How often do knowledge workers track competitors’ hiring trends to make better strategic decisions?
Chances are it's not often enough. Knowing who competitors are hiring can reveal rich information about their next big move. For instance: Are they going to expand their offices? Are they opening a new department? Are they launching a new campaign?
You may wonder how to detect this information when tracking competitors. Actually, useful data can be found on job boards, LinkedIn accounts, and even on your competitor's website. CI technology can automate the way you collect data so you can proactively respond to your competitors’ hiring trends.
Here are a few examples of what you can discover from monitoring competitors’ hiring trends and practices:
1. Who Are They Looking to Hire?
Competitor job listings can spill the beans about what’s going on behind the scenes. Are they looking to fill spots in the marketing department or on the R&D team? If they’re expanding their marketing department, for example, it’s likely they’re prepping to launch a new marketing campaign requiring specialized manpower. If they’re actively looking for developers, it could signal an upcoming product release. Although this information could represent labor demand, it could also suggest the competition is actively planning and assessing the talent in the market. So if you want to track competitors effectively, it’s important to start paying attention to this now. Employers are not always in a hurry to fill spots since the right hires are so important. Oftentimes, hiring moves indicate competitors lost an asset to their team and are actively looking for a replacement. If you track competitors hiring trends, you will have enough time to respond with complete information.
2. Who Have They Hired?
It’s also important to know who’s been brought on board. A great way to monitor industry hires is to let CI technology pull information from LinkedIn. Analyzing a competitor’s new hires will generate accurate information about the direction they're heading. Was only one position hired or was there a hiring frenzy in a specific department? Employees often like to boast about their roles, especially if they are excited about their new job. Job roles and responsibilities can be a key factor in tracking a competitor’s intentions. This kind of information can be valuable for prospecting or when creating buyer personas for B2B marketers.
3. Who Have They Fired?
On the flip side, who your competitors have fired can reveal juicy insight. Was there a scandal that led to someone quickly being let go? Perhaps someone behaved unethically and was asked to immediately clean out their desk. While this information can be exciting to hear about, it could leave your competitors’ derailed. Until the position is filled with the right hire, your competition is going to have a lot more on their plate. This can delay a new launch or product release. If they refuse to change their timeline, the quality of their product may decline. After all, great haste makes great waste. CI technology helps you track your competitors and turn their hiring trends into your competitive advantage.
4. What are their skills?
You can’t be partially educated if you want to track competitors. Knowing the exact talent levels and skills they’re looking for is just as important when monitoring hiring trends. This data can uncover the time frame a competitor has for their next launch, as well as shed light about their intentions. If only entry levels were brought on board, it’s likely they were hired simply to support another department. That would not be as much of a red flag as several hires for different levels at the same department. If a new department or business unit is in the works, you would know this from job boards as well. That can represent expansion in markets, or indicate a sharp focus on strategic projects.
5. Where are they located?
If the competition is headquartered in New York, but begins hiring candidates in California, it’s an indication that they’re expanding to the west coast. You should make conclusions like this when you track competitors, and then dig further. This can give accurate insight on their pace of growth, as well as what other markets they’re targeting. If the competition is growing quickly, it’s crucial to be fully aware of what strategic decisions they’re making. This information is found by monitoring competitors’ job boards and LinkedIn pages.
Being able to track competitors’ hiring trends can help you form conclusions on what your organization must do to be prepared and compete. An organization’s biggest asset is talent. Understanding who works for your competitor and what their role is, is crucial to your company’s own competitive advantage. Lastly, once you’ve built a compelling business case using accurate assumptions, share your knowledge with key employees to develop a plan of action.
There are many ways to implement data management and competitive intelligence software to a company's department functions. To learn how to gain a competitive advantage using business intelligence and competitor monitoring software in your department, download one of our helpful competitive guides.
What do you think? Have you received insights from tracking your competitors' hiring activities? How do you keep track of it all?