Staffing firms can greatly benefit by conducting market research. It helps you understand the current and seasonal market trends and provides an insight into how to attract new applicants. Having a detailed and in-depth report of the staffing industry will help you understand client companies’ hiring needs and how you can fulfill them. Here are five ways market research can help.
1. Reliable insights. You need to understand what exactly is it that candidates are looking for in a job. Market research offers relevant and targeted data, allowing you to understand employee and applicant needs.
HR can use market research software to improve insight into the different aspects of the industry. It will also help you gain a more accurate understanding of your target audience.
2. Applicant behavior. Market research helps you understand what factors drive people when they apply for a job. It can even help you identify different ways candidates seek employment.
If you observe that networking events are attracting more applicants, organize more events. If more candidates prefer to apply for jobs through online platforms, advertise more jobs on different digital platforms.
This will help you attract the right kind of candidates.
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3. Staff retention. Engaged employees tend to work at the company for a long period of time. It will be easier for you to keep your employees invested if you get an insight into their motivation and values.
Research can give you an idea of what keeps the employees happy and engaged, and which areas are lacking in the same. You can develop strategies using the research to create a productive and happier workforce, thus retaining your staff.
4. Talent supply and demand. You can use staffing firm market research to get a clear idea of how competitive the market is. There can be more candidates for the vacancy in your city but it might not be the case someplace else.
Insights into the supply and demand of the candidates allow you to come up with effective solutions. For example, offering relocation for vacancies that are hard to fill.
5. Staffing markets data. Market research helps you identify the hot markets in the staffing industry. In order to decide on your company’s area of specialization, you need to collect research results to determine the hot markets. It is important that you build your business on accurate data and research to increase profits and grow your staffing firm.
You also need to keep an eye on the recovering markets that are showing significant growth and promise. Even if the demand is not peaking in these markets, having knowledge about it will help you stay prepared for future growth. You can use the research to study the factors that led to their peak year returns. This will help you predict when that need would rise again.
Market research helps you to hire smartly and efficiently. You can leverage the data obtained through market research and tackle various hiring problems. Analyze the information and use it to create your hiring strategy.
