A market map can be used as a standalone piece of research, with no obligation to commit to a formal executive search process, or it can be used as the research stage of the executive search. If used as a stand-alone piece of research it can be utilised at a late date by your internal talent acquisition team. Or if you decide to use a different search firm to complete the hiring process it provides you with unique insights into where the talent is sitting in the market and helps you gather visibility that they have undertaken a thorough research process.
Recent Executive Search Assignments:
Group Reward Director (FTSE100)
CFO Europe (Industrial Conglomerate)
Group Risk Director (FTSE250)
Group Internal Audit & Risk Director (FTSE250)
However, if you do wish to convert the market map to a full executive search process using Aston fish’s executive search experts the cost of the market map will be discounted from the overall agreed executive search fee.
Aston Fisher has delivered market mapping projects across the UK and globally and our clients most often utilise this service in the following scenarios:
Both gender and ethnic diversity is high up the agenda when hiring in to many businesses, but everyone is looking, talent is scarce and their salaries are rising. Our observations are that diverse talent is being approached about opportunities 3-4 times more often and this means you need longer to create engagement and attract.
Market mapping can be particularly useful in situations where you are looking for diverse talent to complement existing team members in the future. We can assess the target talent pool and start engaging with them ahead of requirements materialising.
Undertaking a market mapping exercise assists in de-risking a search. Executive search can be an expensive and time-consuming process and for various reasons can sometimes be unsuccessful. By gaining a clear understanding of the talent in the market in advance of instigating a search can save time, money and frustration.
Preparing to move quickly:
An alternative use for market mapping is when you want to get ahead of a search. By this we mean you may have an upcoming succession issue or need to make a replacement of a key member of staff which is sensitive in nature, but don’t yet have full budgetary approval for the hire. By understanding who is out there in the market before you go to search you can save time when full recruitment budgets are approved.
A market map can also provide more detailed insights into particular area. For example, it can gather salary details of prospective candidates, contractual notice period details and individuals’ propensity to move to a new employer.
If you would like to discuss how Aston Fisher could help your organisation deliver a market mapping project, please feel free to give us a call.