Talent and human capital are arguably the single most important facets of any organization. Growth, strategy, and scale are impossible without a great team of individuals with unique skills to execute a company’s mission. But how does a company maximize its talent acquisition strategy? The answer is competitive intelligence.
A streamlined and efficient talent acquisition strategy enables two primary results for any organization: cost savings during the development of the hiring pipeline and enhanced quality of talent acquired into the organization.
It is imperative to keep track of changing dynamics within your industry to develop an optimal talent acquisition strategy. Competitive intelligence provides organizations with a look into the factors that are shifting the talent market on a daily basis.
Boosting Your Competitive Intelligence
With competitive intelligence, you have the opportunity to pay attention to which companies are hiring and which companies are not. This provides you the opportunity to push managers and decision-makers for quicker hires and prepare for an influx of talent.
These insights can be the difference between fluid growth and execution, or stop-start hiring pipeline development – which can be detrimental to a company’s bottom-line.
Remember, periodic influxes of talent into the market allow companies to upgrade mediocre talent by hiring individuals who have found themselves without a job by no fault of their own. These candidates can be key contributors to your organization and drive significant growth through new ideas and philosophies.
Acqui-hiring Through Competitive Intelligence
After nearly two decades of affiliation with executive search firms such as JMJ Phillip and Clarke Caniff, we understand that the best candidates are the ones who do not need to look for a job. These candidates are positioned in strategic functions within organizations and are content with their current positions. Utilizing competitive intelligence and looking for signs of weakness or potential layoffs can give your talent acquisition team the time to prepare to move on any quality candidates.
From a more elevator perspective, competitive intelligence allows organizations to watch for strong early-stage competitors and creates acqui-hiring opportunities. Large enterprises, such as Salesforce, are famous for their acqui-hiring methods. Competitive intelligence allows organizations to decide whether a traditional acquisition strategy or acqui-hiring is more aligned with their company goals.