What Is Market Mapping and How Can It Help Your Business?

Employee satisfaction is critical to the success of your business. Statistics over the last decade show that only 35 percent of employees are engaged on the job.

When your employees are dissatisfied they are less productive. When they are less productive it means that your business is not getting the support that it needs to grow.

Market mapping is one of the techniques you can use to ensure that you employ individuals who are highly motivated and will drive the growth of your business. Here’s a look at exactly what market mapping can do for you.

What Is Market Mapping?

Market mapping seeks to understand how many candidates are in the market for a position that you have in your company. You need to know their average salary, who they are employed to, and what the job candidate ratio is at any given time.

When you have all this information compiled you can then use it to identify the best way to attract the right talent for an open position in your company.

Find Out the Location of Candidates

One of the things that market mapping can do is to help you to find out about talent availability. This will help you in your recruitment drives.

You will be better able to spend your advertising budget in the right locations. This makes it easier to find the right talent.

Use Market Mapping to Understand Compensation

Compensation analysis is one of the key components of market mapping. After all, people work to get paid and they want to be paid a fair wage. To be a contender in the market, you have to offer a competitive salary.

Market mapping to understand compensation will also show you how supply and demand affect salary in your industry.

Job to Candidate Ratio

The job to candidate ratio is one of the key things you will identify through market mapping. It will help you to plan out your recruitment drives in a realistic way.

Taking a look at the job to candidate ratio helps you to scope out your competition so that you know exactly where you stand when it comes to your capability of sourcing talent.

Create a Recruitment Plan

All the information you gather from your market mapping is only useful if you put them to work. Whether you hire a recruitment agency or go it alone all the information you have collected about candidate location, compensation, and availability will be useful during the advertising of vacancies in your company.

It will also help you to have a competitive compensation package, and target the right locations to recruit candidates.

Start Hiring

Market mapping is an invaluable tool for filling vacancies in your company. Having a dedicated team that is committed to the development of your company is essential for your success.

To be successful you need to select the right candidates for vacancies in your company. Using the analytics that you gain from market mapping will help to ensure that you only hire top talent.

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