The job market is tightening by each passing day and the bureau of labor statistics report shows that the number of voluntary separations and quits are also on the rise. The statistics also shows that new job openings are mushrooming at a rate faster than ever before. This scenario is alarming from an employer’s point of view. It puts companies at a disadvantage and in an endless battle for the best talent. The competition in the job market has reached a new milestone and some new solutions that put up candidate profiles for companies to choose from are an example of this trend. As employers, it’s time to act by diving into the competition and gather the best minds out there for your company. Let’s evaluate the situation.
It’s a candidate’s market out there
The surplus availability of job opportunities has turned the tide in the candidate’s’ favor. Now, instead of a pool of candidates applying for a few positions due to job scarcity, there is a steady supply of job openings and not enough applicants for them. This added flexibility enjoyed by the candidates means companies should try harder than before to secure the worthy candidates. The shift of power is real and it’s better to address this sooner. Let’s explore how this can be done.
Staying abreast with the hiring trends
Before addressing an issue, you need to be well aware of the existence and depth of the problem. Here, our primary concern is a competitor acquiring the talent that could have been yours. Attracting talent is a tough nut to crack and you may not even realize what you’re doing wrong until you see the candidates flowing into your competitor’s office. This is when you should have some visibility into the hiring trends and job market. Without this big picture, you could keep hiring wrong way and never realize it, ever. Now the question is, how to gain visibility into the hiring trends? This would be tough to achieve without the right data, but there’s a solution.
Job feeds for competitive intelligence
There are two key things you can do with the competitive intelligence derived from job data.
1. Securing top talent
Job feeds or job postings data can act as a reliable indicator of the competition in a particular job market. Consider your competitor has posted a job requiring data scientists and you are looking for data scientists too. You would ideally want to hire the best candidates before your competitor does. Unless you tweak your offer to make it more attractive than that of your competitors’, you risk losing the talent.
2. Competitor activity tracking
Often times, the job postings made by a company would reveal more than just their hiring requirements. For example, if you notice a spike in the requirement of PhD. Candidates at your competitor’s company, it could be a sign of them putting some serious emphasis on research and development activities. This information should be used to anticipate their next immediate move and would also give you the opportunity to prepare for the game.
Before you can get to that, you would have to extract relevant job data from the industry vertical and geography you operate on. Extracting data from company websites or job board is going to be a technically complicated and resource-intensive activity.
This bottleneck shouldn’t stop you from gaining competitive intelligence from job data. JobsPikr is a solution created just to address this – making access to job data feeds from job boards and company websites easier. JobsPikr is a hybrid solution that combines the best of machine learning and web scraping. It uses its machine learning capabilities to automatically crawl and extract job postings from job boards and thousands of company websites, in a clean and ready-to-use format. Since it runs daily crawls, any new job posted is readily available for analysis. This way, you can always keep a tab on your competitors who are hiring from your pool and come up with countermeasures to secure the best talent.
Acting upon the identified competition
Once you have identified the existence of competition for talent, you should act upon it. Here are a few ways you can attract the best talent for your organization:
- Identify the key differentiators that sets your apart from other employers, especially your competitors
- Take feedback from your existing employees and find out the key reasons why employees stick with your organization and highlight them
- Find out opportunities to improve as an employer and emphasize the changes to candidates
- Redesign your website career page and make sure it appeals to the type of employees you are looking for
- Finally, it’s all about acting quickly and differentiating your company from the competition in order to capture the best talent
Since markets are hitting their saturation peaks with competition on the rise and the need for quality talent is going nowhere. In this situation where companies are competing among each other for acquiring the brightest minds out there, it’s only natural for the candidates to be selective and go for the best opportunity available to them. By acquiring job feeds and analyzing it, companies can identify their contenders in terms of talent and optimize their offer including the compensation structure to beat them and secure the talent.