{"id":4187,"date":"2021-12-01T13:50:56","date_gmt":"2021-12-01T17:50:56","guid":{"rendered":"https:\/\/lgcassocprod.wpengine.com\/?p=4187"},"modified":"2023-10-30T16:21:12","modified_gmt":"2023-10-30T20:21:12","slug":"why-knowing-your-market-is-key","status":"publish","type":"post","link":"https:\/\/lgcassociates.com\/es\/why-knowing-your-market-is-key\/","title":{"rendered":"Why Knowing Your Market is Important for Hiring in 2022\u00a0"},"content":{"rendered":"

Every week we comb through the news to find employment trends affecting the hospitality\u00a0industry\u00a0so you don\u2019t have to. This week\u2019s topic: the importance of knowing your market and why it\u2019s key for hiring in 2022.<\/span>\u00a0<\/span><\/p>\n

We all know that hiring is hard right now. The pandemic shifted the marketplace from employer driven to employee driven. Creating a competitive and attractive employment package, whether for hourly staff or C-suite executives, is a challenge in what feels like a continuously shifting and unpredictable economic landscape.<\/span>\u00a0<\/span><\/p>\n

Knowing your market \u2013 how much do you really know?<\/span><\/b>\u00a0<\/span><\/h5>\n

When\u00a0you\u2019re looking to hire\u00a0new candidates, what\u00a0type\u00a0of data do you use to help you make informed recruiting decisions?\u00a0How do you know what\u00a0compensation packages\u00a0or\u00a0pay rates to offer,\u00a0or what\u00a0candidates are looking for in their next job?\u00a0<\/span>\u00a0<\/span><\/p>\n

When thinking about knowing your market, how much do you really know? With wages increasing, inflation in play, and a changing economic landscape, the LGC team is hearing a lot of questions from human resources partners and business leaders who want to know what makes a competitive compensation and benefits package. In order to start building a compensation package, you need to know what similar businesses are offering in order to stay competitive. Other factors like geographic data, market saturation, and employment trends also come in handy when considering how to attract top talent. <\/span>\u00a0<\/span><\/p>\n

If you aren’t familiar with some (or maybe most) of this information, you\u2019re not alone. But by knowing your market, you\u2019ll likely find more success when hiring in 2022 because you\u2019ll better understand your audience. <\/span>\u00a0<\/span><\/p>\n

How this knowledge will help you better hire<\/span><\/b>\u00a0<\/span><\/h5>\n

Knowing your market means you can go into the recruiting and hiring process armed with knowledge. You can make more informed hiring decisions, retain workers better, and stand out amongst the competition as \u2018the place to work.\u2019 Plus, backing your decisions with data will show candidates that you\u2019re responding to the current employee-driven environment. <\/span>\u00a0<\/span><\/p>\n

So\u00a0what\u00a0<\/span>factors<\/span><\/a>\u00a0are candidates considering when looking for a new job, and what questions might they be asking?\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n