What is Competitive Intelligence? At BRS Global we define Competitive Intelligence as ‘The gathering of market information from key competitors or select target organisations including specific job functions, staff numbers, locations, remuneration and benefits. The data is geared towards supporting a client’s business decisions. A wide variety of services are considered part of Competitive Intelligence, and at BRS Global we offer the following:
1) Market Mapping
What it involves: This term is somewhat open to interpretation, the we would describe it as undertaking a study of competitor or other organisations departments to identify the organisational structure as well as the names and hierarchy of those performing specific roles. This information may be delivered as an Org Chart or a simple list, depending on your requirements.
When you might use it: In order to educate the business on the market in a new territory, to help decision making on whether to enter that market, as well as acting as preliminary research ahead of a concerted talent acquisition project.
2) Competitor Analysis
What it involves: Researching into competitors to gain a high level overview of their structure, size and location as well as possibly understanding remuneration levels and bonus structures.
When you might use it: As preliminary research ahead of a concerted talent acquisition project, in order to identify relevant candidates or departments in related organisations. As with Market Mapping above, this service also provides the benefits of educating the business on the market in a new territory and can aid decision making on whether to enter that market.
3) Salary Surveys
What it involves: An investigation into remuneration levels for a specific role or group of roles, including additional benefits such as bonus schemes, stock agreements, car allowances, travel expenses etc. A sample is taken from across the market to ascertain an industry average, and particular attention may be paid to the salaries offered by direct competitors.
When you might use it: To get a feel for the most relevant salary and package for a role, in order to best prepare when offering a position to a candidate, ensuring it is both fair in terms of the market as a whole and the hiring organisation in particular.
4) Succession Planning
What it involves: The process of identifying suitable talent, either internally or externally, in preparation to replace key members of staff should they exit the organisation unexpectedly.
When you might use it: The sudden loss of key members of staff, or individual members of the executive board, can have a detrimental effect on a business and prevent its smooth operation. It is therefore prudent to have contingency plans in place. You wish to mitigate the risk of this scenario by undertaking a search to find the best talent in the market, meaning you have access to, and choice of, pre-engaged candidates so the right hire can be made in short timescales.
5) Employer Brand Audits
What it involves: An investigation carried out to ascertain how potential employees perceive the organisation seeking to hire them. For example:
• Have they heard of the company?
• If they have what preconceptions do they have of it, are the feelings positive or negative?
• Even if they haven’t heard of the company before this is also useful feedback to have.
During this exercise we will equally be seeking to raise awareness to potential candidates of the Employer Brand image which the client is seeking to project in the market.
When you might use it: If you wanted feedback on how effective your recent employer branding campaigns have been. Or whether you need to begin a series of targeted campaigns and where best to start. It also provides you with a good basis for moving on to Recruitment Research where you can then go on to target particular candidates who you feel might be receptive towards a move into the company.
6) Candidate Screening
What it involves: Assessment of candidate skills against a job requirement.
When you might use it: You’ve placed an advertisement for a position you wish to fill and expect a large response. In order efficiently manage your time, you would prefer BRS Global to make the initial selection of candidates according to your criteria. From our output you will then be able to select the most relevant candidates for interview.
Candidate screening is also available as part of a wider package of time saving services where BRS Global will carry out a candidate search for you, conduct a professional approach to the candidates who best fit your criteria, screen individuals for the best culture fit then pass on all found data in order for you to begin interviews, with the option to then go on to create a dedicated Talent Pipeline.
7) Feasibility Study
What it involves: Usually geared towards international organisations, BRS Global undertakes a study in agreed locations on the availability of skills, cost of skills, likely time to hire, cost of hire.
When you might use it: Useful, for example, to assess the best location for opening a new office, for a departmental relocation. A specific example of a past BRS Global Feasibility Survey can be found on our Competitive Intelligence Case Study page.
We hope this article has been useful in clearing up any confusion you might have had regarding different forms of Competitive Intelligence. If you would like to know more about any of the services listed above, or would like to hear more about any of the services mentioned on our website, you can contact us by requesting a call back through http://www.brsglobal.com/contact-us/, emailing us at firstname.lastname@example.org or by calling us directly on +44 20 7748 4393.