Market Intelligence

Lighting dark alleys

Market Intelligence

The importance of market intelligence while selecting HR consultancies

As HR managers, we often spend a lot of time with vendors dealing with recruitment and staffing needs. But during an urgent requirement, things get hastened and we hire any vendor without verifying their backgrounds. This can lead to loss of credibility and brand image in the market.

The crass hiring strategies these vendors use can also prevent potential job-seekers to approach the company in the future. Besides, most vendors are unable to track crucial skills despite having a qualified workforce. Therefore before empaneling any vendor, it is necessary that we evaluate their hiring strategies, pricing policy, talent hunting skills and most importantly their market intelligence and presence in the industry.

Market intelligence is a crucial barometer that helps a company evaluate a vendor’s services and presence in the market. As HR managers, most of us are unaware of the importance of market intelligence in vendors. Here are a few pointers that will help you understand why having a sound knowledge about the market is highly important:

Best talent:

Finding the best talent for your company is highly challenging. With rising demand and intense competition, incorporating talented staff is nearly impossible. Thus, at this juncture, quality recruitment consultants step in. A hiring agency with market intelligence can help you find the right talent and direct your hiring strategies to achieve the best. Besides, market intelligence helps agencies to map the right talent and help you hire them when necessary.

Immediate:

Often hiring agencies with poor recruitment skills delay in finding talent when there is an urgent requirement. This investment is not only waste but an additional expense wherein the HR manager relies more on their team than the hiring agents. Whereas recruiting agents who display market intelligence can assist you with hiring talent on an immediate basis. This is because, most of these agents research about skills and collate information on candidates and feed the same in their database. This is an advantage not only to them but to the HR manager as well.

Independent:

Working with independent hiring agents who possess market intelligence brings in two benefits – time-value proposition and quality engagement. These recruitment agents do not require constant push and force to work on assignments. Besides they are more focused on delivering requirements before time.