It’s veritable fact that a business can garner substantial intelligence just by researching its competition. And that statement is even truer within the recruiting industry. When was the last time you closely evaluated at your competition’s hiring habits? Have you ever had your competition steal an employee or even a candidate? Have you done that to your competition? Do you even know? According to a recent survey, one of the smartest things companies can do today is understand their competition and how it relates to recruiting and hiring top talent in your industry.
How to Research Your Competition
Researching your competition should be incorporated in your everyday best practices. It sounds difficult, but it really isn’t. Take time to evaluate your competition with simple tactics such as following their press releases and subscribing to news alerts. LinkedIn is a good resource to see what your competition is doing. Follow their company page and key employees to acquire some great intel such as how are they attracting candidates. If they have an email subscription or multiple email subscriptions, add yourself or another team member to the list. If it’s a candidate list, you might be able to gain a wealth of information. Following them via social media can net a business tremendous insight into a business’s marketing campaigns. What’s their employment brand like? Have they won any awards? What other areas are they winning at? Have you searched recruitment boards for reviews and employment feedback? I ran across a post that has some great suggestions on gaining competitive intelligence for recruiting. Take some time to review this post some excellent ideas.
After you compile your research, take a look at this next part to understand their findings. The survey also mentioned some of the top reasons why employers are losing out on quality candidates. And those reasons are assuredly based on the competition.
Take a look at the Top Reasons Candidates Decline Offers:
– Received another offer.
– Compensation/Benefits not aligned with expectations.
– Received a counter offer from current company.
Based on your own research, do you find your recruiting efforts have won a candidate or two over the competition or have your efforts been usurped by your competitors? The survey additionally explains the reasons as to why many candidates take a competitors offer. They include the following results: “(50%) Compensation was higher, (35%) Company offered the position before we had a chance, and (27%) stated They had a better location or were more convenient for the candidate.”
Does any of this resemble your hiring issues? If you’re already tracking your competitors methodically, then your steps ahead of most businesses. To win the recruiting in the long run, you have to take all factors into consideration, especially the competition. Use the suggestions above if you don’t know where to start and if you’re having challenges losing quality candidates to your competition, give us a call.
ABOUT THE AUTHOR, Ingrid Moore
Ingrid Moore is the Founder and CEO of Corporate Resources of Illinois, an employment & staffing agency with over 20+years’ experience located in Schaumburg, IL. Ingrid and her team assist employers with finding the right hire for their business. For more info, follow us on our LinkedIn Company Page, or follow us Corporate Resources of Illinois‘s Google+ page.
