What methods can you use to analyze talent supply and demand in your target market?

If you run a staffing service, you know how important it is to match the right talent with the right clients. But how do you know what skills and roles are in high demand and low supply in your target market? And how do you plan ahead for changes in the labor market conditions? In this article, we will explore some methods that you can use to analyze talent supply and demand in your target market and stay ahead of the competition.

1 Market research

One of the most basic methods to analyze talent supply and demand is to conduct market research. This means gathering and analyzing data from various sources, such as industry reports, job boards, surveys, interviews, and social media. Market research can help you identify the current and future trends, needs, gaps, and opportunities in your target market. You can use market research to find out what skills and roles are most sought after by employers, what salaries and benefits they offer, what challenges and pain points they face, and what expectations and preferences they have for staffing services.

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2 Workforce planning

Another method to analyze talent supply and demand is to use workforce planning. This means aligning your talent strategy with your business goals and objectives. Workforce planning can help you forecast the demand for talent based on your clients' needs, projects, and growth plans. It can also help you assess the supply of talent based on your current and potential candidates, their skills, availability, and retention rates. You can use workforce planning to create a talent pipeline, prioritize critical roles, optimize your recruitment and retention processes, and measure your performance and outcomes.

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Dawnette Cooke

Strategic I Collaborator I Leader I Consultant
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A major US insurance company was in a losing battle to larger firms or consulting agencies in attracting top-tier talent for highly sought after skills. They partnered with their MSP to analyze internal and market data. Using these insights, they shifted to a proactive approach. They cultivated a strategic talent pool, reaching out to potential candidates about future roles and projects. Within a year, they filled essential roles and built a growing talent pipeline, largely via referrals. This new approach, anchored in workforce planning and data analytics, modernized a more successful sourcing and resource utilization model. This offered predictability and stability, making the company a preferred choice.

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3 Data analytics

A more advanced method to analyze talent supply and demand is to use data analytics. This means using software tools and techniques to collect, process, and visualize large amounts of data from various sources, such as your internal systems, external platforms, and third-party providers. Data analytics can help you gain deeper insights into the talent market dynamics, patterns, and behaviors. You can use data analytics to identify the best sources and channels for finding and attracting talent, the most effective and efficient ways to screen and evaluate candidates, the most relevant and attractive factors to engage and retain talent, and the most impactful and actionable metrics to improve your results and value proposition.

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4 Competitive intelligence

A final method to analyze talent supply and demand is to use competitive intelligence. This means monitoring and analyzing your competitors' activities, strategies, and performance in the talent market. Competitive intelligence can help you benchmark your strengths and weaknesses, identify your opportunities and threats, and differentiate your services and solutions. You can use competitive intelligence to find out what skills and roles your competitors are hiring for, what prices and terms they are offering, what clients and sectors they are targeting, and what feedback and reputation they are receiving.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What methods can you use to analyze talent supply and demand in your target market?

1

2

3

4

5

1 Market research

2 Workforce planning

3 Data analytics

4 Competitive intelligence

5 Here’s what else to consider

Staffing Services

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What methods can you use to analyze talent supply and demand in your target market?

1

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3

4

5

1 Market research

2 Workforce planning

3 Data analytics

4 Competitive intelligence

5 Here’s what else to consider

Staffing Services

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