In many cases, it is highly beneficial for a company to gather insights on its closest and most relevant competitors. A comprehensive labor market competitive analysis helps organizations gain a clearer understanding of key market players, their employer reputation, recruitment processes, and employer branding strategies—allowing companies to fine-tune their own approaches accordingly.
Market mapping is a strategic process that examines a company's market environment to gain insights into its sector, industry trends, and competitors. This process involves collecting and analyzing data on competitor organizations, salary benchmarks, hiring trends, and market opportunities.
Through this approach, businesses can assess how they compare to competitors, gaining valuable insights to refine business strategies, compensation models, and employer positioning.
For companies planning to establish an office in Hungary, market mapping can provide invaluable insights. This process examines the target industry, labor market needs, potential competitors, and various other critical aspects to ensure a well-informed market entry.
As a strategic partner, we go beyond simply mapping salaries and compensation packages. We also assess how the labor market perceives your company and provide guidance on enhancing employer brand attractiveness to secure top talent.
For foreign companies, understanding Hungarian workforce expectations is crucial—what working conditions employees seek, their qualifications, language skills, and salary expectations. These insights not only aid in decision-making but also contribute to employer branding strategies, helping businesses position themselves effectively in the job market.
Where and how a company engages with potential candidates is just as important as its overall market reputation. Even the most outstanding organizations can face hiring challenges if their employer brand and job opportunities fail to reach the right audience.
While companies typically open offices in Hungary with a specific purpose in mind, market research often uncovers additional opportunities. In many cases, businesses discover that the local talent pool can support a broader range of functions than initially planned.
By mapping the right candidates and workforce availability, companies may also identify new talent hubs that allow them to expand operational functions in Hungary. This can lead to significant cost savings, as Hungary offers highly skilled professionals at a fraction of Western European labor costs, making it an attractive investment location.
For Hungarian businesses, outdated salary structures, benefits, and career progression opportunities can lead to losing talent to more competitive employers. Even companies with strong reputations risk falling behind in candidate preference rankings if their compensation packages do not align with current market expectations.
To stay ahead, we recommend our market research and salary benchmarking services, which—when conducted annually—help companies remain competitive in dynamic, fast-changing industries. By continuously tracking market trends, businesses can effectively attract and retain talent, ensuring they remain a top choice for professionals in their sector.
