In the United States alone, there has been an 18% increase in candidate job applications. As a result, tracking job changes in the market is becoming increasingly important for businesses worldwide.
The shifting roles of key personnel can provide crucial insights into market trends, investment opportunities, and customer dynamics.
Understanding these movements can help you stay ahead, make informed decisions, and maintain a competitive edge.
Let’s see how you can do it.
Why track job changes?
Job changes can serve as valuable signals about the market's direction and a company’s internal dynamics.
Monitoring these movements offers several advantages:
- Identify new opportunities. For investors, changes in key executive roles can indicate a company's future performance. New leadership might suggest a strategic shift or new company goals, influencing investment decisions.
- Strengthen customer relationships. In sales, tracking job changes helps maintain relationships with key contacts even when they move to new companies. This ensures continuity in sales pipelines and can open doors to hot leads and new prospects.
- Competitive intelligence. Job changes within competitors can reveal insights into their strategies and market positioning. This information can be crucial for adjusting your business tactics.
- Improved talent acquisition. For HR professionals, knowing when key talents are on the move can help you target top candidates more effectively, ensuring your organization attracts the best people at the right time.
- Job market research. With the job market as volatile as it is, it’s imperative for market research companies to keep a pulse on employee movement tendencies, ensuring consistent and accurate job market insights.
Catching job movements in the market
Tracking job movements can reveal important signals, especially when focusing on key executives and employees in influential roles.
Company data allows to track key executive arrivals and departures, providing a real-time look at market dynamics.
Use cases for tracking job movements
- Investment insights. For venture capital and private equity firms, monitoring executive changes can be crucial in evaluating a company's health and future potential. For example, a sudden departure of key executives might signal underlying issues that could affect investment decisions.
- Sales strategy optimization. Sales and marketing teams can use job change signals to keep their CRM updated with current contacts, allowing them to maintain strong relationships and identify new leads when their contacts move to different companies. Tools like LinkedIn Sales Navigator provide real-time notifications of job changes, ensuring that sales reps can act promptly on these shifts.
- Competitive analysis. By tracking where talent is moving within your industry, companies can gain insights into competitor strategies and talent acquisition trends. If a competitor is losing key personnel, it could indicate internal challenges you might capitalize on.
- Product development. For business owners, understanding market dynamics through job change tracking can inform product development strategies. For instance, a competitor hiring a renowned expert in a particular technology might signal a strategic pivot toward that technology. This insight allows companies to adjust their own product roadmaps and invest in innovation areas that align with market trends and customer needs.
These are a few examples of how job change data can be used. As with every other data category, the possibilities are only limited by your own creativity and business goals.
Tracking customer base job changes
Job change tracking is equally valuable when monitoring your customer base. Understanding your customers' organizational shifts can help you anticipate changes in their needs and adjust your strategies accordingly.
Signals you can get from tracking customer job changes
- Customer health assessment. If key decision-makers or power users within your customer base leave, it may signal potential churn. This early warning lets you proactively engage with new contacts to secure your position.
- Upsell and cross-sell opportunities. Tracking when your primary contacts get promoted or move to roles with greater decision-making power can present opportunities for upselling or introducing additional services to target accounts.
- New business potential. When your contacts move to new companies, they often bring their vendor preferences. This can open doors to new business opportunities if you maintain strong relationships and track these movements. Leveraging accurate data on job changes ensures you can identify these shifts and act quickly.
How to automate job change tracking?
Even though there might be numerous ways to automate job change tracking based on specific needs and goals, here are a few of our best choices.
Webhooks for Employee API
Webhook subscriptions enable you to track job changes in real-time by setting up automated notifications.
These notifications alert you when your tracked employees or executives change jobs, providing immediate insights you can act upon.
For example, using Coresignal’s Employee API, you can set up webhook subscriptions that notify you whenever the positions of your tracked contacts change. This automated tracking saves time and ensures you never miss critical market updates.
Multi-source company data
Using our multi-source company dataset, which includes fields like key executive arrivals and departures, businesses can monitor shifts at the executive level.
This dataset provides structured information, including the name of the executive, their job title, and the date of the change, which can be integrated directly into your CRM systems for easy access and analysis.
AI-powered tools
AI recruitment tools and talent intelligence platforms can automate the monitoring of job changes across your network.
These tools track job changes and suggest the best candidates for your open positions, enhancing your talent acquisition strategy.
Enriching CRM with job change data
To truly leverage job change tracking, it’s essential to integrate this data into your CRM system.
Enriched CRM systems allow businesses to keep their contact lists updated automatically, maintain engagement with key contacts, and trigger personalized communication strategies based on recent job movements.
Benefits of CRM integration
- Enhanced contact management. Keep your CRM updated with the latest information about your contacts' roles and companies. This helps you target communications accurately and maintain relevant conversations.
- Proactive engagement. By knowing when key contacts change roles or companies, your sales team can reach out proactively to offer congratulations, reconnect, or explore new opportunities.
- Targeted marketing campaigns. Use job change data to refine your marketing efforts, targeting individuals more likely to need your products or services based on their new roles.
Conclusion
Tracking job changes is about understanding the underlying shifts in the market, identifying opportunities, and maintaining a strategic edge.
By automating the job tracking process through APIs, leveraging multi-source data, and enriching CRM systems, businesses can turn these insights into actionable strategies that drive growth and success.
