Want to Put Employment Odds in Your Favor? Embrace Labor Market Analytics.
If there’s one word to sum up the hiring environment, it’s complicated. Generalized analysis of the job market over the last several years has been unhelpful at best, and harmful at worst. That’s because the actual hiring climate varies so significantly based on the industry, geography, types of hires, and dozens of other factors.
It might seem obvious that a bank in Chicago faces very different labor dynamics than a semiconductor manufacturer in Arizona. However, employers in the same industry, looking for the same talent, can have different variables that impact their ability to attract and hire talent.
While the labor market is tight overall, the life sciences industry is especially so, with a 2% unemployment rate well below the 4% average. These rates then vary as you drill down into different life sciences sub sectors like R&D, manufacturing, or medtech. They vary further based on whether a company is located in an established market or one considered to have an emerging cluster of life sciences talent.
When the competition for talent is relentless, life sciences companies need to get smart. That means gaining a more scientific understanding of local market talent pools, competitors, and compensation and benefit trends.
Create a Clear Picture with Labor Market Analytics
Labor market analytics are powerful targeting tools that allow you to cut through the job market noise, find qualified candidates, and engage with speed and the right message. Here’s three examples.
1. Job location
An employer begins by researching and analyzing the location where the employee will work. A few data points to include are:
- Availability (supply) of talent: How many active professionals and job seekers in the region have applicable skills and experience?
- Local compensation trends: What are employers, consultancies, and staffing firms paying for this work?
- Marketplace competitors: How many competitors are in the market and what is their current recruitment activity?
- Diversity: How diverse is the talent pool and will the business be able to meet its diversity goals recruiting within the market?
These labor analytics will tell a business if local talent pools are too small, if local competition is too intense, and whether pay rates are in the right range. This information is essential to know and understand before investing recruitment time and money into a location.
2. Job Title
Job titles can be tricky. One recruiter’s biochemist is another recruiter’s biophysicist. Before any strategic targeting and marketing begins, it takes research to determine what the right titles are for both the role and the region.
Oftentimes a few large employers set the market standards for job titles, which then dictate how people search. Knowing what your candidates are searching for when they look for jobs is key to getting the title right and ensuring they click when your jobs and ads pop up.
3. Job Rate
Once you’re in the right market and using the right titles, the applications will start to arrive. Employers need to be ready with the right offers and rates.
Market research will tell you what competitors are paying and if your range is in line with cost of living realities and talent competitor packages. Hitting the right range from the start is one of the best ways to convert strong candidates quickly. Low balling, especially in a tight job market, will hurt your employment reputation and opportunities for referrals.
Good Analytics Require Good Time Management
Market analytics will help a business make the best choices around market, titles, and rates, but only if it’s done in a timely manner. Job markets and talent pools are always changing. Data gets stale as economics and industry trends evolve.
Recruitment excellence means embracing a moving target. Labor market analytics help employers keep pace with targets in motion, regularly checking key metrics to ensure rates, job titles, and locations are still aligned with recruiting strategies.
Market Conditions Change Frequently
Market analytics will help you make the best choices around location, titles, and rates, but only if the data is current. Job markets and talent pools are always changing. Data gets stale quickly as economics and industry trends evolve.
Recruitment excellence means embracing a moving target. Labor market analytics help employers keep up with industry trends , but only if they’re revisited regularly to ensure rates, job titles, and locations are still aligned with recruiting strategies.
Bet on Labor Market Analytics
To find and win talent in the competitive and talent-scarce life sciences market, you can’t go big and broad. You have to choose precision. Taking the time to understand the labor market can give you the best chance at successfully filling your roles..