What is market intelligence?
Market intelligence is gathering and analyzing information about the external talent market.
What is the purpose of market intelligence?
The primary purpose of market intelligence is to provide the client with accurate, objective, and complete information about the organization and its competitors’ strengths and weaknesses, inform about possible crises, and monitor the implementation of existing solutions.
How can HR leaders benefit from market intelligence data?
Market intelligence helps HR leaders make strategic decisions on workforce planning in terms of:
- Using workforce demographic data through predefined reports to analyze the number of employees, turnover rates, and workforce composition. This information can be linked to headcount planning, budgeting, and critical talent processes such as recruiting and learning.
- Workforce cost planning and simulation provide access to a broad range of data to facilitate simulated planning scenarios and enable continuous performance monitoring.
- Analytics and measures help analyze HR processes such as payroll, employee administration, time management, benefits, organizational structures, relationships, and attributes of jobs and positions.
- Market intelligence helps HR leaders make strategic decisions on workforce planning in terms of also helps to analyze succession programs, talent management, employee skills, and qualifications and ensures continuity of operations.
- Strategic alignment, ensuring that all business activities align with the organization’s strategic goals.