How to use External Market Datasets to Overcome HR Challenges

External market data is data derived from outside sources that can include information on various areas of interest to HR professionals such as talent and recruiting, compensation, workforce, business economics, and much more. This valuable data can be a great resource for HR teams that are looking to compete in their market, bring in exceptional talent, or gain insight on their specific industry. Learn more about how external market data can help HR teams overcome common challenges below.

What challenges do HR teams struggle to overcome?

  • Recruitment
  • Employee Training
  • Compensation
  • Employee Benefits 
  • Job Designs and Descriptions
  • Workforce Planning 

From finding the right employees for the right roles, recruitment, compensation, and offering competitive benefits, HR teams face many challenges. It is important to establish the areas where your team needs assistance in order to properly use external data as a helpful resource. 

How can external data help?

Recruitment, Compensation, and Benefits: External data can help HR managers know where the best candidates are located, what a competitive salary is for a position depending on education and experience, and also what benefits are likely to drive the right candidates to their job posts.

Job Designs & Descriptions: HR managers can scan databases for the right keywords to include in job descriptions in order to attract the right candidate. They can also learn whether or not including salary information is beneficial in a job description, and how to streamline the application process in order to find the perfect candidate as soon as possible. 

Employee Training: These datasets allow HR teams to get insight on the best training programs for a specific role, so they can purchase programs and offer such training to their employees via online or in-person to obtain certifications.

Workforce Planning: Workforce planning is an ongoing process of evaluating, predicting, and planning workforce supply and demand. External datasets allow HR teams to evaluate all that follows under this umbrella such as analyzing skills and talent, potential influences, gap analysis of the present and future, and creating scenarios to help them better navigate potential challenges within the workforce. 

What external datasets are best for my HR team?

Greenwich HR. has the world’s most comprehensive labor market dataset. Application developers, analysts, and consultants all use the robust Greenwich.HR dataset to power their labor analytics. Millions of sources consolidated into a single data platform. Updated daily and normalized using patented AI technology to fuel world-class analysis and insights. These insights will allow you to view data on talent and recruiting, compensation, business & economics, and workforce analytics. 

Our newest product, WageScape, shows you what’s happening with wages right now – for any job, in any location. This information is critical for attracting and retaining talent and for setting strategies for recruiting, pay, and growth.

At Greenwich HR, we strive to provide our clients with the most accurate datasets to help them overcome any challenges they may face in the world of HR. Learn more about how our data can help you overcome past, present, and future challenges today!