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.