Labor market data
/in /by Dmytro RodionovLabor market data
What is labor market data?
Labor market data includes data on the labor force obtained through external sources, such as job portals, career websites, social business networks, patents, university data, learning offerings, online courses, public statistics, and governmental sources.
How is labor market data analyzed?
Labor market data analysis is a five-step process:
First, identify the area within which employers are competing for labor.
Second, conduct market surveys to determine salaries for specific positions.
Third, work with management to validate market areas, competitors, and job matches.
Fourth, identify market trends such as salaries and working conditions.
Make crucial changes allowing the organization to compete effectively for employees in the job market.
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Labor market trends
/in /by Dmytro RodionovLabor market trends
What are labor market trends?
Labor market trends, or labor workforce trends, are critical for helping employers make the best workforce-related decisions possible to thrive in a changing economy. For example, digital training includes upskilling the workforce to meet trending automation processes.
What decisions can labor market trends help HR leaders make?
HR leaders can use labor market trends to make choices related to the organization’s human capital, careers, and skills. Trends can help them decide:
1) If the existing supply of employees reflects the needs of the business
2) If the focus should be on retraining current staff or hiring new employees to meet expected changes, such as when introducing new products or technological innovations
3) What skills and competencies are available, and which will be essential in the future
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Leadership assessment
/in /by Dmytro RodionovLeadership assessment
What is a leadership assessment?
The process of identifying and describing an individual’s unique characteristics as they pertain to leading, managing, and directing others and defining how such characteristics fit into a given position’s requirements is called leadership assessment.
Why should HR conduct leadership assessments of employees?
Leadership assessment is an effective way to identify employees who can be good future leaders. It provides valuable knowledge for the company, revealing whom to count on during and groom for an emergency.
How often should leadership assessments be conducted?
It’s important to remember that leadership assessment is not a one-time event. Leadership assessments should be conducted regularly to ensure they remain relevant. As senior leadership teams change and grow, so will areas of strength and weakness. Assessment is an ongoing process that helps the HR department to adapt the leadership style to best meet the organization’s needs.
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Learning journey
/in /by Dmytro RodionovLearning journey
What is a learning journey?
A learning journey is a strategic approach to developing specific skillsets.
How can you encourage employees to go on a learning journey?
A successful learning journey depends on employee engagement. The objectives and goals must focus on the individual. What are their needs? What are their desires? What are their constraints? The goals and objectives should also coincide with the organization’s mission and values.
How can HR leaders measure the learning journey of employees?
As the learning journey progresses, HR leaders must establish milestones for the team to ensure that each individual completes their training on time. Leaders should also regularly meet with their employees to discuss their progress and have a place for the individual to apply their new knowledge and skills. Meeting with the team will ensure they fully understand what they’re learning and see a change in the team’s behavior.
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Location analysis
/in /by Dmytro RodionovLocation analysis
What is location analysis?
Location analysis evaluates a location’s potential, namely in terms of labor market supply, labor costs, workforce demand, and competitors.
What are the components to take into consideration for location analysis?
As part of any location analysis, organizations need to consider aspects such as:
- Talent pool availability
- Cost of living and doing business
- Real estate opportunities and costs
- Available infrastructure such as transportation, technology, etc.
- Quality of life, which is especially critical if relocating current employees
- Risks
- Government incentives
How can you measure your competency framework?
The most common method for measuring a competency framework is a 360-degree assessment. In this method, employees first rate themselves on their performance at work. Second, superiors or managers are asked for employee performance feedback. Finally, the average of both assessments is taken to determine which areas employees should work on to become more effective.
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Market insights
/in /by Dmytro RodionovMarket insights
What are market insights?
Market insights are discoveries made during market analysis.
What are the steps involved in obtaining market insights?
1) Defining the project’s goals and understanding the root information to be obtained by market research. Critical problems or opportunities need to be acted upon to comfortably make decisions; the job of a market researcher is to obtain solid data for decision-making.
2) The second step is defining the objective of the research. A proper research process must involve a survey, focus group, and other variables.
3) Once data has been collected, it needs to be analyzed. The process may involve statistical tools.
4) Market insights are then visualized and communicated to the client. These insights point to opportunities or possible solutions to overcome shortcomings.
What can be the biggest roadblock to quality market insights?
Market insights can be of poor quality when more attention is given to techniques than results. In addition, a poor choice of analytics can lead to market insights being misaligned with client needs.
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Data-driven recruiting
/in /by Dmytro RodionovData-driven recruiting
What is data-driven recruiting?
Data-driven recruiting is the of use tangible facts and statistics to make hiring decisions, from selecting candidates to creating hiring plans.
What role does data-driven recruiting play in talent acquisition?
Data-driven recruiting benefits talent acquisition by:
- Reducing bias in the talent selection process
- Increasing diversity in the recruiting funnel
- Optimizing recruiting processes like time to fill
- Improving the quality of hires
How does data-driven recruiting improve the quality of hires?
A data-driven recruiting model provides accurate insights into prospective candidates through assessments, personality testing, skills competency tests, and other techniques. Data-driven recruiting can help HR managers make hiring decisions by showing variables that may not be made known during face-to-face interviews or by reading resumes.
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Agile career pathing
/in /by Dmytro RodionovAgile career pathing
What is agile career pathing ?
Agile career pathing is a proactive approach to supporting employees with career growth opportunities through talent development, upskilling, reskilling, and cross-skilling.
What are the benefits of agile career pathing?
The three main benefits of agile career pathing are improved employee engagement, greater productivity, and reduced turnover.
How can you get started with agile career pathing?
The first critical step to starting agile career pathing is to recognize the skills and talents of your organization’s employees.
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Competency framework
/in /by Dmytro RodionovCompetency framework
What is competency framework ?
A competency framework is a thorough and specific account of the skills and attributes employees need to more competently perform their jobs in the future.
What is the competency framework in HR?
A description of actions HR leaders need to take to be effective in their roles in order to meet long-term business goals is called a competency framework in HR.
How can you measure your competency framework?
The most common method for measuring a competency framework is a 360-degree assessment. In this method, employees first rate themselves on their performance at work. Second, superiors or managers are asked for employee performance feedback. Finally, the average of both assessments is taken to determine which areas employees should work on to become more effective.
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Career mobility
/in /by Dmytro RodionovCareer mobility
What is career mobility?
Career mobility is the planned and organized upward, lateral, or career change movement in employees’ job positions.
Why is career mobility important?
For an organization, career mobility helps to develop internal talents and reduces costs related to hiring new employees and turnover. For employees, career mobility helps to increase job satisfaction by stimulating personal growth.
How can you implement career mobility?
The following are three basic steps to implement career mobility in the workplace:
1) Identify open roles, projects, or assignments
2) Determine whether an internal employee can take on opportunities instead of externally sourced candidates
3) Determine the cost of training required to fulfill job responsibilities compared to hiring a new candidate
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Capacity gaps
/in /by Dmytro RodionovCapacity gaps
What are capacity gaps?
Capacity gaps represent a significant difference between an organization’s goals and objectives. As a result, an organization fails to follow its mission and vision.
Why do capacity gaps occur?
Capacity gaps occur and widen when:
- The board involved in making operational decisions is not qualified or does not exist
- Performance issues or excessive turnover are not addressed
- Leaders are detached from the rest of the organization
- The organizational communication structure is not well-defined
What are the key indicators of an overly wide capacity gap in an organization?
Key indicators of widening capacity gaps are:
- Too few employees to manage the workload
- More employees but less work accomplished
- Employees not having the skills to complete tasks
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Cross-skilling
/in /by Dmytro RodionovCross-skilling
What is cross-skilling ?
Cross-skilling includes onboarding and training employees in multiple job functions and skillsets.
Why is cross-skilling important?
Human resource management includes cross-skilling as part of the learning and development strategy to:
1) Be better prepared for unexpected workforce shortages by closing skills gaps, stabilizing the workflow, and adding a layer of protection to all key positions
2) Expand employees’ skillsets so employees can be more valuable in their future roles within the organization
3) Improve retention by motivating employees and positioning them for upward career growth
4) Create and strengthen the internal talent pool for filling open positions, helping the organization save money and time that would otherwise be spent on recruiting and training when hiring an employee externally
5) Increase employees’ capacity to provide extra support and balance the workload during hectic times
What is the difference between upskilling and cross-skilling?
Upskilling refers to employees learning additional skills to better perform in their existing roles. For example, providing coding workshops to employees in the programming department is a form of upskilling.
Cross-skilling refers to developing employees’ skills outside their job roles to improve collaboration with other departments. For example, a graphic designer may learn about website development to understand how their work fits the website’s overall theme.
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