How important is it to analyze competition within an industry to better appeal to potential candidates? How can an organization use incentives to ensure it appeals to the employees it wants to hire?

• Exploring the competition within the labor market benefits the organization to better understand the current trends in the industry.
• Proper market analysis also helps human resource management to realize the skills of high demand, current compensation and other personal benefits, and attrition rates.
• It also helps the management draw strategies to entice the best skills available and bring them on board.
• Competition analysis guides the management to explore the gaps in their current hiring strategies.

How can the companies use incentives to appeal to the potential employees for hire?

• The benefits package should not only include a competitive salary but other additional benefits like flexible working hours, medical cover and work from home alternative. This is to appeal to any potential employee who considers a better work-life balance.
• Organizations should analyze the current trends in the job market and use that to structure their incentives accordingly. They should also factor in the financial and non-financial needs of an employee.
• Organizations should also consider including performance-based rewards to attract employees and motivate them. To make this more attractive, the company ought to position itself as a leader in giving the best career training opportunities to their employees.