Unlocking the power of market intelligence tools to recruit top talent

Understanding talent market intelligence to streamline your hiring process

As recruiters’ jobs evolve, one area that will reduce sourcing times and improve quality of hire is talent market intelligence. 

Talent market intelligence involves gathering, analyzing, and interpreting labor market data to improve recruitment, marketing strategies, and talent management decisions.

It includes talent demand and  supply data, competitive intelligence, industry and talent trends, competitor benchmarking on salaries, and skills and experience requirements. It can be enhanced by AI, where analytics and machine learning provide instant actionable insights into industry dynamics and specific roles.

Businesses taking a strategic approach to recruitment should use talent market intelligence to make more informed decisions when searching for talent. Companies like Marathon Health, for example, are using Findem to get creative with tough-to fill roles while building their brand for future recruiting success.

How to use talent market intelligence tools in your recruiting 

Let’s examine how you can improve hiring through the use of talent market intelligence. 

Move toward proactive hiring strategies with predictive analytics

By better targeting passive candidates and others in your talent pool, recruiters can significantly increase the probability of potential candidate success in the offered positions. Leveraging predictive analytics allows recruiters to analyze vast amounts of data from previous hires, identifying attributes that consistently indicate the potential success of qualified candidates. 

Additionally, recruiters can uncover critical job market trends, such as rising demands for specific skills requirements or notable changes in candidate behavior. Such insights enable recruitment teams to swiftly adjust strategies and maintain a competitive landscape, transitioning from reactive hiring to a proactive approach. This shift ensures efficient vacancy fulfillment and improves overall organizational agility.

Use AI and automation for predicting trends

Talent market intelligence significantly enhances recruitment decisions by analyzing talent supply and demand across various locations, assisting businesses in determining optimal sites for establishing operations, and strategically targeting recruiting efforts. 

By performing a competitor analysis to track their job descriptions, job postings, and hiring activities, organizations gain valuable insights into market dynamics, skill demands, and diversity and inclusion trends. With 3D data and enriched profiles, Marathon Health found the right insights to personalize outreach. Findem helped deliver 60% open rates for Marathon’s brand awareness in the market.

AI and big data further refine these processes, bringing precision to recruitment efforts by helping recruiters predict hiring trends and automating tasks such as resume parsing and potential candidate evaluation. Automation and AI dramatically reduce tasks previously requiring weeks to mere minutes, allowing recruiters to focus on high-value activities.

Adjust workforce planning based on strategic analysis

Effective workforce planning becomes possible through solid market intelligence, which analyzes talent career aspirations and regional employee data to enhance strategic decision-making. One such strategy is running relocation campaigns — outreach designed specifically to target candidates who are open to relocation, sometimes to towns you may have never seen on a map. By forecasting potential talent shortages, organizations can proactively plan for future workforce needs. 

Evaluating competitor recruitment activities further informs necessary adjustments in talent procurement strategies, such as decisions regarding hiring, training, or contingent work. Insights into market salary rates and salary expectations help recruiters set competitive compensation packages, enhancing talent attraction and retention. 

Real-time market data and comprehensive market knowledge enables proactive measures that minimize skill shortages and other HR challenges, maintaining organizational strength.

Reduce business costs and recruitment expenses

Implementing talent market intelligence significantly reduces recruitment expenses through improved workforce forecasting, allowing businesses to strategically shift hiring toward skill-rich cities, further decreasing hiring costs. 

AI and big data analytics streamline recruitment processes such as resume parsing and candidate screening, markedly reducing time and resources spent on recruitment. Deeper insights derived from rigorous market intelligence gathering facilitate informed decisions regarding recruitment expenses, hiring costs, and employee satisfaction. 

Moreover, AI-based recruitment technologies offer a competitive edge by improving internal mobility and reducing turnover. For example, employees promoted within three years of starting their roles are significantly more likely to remain with their employer, underscoring the value of aligning recruitment strategies closely with organizational goals.

Let Findem's talent intelligence products streamline your recruitment processes

The data-driven insights you get through talent market intelligence lead to more informed decisions and a competitive advantage for your talent acquisition team. Laura has partnered with Findem’s customer success team to streamline email outreach templates, resulting in significant time savings for her team. Today, she only needs 10 minutes to go from a search to a sourced candidate, and can turn a candidate into a hire in just one week.

Findem’s automation tools, data-driven strategies,  and other solutions help our clients make those informed decisions. This includes AI Recruiting, Talent CRM, and Analytics Essentials, offering powerful market insights for modern recruitment strategies.

Contact us or view our products to learn more about how our data-driven recruitment tools help our clients with their competitive intelligence and talent intelligence needs.

You can also request a demo today.