Talent market mapping is an integral part of attracting the best insurance executives to your business.
It plays a crucial role in helping insurance businesses understand and interpret the distribution of talent across their industry segment. Talent market mapping helps insurance organizations identify and recruit insurance executive talent with the skill levels, competencies and experience required to lead and sustain profitable business growth.
But what is Talent Market Mapping and what purpose does it serve in the search for the best insurance executives?
Talent market mapping is simply analyzing the talent in the market.
It involves a forensic seeking out of all those that match the candidate profile and assessing their employment status.
This can be both internal talent within an existing insurance business as well as those who are currently employed at a competitor organization.
It provides insights into the talent landscape, helping businesses attract the best candidates and make informed recruitment decisions.
The key aspects of talent market mapping in the insurance executive search process:
Identification of skill levels – market mapping reveals the skill levels and expectations of candidates for specific roles.
The spread of insurance talent – it illustrates where top-tier candidates are located geographically or where there might be a dearth of insurance executive talent.
Understanding the competition – market mapping gives insight in to the talent pools at competitive insurance businesses.
It allows insurance businesses to refine their view of who the competition is when it comes to talent and how the landscape is likely to change over time.
Why is talent market mapping important within insurance executive search?
Talent market mapping can offer a range of advantages including:
Insurance businesses entering new geographic markets or launching new services can gain a strategic advantage from understanding the availability of talent within a specific location or with the skills sets to match requirements.
Talent market mapping allows insurance businesses to be proactive with their hiring as opposed to reactive.
Insurance businesses can gain insight in to the availability of prospective senior management candidates or future leaders as part of their succession planning too. This enables proactive recruitment, allowing them to identify talent in advance of a specific need.
Insurance businesses can also use talent market mapping to understand the perception of their business or that of competitors within a specific location or insurance industry segment.
With these talent market mapping insights, businesses can make adjustments to areas such as their EVP, career progression opportunities, as well as compensation and benefits to attract the very best insurance talent.
Insurance HR and talent acquisition professionals can use the data to inform future hiring decisions and the incentives needed to attract top-tier insurance talent.
As a result, insurance organizations can create candidate profiles based on robust, objective market data.
Comprehensive talent market mapping positions insurance businesses ahead of the curve, allowing them to direct their time, energy and search efforts at the right candidate profiles in the right geographic areas.
Here are two other insights which might be of interest:
Harnessing the Power of Market Mapping in Senior Insurance Leadership Recruitment
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