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10 May 2022, 04:02 GMT+10
Every business runs on one asset more than any other - people. The success of a company depends very highly on who is working to achieve that success as well as how professional, passionate, and happy in their workplace they are. Therefore, everyone, from HR managers and company heads to investors, looks at the new trends in jobs when deciding what they have to do in order to advance their goals. Here is where labor market analytics can be of much assistance. It is the set of tools and techniques that uncovers important insights about the current status of the labor market and where it is headed.
Labor market analytics, as all similar types of research, begin with data. In order to conduct a high-quality analysis one first needs to gather or acquire the relevant data for it.
There are many data types that might be of relevance in labor market research. First and foremost, it is, of course, the data that is directly related with employment and job trends. However, even seemingly unrelated data that define broader market conditions might be crucial for particular research designs and approaches to market analytics.
Below are some examples of the data points that should be collected when performing labor market analysis. Naturally, the list is not extensive and many other alternative data types are valuable for such research.
Next to these fundament examples, there are various data that can lead to labor market changes. Thus, even social media trends or important social and political events produce data that can be used for labor market analytics.
Next important question is how to gather such data. A lot of information for labor market analysis comes from surveying both the employers and the employees. Surveys can reveal what both sides expect of each other as well as provide insight into their future plans regarding what sort of jobs are going to be offered and what kind of offers are more likely to be taken.
However, surveying takes a lot of time and is quite expensive to conduct. Many companies that want to benefit from labor market analytics need to use the online data gathering tools. Scraping the web for alternative data related to job market trends allows gathering more information faster. Of course, not all companies do it themselves. Many turn to specialized data providers to get the information they need for labor market analysis.
There are many use cases for the knowledge that is generated through labor market analytics. Below are some of the most important ways in which this kind of research is known to benefit businesses and financial firms.
Naturally, there is no way of listing all the business benefits of labor market analytics. In fact, it is not even possible to know them all, because deeper insights that come from data analysis sometimes benefit the firm in more ways than they could have expected. This all goes to show the importance of the role that data analytics play in modern business.
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