand the trends and innovation to take up HR based decisions in a more accurate manner. Hence it is essential to put forth the advantages of combining market intelligence with recruitment process.

•  The primary benefit of the market intelligence in recruitment is to make better planning in a more informative manner. It gives organized data on the job posting portals and their market reach. This aids in better choice of the platform. If a company plans to outsource the recruitment process to an external agency, then it helps in analyzing the reach and performance of the agency. A research on their client profile and industries served gives a fair idea about the performance matrix.
•  It helps in locating the target area for candidate search. Often, companies look for location based profiles for a particular position due to financial terms or communication ease. Market intelligence can be helpful in this kind of search. It essentially does not mean rejecting the rest. In certain cases, it helps in determining the recruitment approach. Out station candidates can be identified who cannot appear for a face to face interview can be opted for video interviews. This approach helps in streamlining the entire process bringing down the costs.
• It may not directly contribute towards candidate selection but it helps in understanding the client requirements and linking it to the workforce requirement as well. Sometimes, a certain project requires additional workforce or a professional with a different skill set than the existing employee base. The primary skill set of the existing workforce of the company can be identified. It can also be used to take the decision of hiring a full time resource or contractual hiring or going for the outsourcing.
• The market information also includes the workforce information as well. It can help in understanding the density of professionals for a particular skill set within a market. It gives the information related to the freshers and experienced professionals, job iteration rates and the possible reasons behind the same in order to handle crisis management better.
• The market intelligence in the HR segment helps in reaching out to other HR executives and consultants who have valuable suggestions regarding the recruitment process which helps in finding the right candidate for the job within a specific budget.

Market Intelligence Influencing The Recruitment Process

The market intelligence refers to the information related to the business markets which are scrutinized and analyzed for the purpose of strategic planning and decision making. The area of research includes opportunities, penetration rate and development scope. In recent years, the concept of market intelligence has been combined with the HR segment in order to understand the trends and innovation to take up HR based decisions in a more accurate manner. Hence it is essential to put forth the advantages of combining market intelligence with recruitment process.

•  The primary benefit of the market intelligence in recruitment is to make better planning in a more informative manner. It gives organized data on the job posting portals and their market reach. This aids in better choice of the platform. If a company plans to outsource the recruitment process to an external agency, then it helps in analyzing the reach and performance of the agency. A research on their client profile and industries served gives a fair idea about the performance matrix.
•  It helps in locating the target area for candidate search. Often, companies look for location based profiles for a particular position due to financial terms or communication ease. Market intelligence can be helpful in this kind of search. It essentially does not mean rejecting the rest. In certain cases, it helps in determining the recruitment approach. Out station candidates can be identified who cannot appear for a face to face interview can be opted for video interviews. This approach helps in streamlining the entire process bringing down the costs.
• It may not directly contribute towards candidate selection but it helps in understanding the client requirements and linking it to the workforce requirement as well. Sometimes, a certain project requires additional workforce or a professional with a different skill set than the existing employee base. The primary skill set of the existing workforce of the company can be identified. It can also be used to take the decision of hiring a full time resource or contractual hiring or going for the outsourcing.
• The market information also includes the workforce information as well. It can help in understanding the density of professionals for a particular skill set within a market. It gives the information related to the freshers and experienced professionals, job iteration rates and the possible reasons behind the same in order to handle crisis management better.
• The market intelligence in the HR segment helps in reaching out to other HR executives and consultants who have valuable suggestions regarding the recruitment process which helps in finding the right candidate for the job within a specific budget.

Candidate Centric Approach For Hiring

The candidate centric business model is on the rise in recent times in the corporate world. It refers to the candidate as the point of recruitment, job order conduct and sales for an organization. Previously, the whole concentration of the business model was centred on clients. But as the number of clients increased, the employees and candidates became neglected. This resulted in the drifting away of potential candidates from the companies. But when the businesses concentrated on the candidate centric approach, the clients were benefitted eventually.

The major activities related to the candidate centric model are interviews, organization chart based on prospects and references. The major outcomes expected from the activities are job order, job order leads, active and passive candidates. The business related benefits of the candidate centric approach are as follows.

• The empowerment of the recruiters is the key take away in this model. The recruiters are majorly satisfied about their job role and more confident in performing their responsibilities in the candidate centric model. They get the optimum scope to build their own candidate network to bring in rich talent pool for various profiles. This also helps in finding out the best candidates within the familiar network. The recruiter also form part of various events and discussions related to the company which helps in valuable contribution in terms of suggestions and ideas.

• The contribution of the hiring managers becomes more evident in the recruitment and selection of the candidates. Their role is no more restricted towards giving instructions for the recruitment just by informing the requirement. Their job role becomes much more productive. They share a beneficial relationship with the recruiters. They help in maintaining the talent pool and keeping the relationships in the right place. They help in sustaining the Candidate Relationship Management (CRM) system for the reliability of the recruitment process.

• The candidates feel a sense of respect during the recruitment and selection. The mistakes and slip ups related to the selection process is minimized to a great extent. Previously there were a lot of cases wherein the candidate details were not checked in properly by the recruiters. This resulted in the last minute cancellations and rejections. With this approach, outreach has become personalized. The candidate details are accessible to the every required professional at the same time.

The hiring process of the candidate centric business model is a bit different than the other models. In this, a candidate is hired after a technical screening and one who is compatible to work within a team. Then the candidate is on boarded in to the system. The final choice of joining a particular team lies with the candidates itself. They get to pick the team they will work in. This has resulted in a higher productivity rate till date. The feedback from such candidate end is mostly on the positive side with a higher retention rate.

Hence the candidate centric business model contributes greatly towards employee engagement and optimum productivity in the long run.