Competitive insight and fresh thinking
The beauty of this approach is that the starting point doesn’t have to be a specific vacancy but broader objectives. As well as increasing diversity and inclusion, you might want to build a more agile supply chain, embed digital transformation or accelerate growth internationally. Market mapping will help you understand how other companies are tackling these challenges – how they organise, what kind of senior roles and salaries they have. You might find you have fresh ideas when you see what sort of talent is out there.
Whatever skills, capabilities and profile you are looking for, market mapping can reveal strong candidates from left of field, individuals you might never otherwise have considered. And it’s not uncommon for companies to discover a candidate who is so good that a role is created just to have them on board.
Fallout from the coronavirus crisis will mean many more senior people moving – and thinking about moving – to a new position. Not just through redundancy but because their circumstances have changed (working from home has been an eye opener for many), or they’ve been disappointed with their employer’s response to the emergency. Market mapping will give you a head start on identifying good people who are not yet active in the job market.