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Market Mapping in Recruitment

Acquiring top talent isn’t always about how many talent pools you reach out to or job posts you make; in fact, a recruitment strategy that seeks to build talent on sheer numbers is likely to be costly, time-consuming, and inefficient.

If you want to bolster your recruitment metrics and gain the edge over competitors, you need to start making data-drive, informed decisions that are in line with a long-term plan. This is where your market mapping recruitment strategy comes in. 

Market mapping strategies rely on an understanding of hiring climates, structures and employment forces of competitors, and valuable analytics on various recruitment metrics that work together to provide recruiters with a comprehensive plan. 

Below are some of the benefits to market mapping recruitments.

Benefits of Market Mapping Recruitment

Before we get into some important market mapping strategies, let’s first go over why market mapping actually matters to recruiters. Here are several benefits of market mapping that will help you make informed recruiting decisions. 

Learning from Competitors

Learning about candidates from competitors is one of the most important and efficient ways to map out the market. Here are a few steps you can take to utilize information from your competitors for a number of scenarios, including identifying potential candidates for an available job. 

  1. Identify and create a list of a number of relevant companies and businesses centered around the position you’re looking to fill. 
  2. Identify the most competitive and qualified employees at each company.
  3. Utilize LinkedIn or other professional networks to find up-to-date information on candidates–what companies they’re working for, what regions they’re working in, and how long they’ve been employed there.
  4. Analyze your refined list to create a pool of potential candidates you can reach out to. You can also look at what positions they held prior to their current role in order to seek out candidates with similar qualifications.

Beyond professional networks, you can utilize AI sourcing technology, like Loxo’s AI sourcing solution, to identify dozens of qualified candidates from hundreds of databases. You can filter your search to fit the region, role, and qualifications that are relevant to your market mapping needs. 

Market  Mapping Recruitment Databases

Recruiters can utilize one of their most trusted programs to help map their market: a CRM + ATS solution.

Loxo’s CRM + ATS solution will give you all the tools you need to map out passive and active candidates, providing you with valuable information to get in touch with candidates and assess candidate volume in certain markets.

With the help of AI, you can use personalized emails and messaging to connect with old candidates and stay up-to-date with any movement in their employment decisions. Automated updates will help keep everyone in the recruiting process informed on hiring trends and universalize the communication process. 

Market Mapping Scaling and Relocating

If you’re aiming to relocate or to scale your business, it’s going to help to know what the professional and hiring climate is in your new desired location.

If, for example, you’re opening a branch in New York, you want to first have some understanding of how many viable candidates are working in the region. With a better idea of your chances to easily and affordably accrue candidates in a specific region, you can make more informed decisions on how and where to expand. 

Market mapping in recruitment is essential to long-term growth and understanding the future of your company. With Loxo’s state-of-the-art databases and AI solutions, you can start making data-driven decisions to help bolster your market mapping strategy.

Learn more about Loxo’s cutting-edge solutions with a free demo today.

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