A recruiting firm does more than just help your company find qualified permanent staff. They can help you build important connections. Those connections will help you gain a competitive edge. That edge is closely connected to the fact that your firm is a valuable source for market intelligence.
We will consider three types of market intelligence that can be provided to you through your recruiting firm:
- Industry trends
- Competitive wages
- Availability of candidates
When you choose a recruiting firm it makes sense that you would choose to partner with one that has experience in your industry. That experience not only helps the firm fill your employment needs but it is also a great source of market intelligence.
It is also good to keep in mind that your recruiting firm also has experience working with other companies within the same industry. This background leads to an awareness of developing trends. Consider some examples of the insider info that they possess:
- Knows of initiatives taken by your competitors
- Knows what trends work and which ones do not
- Knows of the latest innovations from within your industry
- Can give you access to opportunities for cross-promotion
The pulse that your recruiting firm has on your industry will help you to adapt to any industry changes.
The recruiting firm that you partner with is also a tremendous source for market intelligence in connection to competitive wages. They have knowledge of the wages being offered for a wide range of positions. They also may have awareness of the various types of benefit packages that are being offered by your competitors.
This insider info will assist you in ensuring that the wages being offered by your company are competitive. This will help you attract talented individuals to your company.
Availability of Candidates
Your recruiting firm also provides essential market intelligence in connection with the availability of job candidates. They know of the talent pool sizes of different types of permanent staffing positions.
This insider info concerning the availability of certain key roles is essential to the implementation of your company’s employment strategy. For example, knowing that certain key roles are harder to fill will be reflected in the wages being offered. Also, this will directly reflect in the retention efforts because your company would not want to lose a talented employee who is filling a much sought after position.
The extensive network connections of your recruiting firm gives you access to a treasure trove of market intelligence. The intelligences that you discover in connection with industry trends, competitive wages and availability of candidates will give you the edge you need to reach your corporate goals.