Within Healthcare IS’ Hire Value methodology, we discuss the importance of completing a market analysis prior to filling a position.
The purpose of a market analysis is to understand if the skills you’re looking for — the ones you listed in your job description — are actually available in your marketplace before you begin recruiting. Makes sense, right?
This is important for two reasons: First, there’s no greater waste of time than recruiting within a specific marketplace for candidates who don’t exist. Secondly, when leaders don’t have a sense of the total market for a particular skills set, many of them pass up on great candidates, thinking that there will be others to interview. (The reality is that they’ve already interviewed the best candidates they’re going to see.) In both of these scenarios, leaders end up unnecessarily increasing the amount of time it takes to fill a key role, which leads to work not getting done, additional stress being put on the current team, and/or dollars getting spent on contractors to do the job in the meantime.
Although hiring has slowed down since the emergence of COVID-19, our work environments have changed tremendously.
According to many industry leaders, the new arrangement of employees working from home has exceeded expectations in regard to productivity levels.
After analyzing personnel and performance, some leaders have gone on to say that between 30-35% of their team members could be moved to 100%-remote positions.
So, in addition to specific skill sets, employers must now consider additional factors when hiring, such as the impact of part-time and full-time remote work. This has made good market analyses all the more critical in terms of developing effective hiring strategies.
Employees required on-site every day will, on average, not commute more than 30 miles a day. Employees who have to be on-site only twice a week may be willing to commute 50 miles a day. If a position were to be switched to part-time on-site, the additional geographical reach could substantially increase the talent pool by adding to the area under consideration. And by offering a remote-work perk, it could also provide you with an advantage over your competitors who seek the same talent.
Imagine if you were to make a position 100%-remote with a few on-site meetings a year . . . The entire country would be your talent pool.
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