September 20th, 2023 at 12:05:51 PM
The ability to identify and attract top talent is a skill that sets successful recruiters apart from the rest. One powerful tool that can significantly enhance your recruitment strategy is market mapping. By creating detailed market mapping sheets for each new position, you can streamline your sourcing efforts and boost your chances of landing the perfect candidate.
Market mapping is the process of thoroughly researching and understanding the talent landscape for a specific job role or industry. It involves creating a structured plan that outlines potential sources, competitors, and target markets. This invaluable tool provides recruiters with a roadmap for sourcing candidates and making informed decisions throughout the hiring process.
A well-constructed market mapping sheet serves as the cornerstone of your recruitment strategy. To create one, you'll want to include the following essential columns:
Competitors: Identifying competitors is a crucial first step. You can leverage platforms like LinkedIn to explore client company pages and utilize features like "Pages People Also Viewed" and "People Also Follow" to discover rival firms in the same industry.
Companies from the same domain: Look for companies operating in the same domain as the client. For instance, if you're recruiting for a cybersecurity role, consider listing other cybersecurity companies.
Client-suggested companies: Include companies recommended by your clients during the job requisition process. These suggestions often come from industry insiders and can be gold mines for potential candidates.
When selecting the markets to target during your sourcing efforts, consider several crucial indicators:
Payments: Investigate the salary levels and tax regulations in each potential market. This information is vital for crafting competitive job offers and understanding the financial implications of hiring from specific locations. To check the salary or tax levels you can use such sources as Relocate.me or Glassdoor.
Remote work considerations: For remote positions, anticipate any complications related to contracts or invoicing, especially when the client doesn't use an Employer of Record service. Prioritize markets with favorable tax conditions for B2B contracts.
Time zone differences: If the position is remote, factor in the time zone differences. Ensure that the working hours align with the client's needs and the candidate's availability.
EU relocation: If the position involves relocation to the European Union, prioritize countries close to the client's location. Candidates from these markets are often more willing to relocate. Additionally, consider non-EU European markets or even markets like LatAm, Africa, or Brazil, if applicable. Check the availability of embassies for the client's country in these locations to facilitate smooth relocations.
List all the sources you plan to use for your recruitment efforts. This can range from well-known platforms like LinkedIn, GitHub, and Stack Overflow to more specialized sources specific to the role you are recruiting for. Having a comprehensive list ensures you leave nothing behind.
Once you've created your market mapping sheet, it's time to put it to work. Use the information to structure your sourcing plan for the day, week, or month. Identify the most promising markets, sources, and potential competitors. By having a clear roadmap, you can efficiently allocate your time and resources to find and engage with top talent.
Market mapping empowers recruiters to make informed decisions, stay ahead of the competition, and ultimately, deliver exceptional results for clients.