Technology that automates formerly tedious tasks has become part of the daily workflow for recruiting. With data-driven answers for where to find qualified talent pools, what to pay in today's competitive job market and compensation trends, talent tech gives talent acquisition professionals a leg up on the competition.
Following are some of the ways technology can make a recruiter’s job less labor-intensive, more effective and help fill the candidate pipeline faster by providing insight into labor forecasts and local job markets for talent planning and recruitment marketing.
Does the Local Talent Supply Measure Up?
Often, employers look to their local labor market or where they have an office to find their next employee. For recruiters, being able to quickly evaluate if a location has enough qualified candidates can be a big time-saver. With market-analysis software, a recruiter can search for the specific job title in a specific U.S. metro.
Talent intelligence tools, like LaborIQ, enable users to specify job requirements and qualifications to identify qualified talent in each market, as well as the recommended salary for the role based on local employment conditions, including talent supply.
For instance, if talent supply is too low, a recruiter may want to expand sourcing initiatives beyond the employer’s location.
Let’s say a recruiter is looking to place someone in a Customer Success Manager role with a bachelor’s degree and two to four years of experience in Seattle. You can quickly see that the Seattle-Tacoma-Bellevue, WA metro has a significant shortage of talent. The next step would be to compare the talent supply, median and recommended salaries, and the future demand of this role to other metros.
Being able to quickly assess the talent supply and salary expectations can help determine:
- a realistic timeline of how long it will take to place someone in the role.
- the expansion of recruiting efforts to multiple metros.
- whether the role’s salary range is competitive compared to other employers.
Is Your Salary Range in Line with the Market?
Leveraging the right data to not only drive recruiting strategies, but to also advise on market-driven compensation can help create better alignment on the front-end of the hiring process.
The "going rate" for a role differs from one city to the next and varies based on education, experience, company size and industry. LaborIQ's recommended salaries consider current talent shortages and surpluses and future demand.
Basing a salary on market value gives insight on how competitive compensation offers need to be to not only attract the right talent, but also to win the right talent - especially for in-demand roles.
Talent Tech Makes Recruiting Process More Efficient
AI is here to stay, and machine learning continues to automate formerly tedious processes. Incorporating software that makes your recruiting efforts more efficient and effective is a win-win.
Become the expert on wage growth, industry and occupational changes, job diversity and talent supply.
Our proprietary ATILA method provides monthly updates giving you quick answers for any role.
Discover talent shortages by location and understand the impact on salary demands
Forecast compensation rates and talent supply across the U.S.
Focus recruitment marketing in the right place, at the right time
ThinkWhy reports and forecasts labor data at all levels, measuring impact to cities, industries, occupations, businesses and salaries across the U.S.