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Labor market research
Analyzing certain labor markets and their trends requires massive amounts of data. Depending on the scope of your investigation, your data needs could vary.
With Coresignal, you can do region-specific labor market research and gather insights into the overall job market situation of the region. Data points such as job title, location, country, salary, industry, employment length, and more will help you build a comprehensive picture of the labor market.
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Best data sources for labor market research
Largest Professional Network
Data from the largest professional network consists of over 646M employee and 156M job records and provides you with data points such as employee name, experience, job title, description, seniority, location, and more.
Indeed Jobs
Indeed Jobs data consists of over 151M records and provides you with data points such as title, company, location, description, company reviews, and more.
Glassdoor Jobs
Glassdoor Jobs data consists of over 4M records and provides you with data points such as job title, company name, location, salary range, and more.
Conduct labor market research by
Estimating competition
You can analyze how competitive a job position is in a specific region. Job postings show number of applicants for a position, which allows to determine the popularity of certain job positions.
Salary differences
You can conduct research in several different regions and determine the differences in salaries. You can select one or more job positions in one region, gather information, then do the same in another region to see how they compare.
Employment length
You can also see how long people tend to stay in the same workplace in different regions or job positions. With this data, you can draw conclusions that some jobs are more consistent than others. Also, it allows to establish employee loyalty.
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See the complete labor market picture
Job posting data combined with employee data allows you to analyze the job market in different regions. Not only will you be able to see the competitiveness of a job market, but also how long employees stay in a single role.
Identify opportunities for your business
By analyzing the labor market in other regions, you can make data-driven decisions for your own recruitment practices. It will be easier to decide on competitive salaries and implement sophisticated workforce planning.
Hundreds of unique data points
Our high-quality job posting and employee datasets include hundreds of unique data points from 10 data sources. This richness guarantees a high degree of flexibility in how you can use the data.
What is the labor market?
The labor market is where job supply and demand meet. The employees being the supply, and employers–demand. Employers are usually the ones that look for qualified people to do a job for compensation. In short, employers need a job done, an employee comes along and does it for salary.
What makes the labor market competitive is the number of current job openings and available candidates. When there’s a shortage of either, competition rises. If there are 50 applicants for a sales position, but only 5 positions available, it’s natural that the employer will have the luxury of choosing only the best skilled candidates. However, when there are 50 sales positions available, and only 5 candidates, a shift happens and then the candidates have more flexibility to choose a position with better pay or benefits.
That’s where labor market research comes in handy.
What is labor market research?
Labor market research is essential to keeping a sophisticated recruitment process. By knowing your labor market, you can more effectively find qualified talent and keep track of the compensation packages.
Labor market research consists of the following steps:
- Identifying different labor markets for certain positions;
- Tracking salaries for certain positions;
- Defining market trends;
- Regulating salaries and job position structures;
- Management consultation.
Identifying different labor markets for certain positions
If you are looking for a sales representative, it’s important to know the circumstances around that position. Is there a surplus? Is there a shortage? Once you have that information, you can make data-driven decisions about how long it might take to fill the position and implement workforce planning effectively.
Tracking salaries for certain positions
When looking for talent, information about salaries is essential to stay competitive and appealing to potential candidates. After all, it’s one of the most important aspects for both employers and employees. There is a very low chance to attract talent if you offer a salary that is way below the market average.
Defining market trends
This information could help you determine how often and by how much you should increase wages or give promotions to your workers. Labor market research allows employers to see the practices of other organizations and set certain benchmarks.
Regulating salaries and job position structures
Once you know what other companies offer to their employees, you can make certain adjustments. If you’re desperate to find a sales representative, you might want to increase your salary offer a little bit so the potential candidate is more likely to choose you instead of another company.
Also, labor market research helps structure your workforce. You could notice some abnormalities in your company structure. Maybe your customer service department has a lot more employees than the average company. Or maybe your company is behind in the marketing department. Labor market research could reveal a lot about your company’s structure.
Management consultation
When you get all the required information about other companies’ workforce, you can talk about certain restructuring strategies with your management and begin adjusting your business to the average standard. Or instead, you could find other companies in the labor market that do not work as well and take that negative example to improve your own company’s structure in other ways.
Other ways to use labor market research
The previous aspects of labor market research were related to business. However, it could also be a powerful tool for analyzing general labor market trends.
For example, it could be used to establish certain industries that are more competitive than usual in specific regions. It could also be used to determine what job positions are more popular in some countries or states than others.