3 Ways to Leverage Market Research to Attract, Retain & Engage

There is no doubt that employer-employee relationships have changed. Driven by a variety of factors, from the reimagining of work-life balance to shifts in skill sets and workforce demographics, these changes are reshaping the workplace as we know it.

The challenge of attracting and retaining talent is only compounded by the rise of remote workforces and the swift pace of technological advancements. As such, staying competitive in the market necessitates a strong focus on talent acquisition and development, which is where you want to leverage market research – a tool that is all too often overlooked when it comes to human resources.

Why Leverage Market Research?

It starts with attracting candidates.

Hiring the wrong candidate can not only be a time-consuming expensive mistake but also an expensive one. With that in mind, the first step in hiring the right people is a solid understanding of how to attract them.

First: Attract

Start by analyzing employment trends relevant to the candidates you are seeking. For instance, in the tech industry, there’s been a big shift towards roles in artificial intelligence and machine learning, so you might be more apt to look for candidates with experience in those areas.

Assess the broader supply and demand within your industry by looking at factors such as the availability of qualified candidates. For example, at 10k Humans, we partnered with a cybersecurity company to help them better understand the talent market.

We found that rival employers were offering higher salaries and more comprehensive benefits due to the talent shortage. So, we recommended that the company adapt its recruitment strategies to highlight the unique benefits it offers in its job postings.

Anticipate how the role you are hiring for will evolve over the next few years. As an example, roles in digital marketing are increasingly requiring skills in data analytics and automation tools as companies shift towards more data-driven marketing strategies. Do potential candidates possess the skills required to meet these future demands?

Equally important is understanding what candidates value in terms of lifestyle and professional growth. Evaluate how your company is perceived and its ability to meet these expectations. Desk research from various HR resources online can provide valuable insights, but don’t overlook the expertise of headhunters. These professionals interact with a wide range of candidates and can offer unique perspectives on making your job offers attractive while ensuring candidates are well-suited to your needs.

Additionally, consider interviewing your current employees. What initially attracted them to your company and what keeps them engaged? Did they notice any gaps in your hiring process and, if so, how can you address them from their perspective?

Next Step: Retain

Employee retention is unbelievably important. Turnover isn’t just bad for your bottom line; it’s a morale killer and doesn’t allow employees to have a deep understanding of your business and company culture.  To retain top talent, it’s essential to stay attuned to the evolving needs of your employees while also considering how to create opportunities for them to grow and learn in a way that is relevant to them.

Creating effective feedback loops can be tricky, but they are vital for understanding and addressing employee concerns. Establishing “shadow boards,” where employees collaborate across departments to tackle challenges, is a powerful way to engage your team.

These cross-departmental initiatives help achieve company goals and offer employees the chance to step out of their comfort zones and develop leadership skills. By removing traditional hierarchies from these groups, you empower employees to take on new responsibilities and grow within the organization. Then, you have the opportunity to ask your team about their experiences, genuinely listen to their responses, and be prepared to take action based on their input.

Just as customer retention and satisfaction are fundamental aspects of market research, applying similar feedback mechanisms to your employees should be a priority.

Finally: Engage

When it comes to employee engagement, there’s no lack of information on how it affects every facet of an organization. When employees are engaged, the positive impact can be seen across the board:

• Customer satisfaction increases in direct proportion to employee engagement.
• Profitability soars in companies with high levels of engagement, with a 21% increase according to Gallup.
• Sense of belonging is crucial, with 79% of employees in the Global Human Capital Trend Study indicating its importance, and 93% asserting that it drives their success.

Despite the clear benefits, there remains a disconnect – only 34% of employees feel engaged at work. With so much talk about quiet quitting and quiet vacations (the key word being quiet), this comes as no surprise.

More than anything else, this all ties back to communication.  Employees express a desire to get involved and want to feel enthusiastic, yet they often lack the information they need to fully engage with their company’s strategic mission and values.

To bridge this gap, reflect on your communication strategies. Reflect on what you communicate, how you communicate it, and how frequently you do so. Implementing quarterly “state of the union” addresses alongside monthly top-down newsletters can enhance information flow. Take things a step further and embrace a market research approach by directly asking your team what they need and how they want it.

Looking Ahead

Market research is an essential tool to take your attraction, retention, and engagement strategies to the next level. Regularly collecting data and adjusting your practices based on fresh insights will keep your organization agile and responsive. Maintaining an open and curious mind ensures you remain attuned to the evolving needs of your team. After all, your employees are just as important to your business as your customers – so, let’s treat them that way.