Why Your Business Needs Market Research Services To Build a Recruitment Strategy

Market research refers to a popular service that enables organizations or individuals in getting access to rich insights about customers in the market. Market research greatly enables a business in taking key decisions which are backed by relevant data and market information. The market research process involves gathering information from the target market and systematically analyzing the present information to deliver the best results. Market research can allow a business in making informed decisions about recruitment strategies, manpower planning, recruitment channels, hiring budget, locations, etc.  

Emerging businesses and top business leaders do realize the importance of market research. However, what really stops them to take appropriate action is the fact that market research is not a one day job and requires great amount of time and attention. This is the sole reason they look to partner with market research recruiters to get access to the desired information about the market. The information can be related to competitors present in the market, their hiring patterns or strategies, hiring budget, etc. This helps an organization in developing a long-term and robust recruitment strategy.  

Types of Market Research:  

Primary Market Research

In primary market research, data is collected through primary sources like interviews, observation, market surveys, etc. which account for first-hand information. Data collected through primary sources is more reliable.

Secondary Market Research

In secondary market research, data is collected through secondary sources like magazines, newspapers, blogs, government reports, etc. which account for pre-existing information. Data collected through secondary sources are less reliable.  

Top 5 Benefits of Market Research For Building Outstanding Recruitment Strategy 

1) Knowledge of Competitors In The Market

Every modern business wishes to have significant knowledge about it’s rival companies in the market. However, just having a mere list of competitor companies does not solve the problem. Gaining deep insight into the actions of rival companies helps an organization in restructuring its own hiring strategy. For example, a rival company might be using a new job portal to hire the top talents. The right market research about competitor companies will help a business realize such important details.  

2) Helps In Spotting Hiring Trends

Over the years, methods used for sourcing and recruitment of candidates have evolved tremendously. Traditional methods of recruitment like posting job vacancies in newspapers, are no longer effective. Almost every year we see multiple new job portals in the market which can be utilized while sourcing the desired candidates. A recruitment agency is well aware of the prevailing hiring trends in the market and therefore, can guide a business accordingly. After all, being well aware of recruitment trends leads to an effective hiring process.  

3) Helps Prepare Recruitment Budget

Every business department is specified a certain budget by business leaders and the department needs to strictly adhere to it. The human resource department or recruitment division of a company is also required to stick to a budget. Proper market research and analysis helps a business gain valuable insights into the recruitment budget of similar companies. This further helps them to prepare their own hiring budget considering all the expenses involved with building and implementing recruitment process.  

4) Stay Ahead Of Competition

Market research enables a business in realizing the weakness of its competitor companies. A market research agency would ensure unbiased reporting and therefore, enable a business to gain access to the know-hows of the market. Staying on top requires a business to get the basics right with a curiosity and willingness to innovate and grow. In modern times, if a company is not growing, it actually is going backwards. Therefore, it is crucial to partner with the right market research recruiting agencies to stay ahead of the competition.  

5) Insights Into Demands of Prospective Candidates

Every job market is different and so are the demands of candidates belonging to different profiles. While some candidates might demand for huge incentives, others might look to avail medical benefits, work-from-home facilities, ESOPs, etc. A business needs to pay the right attention to all such demands before it looks to hire the right candidates. Similarly, it needs to avoid fulfilling unnecessary demands of potential candidates.  

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