“Knowing is half the battle”
Competition is what creates a thriving market scenario; for any entity engaged in a competitive business environment, knowledge is the weapon that wins the war. Today, competitor intelligence is widely pursued as a means to a successful business strategy. Production, marketing, and even finance have adopted formal practices to update themselves with the competitive scenario. The slowest to learn remains Human resources and more specifically- recruitment.
In our previous blog – Incorporating Strategy into Recruitment we established the need for recruitment to get more strategic. The battle for good talent is real and a handful few companies are winning through the adroit use of data. Making the leap to competition-based recruiting means instilling a sense of urgency within a relatively docile function of a company. This initiative will only work when management adopts a top-down approach. Recruiters need to arm themselves with competitive intelligence tools to extract reliable information within the periphery of corporate ethics.
How Competitive Intelligence tools contribute to transparency
The most reliable competitive intelligence tools for recruitment make the use of analytics to provide non-intrusive ways of gathering information. These tools sift through scores of data available on public domains and analyze them for a better understanding of the hiring scenario. Thanks to the advancement of technology, it is possible to collate key data from past as well as current records. Understanding how the competitor hires gives recruiters a better vantage point to establish recruiting dominance over the market. Having put this information into the hands of recruiters, a pertinent question arises
“Will recruiters find themselves approaching their work the same as ten years ago?”
Our guess is that 5 years down the line, HR competitive intelligence tools will level the playing field for all recruiters. Until then, players armed with an in-depth understanding of their competitive environment will hold the key to better talent.
Understanding that your competition isn’t necessarily your competitor
Consider the fact that a talented individual on the lookout for a job may be in talks with two organizations for the same profile. These two companies could very well be in two entirely different industries – making recruiting competition a unique predicament. In most other competing environments, the enemy is known. Within recruitment, we reach the limits of what investigative intelligence can achieve. For recruiters, data analytics is the only cost-effective mode to gather competitive intelligence specific to a job-title or skill set. Breaking down data, industry by industry, then metric by metric is the only way to compare an Apple’s recruiting efficiency to a Toyota’s. That means plowing through scores of data that keeps adding and adding to each new open position. For any single organization, it is a futile feat without the proper competitive intelligence tools. That’s probably why recruitment competition remained such an underdeveloped concept until now.
With great power, comes great responsibility.
What happens once a recruiter gets their hands on the holy grail? Here’s where an adept HR competitive intelligence tool really proves its worth. You know you’re in good hands when you get to compare the information with an introspective analysis of your own hiring performance. This way both efficiencies can be measured by the same yardstick. Having this information can help make significant changes to the way an organization approaches recruitment. If, as a recruiter, strategist, HR generalist, you are looking to adopt new technology to enhance your services, go for holistic intelligence tools that helps cement your recruiting strategy.