Industry Mapping: The Secret Weapon of Modern Business
Modern businesses need to stay nimble, adaptive and proactive to get ahead, and more organisations have been discovering that industry mapping enables them to do just that.
What is industry mapping?
Industry mapping, or talent mapping, consists of pre-emptively creating a detailed and discreet report on who the best people in the industry might be to fill your executive, C-suite and leadership roles. These individuals could be currently working with clients, suppliers, competitors or even within your own organisation. Should a critical role open up, you’ll have an action plan of who has the interest and capability for the position.
There are several reasons that industry mapping can be your secret weapon in business:
You can reduce the time taken to fill a position and minimise your losses.
A global study by CEB found that the time to fill a position had reached 68 days, compared to 42 days in 2010. The cost of an average vacancy is almost $600 per day, but apply that to an executive or senior management role and you could be costing the company thousands in lost business and productivity. With pre-emptive industry mapping, you could fill the position sooner, cut those losses down to a small fraction and be back in productive mode before you know it.
You can be confident you’re hiring the best, not just the actively looking.
Typical recruitment fills positions with those who are actively looking for a new role, which unfortunately cuts out many of the best contenders who may not even be aware of the opportunity. Industry mapping takes the entire market into account, including senior management professionals who you may not know have a strong interest in working for your organisation. If the role opens up, you’ll know the best candidates to contact within minutes.
You can learn from your competitors. Each business operates differently.
It’s surprising how much you can learn from analysing the employment education and structures that competitors may have in place. They may be organising their teams differently, focusing training in certain areas or offering unique benefits for their senior management roles. With a thorough industry mapping report you can identify trends and stay one step ahead. Knowledge is power, after all.
Try to fill a crucial role quickly and reactively, and you’ll risk making a poor hire. Speak with the team at Kona & Co. today to begin the industry mapping process for your critical executive roles, and we’ll start building you a proactive list of interested and capable candidates.