Competitive and Market Intelligencetalentintellig2022-11-17T12:15:33-05:00
Talent Intelligence’s Competitive and Market Intelligence Expertise
Talent Intelligence’s robust Competitive and Market Intelligence service captures and analyzes crucial information about your key competitors within your industry. Along with help from our solutions team, you can use this important research to drive your internal strategies or modify your programs and processes. Competitive and Market Intelligence allows organizations like yours to make data-driven, informed internal business and strategic decisions by combining an understanding of the competitive landscape – determined through research and our own, proprietary information gathering techniques – with your organization’s unique context.
We start by determining who your key competitors are – especially those who you compete directly with for talent. This list of competitors typically includes the obvious direct market competitors, but our unique approach also takes into consideration indirect competitors, leaders in your field, and aspirational competitors in order to build a more complete and applicable profile.
This total competitive landscape encompasses all organizations that might influence your talent ecosystem. However, in addition to defining who these competitors are, it’s also necessary to understand how they present themselves to both their current workforce and to potential employees.
Types of Research: Primary vs Secondary
Talent Intelligence conducts two different types of research in its Competitive and Market Intelligence work: primary and secondary.
Primary research is previously non-published information generated by going directly to a source (usually competitors in the target market) to ask questions and gather information. The methods used include interviews, surveys, questionnaires, and focus groups.
Primary research is more time-consuming to conduct than secondary research but provides information that is not publicly available.
Secondary research is gathering information from publicly available sources and includes reports and studies by government agencies, trade associations, other businesses, academia, and interest groups.
Utilization of Competitive and Market Intelligence
Talent Intelligence’s Competitive and Market Intelligence work allows you to:
Incorporate external competitive and market forces into strategic planning. The more information you have, the more you can put that information to use as you create talent acquisition proposals, business and operational goals and processes, benefit options, and much more.
Generate strategically relevant insights from research and structured analysis. There’s a reason “knowledge is power” is a common phrase. Using our Competitive and Market Intelligence tool to better understand the way your competition works, rather than relying on guesswork and assumptions, gives you the ability to adapt what you like from their strategies and gives you a leg up in the hiring market.
Enhance Talent Acquisition, Human Capital Management, and Employer Brand strategies. Being seen as an innovator in your field, and developing recruiting, training, and compensation programs that offer what today’s employees are looking for, can make a candidate’s decision between you and a competitor easier to make.
Minimizes decision risk and reduces uncertainty about external developments. The best decisions are made based on real, trustworthy data. That’s the core of our CI offering.
Similarly, our Competitive and Market Intelligence service can be used to:
Develop corporate-wide or individual business unit talent acquisition and HR strategies, programs, and initiatives.
Benchmark your Employer Brand against competitors and start creating data-driven plans to better showcase what your organization does well and evolve the areas you want to better develop.
Benchmark remuneration package components to align with changing trends in employee desires.
Map competitor’s Organizational Structure and key talent and compare them to your own roles and offerings.
Shape counter-competitive strategies against one or more competitors to develop a key leg-up in a complex hiring world.
Anticipate and plan for future talent opportunities and disruptions.
Benchmarking measures the effectiveness of your organization’s policies, initiatives, and strategies in comparison with your peers. For example, you might want to evaluate the success of your retention policies versus industry leaders and then use the insights generated from this comparative analysis to improve your own operations.
Organizational evaluations include the structure, headcounts, roles, and responsibilities at identified business units or functions. These evaluations lead to insights on how competitors arrange work groups within their business to achieve maximum productivity and flexibility. The Competitive and Market Intelligence tool can produce insights surrounding your current organizational structure as well as any potential changes to the structure and how these might affect the competitive market.
Talent Intelligence gives some of the world’s leading organizations the tools and support needed to spearhead complex talent landscapes. Actively understand how your structure compares to your competitors – and much more – with Organizational Evaluation.
What Organizational Evaluation gives you:
The ability to understand and benchmark your talent structure and performance (e.g., titles, role requirements, reporting hierarchies, diversity, turnover, career management strategies) against your competitors, industry leaders, and even aspirational competitors.
A continuous process that gives you the ability to analyze evolving organizational structures and adapt to innovations faster.
Proactive, customized, and up-to-date information on growing trends.
By monitoring the activities of your competitors over time we can determine their key initiatives and strategies, and assess their strengths and weaknesses. Ongoing assessment and analysis of competitor initiatives and programs generates valuable talent insights. Monitoring should consist of a combination of primary and secondary research to access intelligence that cannot be found through publicly available information alone.
Knowing how you are viewed in the market compared to what your competitors are doing (including employment branding, organizational policies, organizational structure, etc.) allows you to fill in the gaps between your organization and the market. This understanding also allows you to proactively address any misconceptions in employment branding, or how your company is viewed. This effectively allows you to re-align your processes while also building out talent strategies and employment branding.
With the help of Talent Intelligence’s variety of solutions, you’re able to balance the strategic and practical, tactical sides of your recruitment efforts. We will help you further develop your talent acquisition strategy through an understanding of the market (talent availability, market trends, etc.) and an understanding of your competitors (how they source talent, where they recruit from, how they are structured, what types of compensation and benefits options they provide, etc.). When you consider these together, it can form the foundation of an updated, data-driven recruitment plan.