Access to labor market data allows HR professionals to make informed decisions. In a survey by the Society for Human Resource Management (SHRM) found that 75% of HR leaders reported using labor market data to guide their recruitment strategies.
Common data analyzed includes salary benchmarking, job demand, and talent availability focusing organizations on offering competitive compensation packages and attracting the best talent.
You can know the data but challenges often arise, around:
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Crafting job titles that fail to resonate with potential talent
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Filtering out individuals effectively due to excessive skill requirements
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Misalignment of salary expectations with market rates
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Locating talent in remote areas
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Achieving gender diversity in male-dominated roles and locations
Horsefly Analytics offers precise labor market insights that tackle these challenges directly. By delivering real-time data on talent availability, salary benchmarks, and demand trends, Horsefly Analytics empowers HR and workforce teams to create compelling job titles that attract the right talent pools, set competitive salaries, and pinpoint optimal recruitment locations.
Additionally, the Horsefly Analytics platform addresses the data needed for diversity goals by highlighting gender disparities in specific roles and regions.
Targeted Recruitment
For instance, our data indicated that tech talent is concentrated in US cities like San Francisco, Austin, and Seattle. By targeting these locations, companies can focus their recruitment efforts and resources on areas with a high concentration of the desired skills, increasing the chances of finding suitable talent pools. Additionally, by partnering with universities producing graduates with the right interests, you can build talent pipelines.
Horsefly’s labor data is about realizing talent from the inception of those skills which drive TA teams and workforce professionals to build an insightful and proactive data-driven sourcing approach for the best talent anywhere.
Predictive Analysis
Using predictive analytics, organizations can forecast future hiring needs and trends. According to a 2024 report by Gartner, companies that utilized predictive analytics in their recruitment processes saw a 25% increase in hiring efficiency. This approach allows businesses to anticipate talent shortages, prepare for market shifts, and develop proactive recruitment strategies, ensuring a steady pipeline.
Longitudinal Historic Trend Analytics and Future Projections, like those delivered by Horsefly, give visibility into supply and demand movements in target talent markets from up to 3 years before. This predictive forecast keeps organizations ahead of the curve with valuable insights into the past, present, and future.
Enhanced Diversity & Inclusion
Labor market insights also contribute to building diverse and inclusive teams. A study by McKinsey & Company revealed that organizations with diverse teams were 35% more likely to outperform their peers. By analyzing labor market data, companies can identify underrepresented groups and create targeted initiatives to attract a diverse talent pool, fostering innovation and improving business performance.
We are providing businesses with granular ethnicity insights providing a comprehensive view of specific job roles and skill sets, globally allowing strategic hiring, enhancing diversity.
Reduced Time-to-Hire
Efficient recruitment processes are crucial in a competitive job market. Data from Glassdoor in 2023 showed that the average time-to-hire was 23.8 days. However, companies using labor market insights were able to reduce this time by 20%, thanks to streamlined processes and better talent targeting. Faster hiring not only secures top talent before competitors but also reduces recruitment costs and enhances overall productivity.
