Competitive intelligence is crucial to how well you can find and hire the talents that your organisation needs to thrive. The more informed you are about your competitors, industry trends, market movements, and other salient business factors, the better you can acquire the talents that can help you take your growth to the next level. This is why Steve Roemerman of the Forbes Technology Council considers the excavation of competitor data as a primary tactic in the initial creation of long-term business strategies. From the very beginning of the recruitment process, applying competitive and market intelligence can make it easier for you to make informed hiring decisions —now and in the future.
While this may entail complex and intersectional data acquisition tactics down the line, there are relatively simple but highly effective ways of utilising competitive intelligence in the preliminary hiring process. Comeet advises reviewing similar job postings</a> or openings in order to better understand how you can differentiate yourself from the other companies and options being considered by your candidates. As an organisation looking to acquire top talents, it’s important to realise that you’re just one of the hundreds or thousands of companies in your industry looking to do the same. However unique your proprietary software, service, or product may be, in the eyes of in-demand and highly skilled talents, you’re just one of their many options —a lone fish in the wide and open sea of organisations that could potentially help them achieve their own personal career goals. Reviewing your competitors’ job postings for the same position you’re looking for can give you a better idea of how they’re positioning themselves in the market, and more importantly, how you can stand out.
This is what we mean in ‘Be Powerful! Get Intelligence by Monitoring Competitor when we say that there’s crucial insight to be gained from monitoring your rivals’ presence on all observable channels. Online, there’s a wealth of competitive insight that can be gained from just basic research and intelligence gathering methods. Don’t stop with just studying your competitors’ job postings. Devote time and resources to studying their press releases, recent PR efforts, social media presence, LinkedIn posts, and even the publicly-available CVs of their decision makers. Apart from allowing you to differentiate your organisation from the competition, this research can lay the foundation for a competitively intelligent business strategy that helps with not just acquisition, but talent retention as well.
Today, more and more organisations are seeing the value of utilising competitive intelligence for hiring and holding on to the best talents in their respective industries. A TechNews.mobi forecast on the digital talent acquisition market not only suggests massive growth in the near future, but also predicts the increased use of such strategies in banking and finance, telecommunications, service providers, logistics, and even government and defence. Don’t get left in the dust of this rapid global digital transformation. Attracting and keeping top talents is just one benefit of competitive intelligence. Applying comprehensive data analytics to the development of your overall business road map can lead to much more significant results.