Next-generation labor market data is becoming a must-have for savvy workforce analytics teams. Most workforce analytics efforts rely heavily on internal employee data, while external market data is limited to government census and survey-based data sources. Modern developments have created an opportunity for novel and comprehensive external market datasets that significanly increase market insights and improve the value of your Workforce Analytics capabililies.
The WageScape data platform is the largest and fastest source of real-time labor market data. WageScape clients are using our high-definition data platform to take their workforce analytics efforts to the next level. Some of the impacts include:
- Emerging skills trends, including the impact of high-demand skills on talent availability and compensation
- Competitive analysis – in-depth analysis of competitors’ talent practices
- Location analysis – including highly localized talent supply/demand, employee equity factors, environmental considerations that can impact recruiting and turnover, and localized rewards practices
- Talent flow analysis – where talent is going to when it leaves a company, and where competitors are getting their talent from
- Rewards trend analysis, including adoption of new non-pay rewards components