When you’re searching for limited pools of niche talent, it can feel like searching for a needle in a haystack when identifying candidates you want to join your company. Whether you’re looking for data scientists in the Caribbean, or want to hire a number of Java Developers in Asia, all organisations want to identify talent, and then hire the best of that talent. But sometimes this talent can be working for competitors, or there can be a complete lack of the skills you’re looking for in that geography. This is where talent market mapping comes in.
What Is Market Mapping?
We're often asked to provide a market mapping definition. But it's difficult to find one definition that addresses everything, so here is our interpretation...
Talent market mapping is essentially a pre-qualification of the skills in a particular area before launching a full search and recruitment campaign. In other words, it's reviewing the competitive landscape and talent mapping where potential pools of talent lies based on intrusive market information. It assesses the viability of hiring in the areas, analyses competitors and can even begin to map out in a confidential manner who you would want to target, and review their openness to moving organisations. It’s a cost-effective way of rationalising a big recruitment process investment in a completely new area through rigorous market analysis. To find out more about our Market Mapping solution, click here.
To use an example, if a Cyber Security organisation is looking to open up a new office in the UK, but needs to hire a whole new team of sales people to build and develop their presence, they may look to market mapping to validate how realistic it is to build up that team before committing to do it. You might start off by identifying competitors, vendors and partners who employ people with the skill-sets you are looking for, filtering organisations by sectors, locations and sizes to build up a competitive landscape. Once you’ve got this view of the competitive landscape, the organisation completing the market mapping exercise would then identify talent at each of those companies. For example, they could map out their entire sales organisations, from Head of, Director and VP level down to junior sales people on the ground, providing a starting list for identifying candidates who might be looking for their next job.
The result? You now know every qualified candidate through talent mapping to build out your new team. You can assess the validity of entering the market, and you can instruct your market mapping provider to begin confidentially reaching out to individuals to understand their appetite to move organisations. You have access to a pipeline of top quality candidates that you can call on as and when you need them.
Market Mapping vs Full Recruitment Process
- Reduce time-to-hire – it’s a metric which relates to both cost and the softer experience of candidates and hiring managers involved in the process. Once you've identified candidates, it's essential to manage the recruitment process efficiently to ensure you spend the optimum amount of time on finding the perfect candidate. Don’t make the hiring manager wait too long for their employee to join, and provide a positive experience for the candidate who may go on to recommend your organisation to others. Talent mapping can help you achieve this, as you've gone through the process of identifying talent, and are only targeting qualified candidates to bring them through the recruitment process,. This means less time is wasted and only those who are truly interested in joining your organisation, and have the skills you are looking for enter into the recruitment process.
- Improve the quality-of-hire – be assured that individuals have the skills and experience you’re looking for before reaching out to them. You have a qualified pool of candidates, so don’t have to waste your time filtering through those who you know just don’t make the grade. Linked into reducing the time-to-hire, you know your candidates are qualified as you've already gone through the talent mapping process to understand the competitive landscape and identify candidates - meaning you are accessing a pre-qualified pool. This removes the ambiguity that often comes with running a recruitment process without having all of the market information market mapping provides.
- Cut cost-per-hire – related to reducing the time-to-hire. Invest fewer resources in the process, reduce the cost by holding off conducting a full search, and focus your search on qualified candidates you know make the grade you are looking for. Conducting a full search or recruitment process can be resource intensive - both financially and in time. It's not guaranteed your search will be successful, and you run the risk of entering a long winded recruitment process, without success. With the market insight and recruitment landscape knowledge that market mapping provides, you can remove this level of uncertainty, essentially taking away the risk that comes with recruiting in new areas.
So, by outlining the current employment set-up in a specific geography or country, you can identify talent you want to join your organisation, and understand the competitive landscape. This valuable market insight means you can make an informed business decision about whether to invest in a full search and recruitment process, and the information can even feed directly into this, essentially completing the resourcing part of the recruitment process which can be a time intensive and repetitive process.