Recruitment professionals can face challenges determining the supply of and demand for talent for particular jobs in a targeted metro, especially given the recession caused by COVID-19. But thanks to a software tool called LaborIQ® by ThinkWhy, pinpointing supply and demand for various roles no longer has to be problematic.
Consider, for example, the supply of talent in the Dallas area for two different positions: retail managers, who supervise retail salespeople and perform a variety of management functions, and data scientists, who work largely in computer and mathematical occupations.
Source: LaborIQ® by ThinkWhy. Supply and demand by job title is based on median education and experience for the Dallas metro area.
As shown in an analysis by LaborIQ by ThinkWhy, disruption in the retail industry began in 2018, long before the pandemic, resulting in an increasingly significant surplus of retail managers in Dallas. In sharp contrast, there was and continues to be a significant shortage in the metro of data scientists with a few years of experience. Reading between the lines, data scientists have held onto their Dallas jobs during the pandemic relative to other positions.
As the Dallas economy and retail stores, especially clothing accessories and shoe stores, begin to rebound over the next two to three years, the surplus of retail managers will begin to shrink and the market for retail managers will be more in balance. This is true not just of retail managers, or of Dallas. Other professions and metros will see increased demand as COVID-19 restrictions ease and businesses adapt their tactics to permanent changes in consumer behavior.
At the same time, according to the software tool, the coronavirus recession has had an outsized adverse impact on workers ages 20 to 24, especially those lacking concrete skills, making it tougher for them to land entry-level positions. This holds true even for highly in-demand data scientists with master’s degrees in Dallas, where a big talent gap exists between data scientists fresh out of college and those with a few years of experience under their belts.
Source: LaborIQ® by ThinkWhy
By tapping into such precise, data-driven analyses of supply and demand for different roles in metros nationwide, recruitment pros can get a leg up on the competition in the ongoing battle for top talent.
ThinkWhy continuously monitors and forecasts labor data at all levels, measuring impact to MSAs, industries, occupations and businesses across the U.S.