Empowering Leadership with Accurate Labor Market Data

As a nation, we have never had more data or greater access to insights than we do now. However, the capability to locate and understand that data isn’t always straightforward. Leadership teams need to be able to not only understand what insight the data is providing but also trust that the data is accurate. When senior decision-making and forecasting is at stake organizations need to be confident in their sources.

Let’s consider how labor market data plays into the process of growth and leadership functions within an organization. This data isn’t simply about solving talent challenges; it empowers businesses to understand trends, skill shortages, and market demands allowing leadership teams to make informed decisions about recruitment, workforce development, and strategic planning.

To hear more about how Horsefly's data helped Liverpool City Region to empower policy decision-making, take a look at this client story video. 

Horsefly Analytics: Bridging the Gap

Horsefly Analytics excels in delivering precise and actionable labor market data, making it an indispensable tool for leadership teams. By leveraging Horsefly's platform, organizations gain access to comprehensive insights that include not only location, compensation, and demographics but also predictive trends and competitive intelligence.

This data-driven approach not only enhances operational efficiency but also supports proactive talent management, ensuring the organization can adapt and thrive in a dynamic market landscape.

Labor market data informs:

• Company expansion

• Location

• Competitive activity

• Labor retention

• Talent acquisition

• Diversity targets

• Industry-specific skills forecasting

For a client story on how performance metrics and market insights helped to elevate Sanderson's quarterly reviews with data-driven consulting - check out this video.

Labor market data shapes business strategies in many ways. Here are some common leadership challenges we find organizations are utilizing this data most commonly for:

Job Eliminations

Around a quarter of jobs are set to change in the next five years. Consequently, 69 million jobs will be created and 83 million eliminated by 2027, resulting in a net decrease of 2% of current employment. Understanding what these new requirements will be and correlating the required skills is a leadership priority.

Labor Skills Disruption

Furthermore, by 2027, businesses predict that almost half (44%) of workers’ core skills will be disrupted. A contributing factor is AI which is widely reported to be a key disruptor. Although it’s wise to note that the impact of AI is not going to be "an employment apocalypse," but instead this means organizations will need to reskill, upskill and build lifelong learning structures as a fundamental approach.

Gender

Accessing ‘DEI Data’ and insights for talent pools across the globe is essential for diversity strategies which are a key leadership priority. As an interesting example, ‘World Bank Group’ predicts that a potential impact of $172 trillion will result from closing the gender earnings gap for the global economy.

The Gen Z Problem

Gen Z currently accounts for about 2 billion of the world’s population and is expected to represent 27% of the workforce in OECD countries by 2025. Leadership teams need to understand and meet their expectations, which differ from other generations. Horsefly ‘Trend Analysis’ can dig out the insight that drives solutions on how to deliver against these changing workforce needs

Future Trends & Market Insight

Horsefly Analytics ‘Longitudinal Historic Trend Analysis and Future Projections’ data monitors and processes historic movement, supply and demand data to give leadership a better handle on future trends and aid predictive forecasting. This Trend Analysis can be performed for any target talent group or region, right down to town-by-town detail.

Accuracy

Accuracy when it comes to data means ‘complete’ and rich data. Data accuracy essentially refers to the correctness of values within that dataset. Data completeness, on the other hand, refers to the extent of data coverage.

Horsefly data is the most accurate and robust collection of data available in the market, including the most granular taxonomies for skills, job titles, and locations.

Our data sources are broad but here are just a few:

• Government & University Data – We monitor what graduates universities are producing.

• Job postings – We compile thousands of job postings a day to ensure an accurate picture of demand.

• Social profiles – Information is taken from social profiles giving us a robust picture of labor market trends and availability.

Let us give you a head start with a FREE no-obligation consultation and custom demo.

We can help leaders and extended teams understand how Labor Market Data can be utilized to inform strategic decision-making. Learn how.

Sources: World Economic Forum Report 2023, Worldbank.org, Deloitte, Weforum, Reuters, Forbes, Horsefly Analytics, Future of Jobs report 2023, Precisely, Organisation for Economic Co-operation and Development