Sometimes we use the same words with the interlocutor, but at the same time we talk about different things. Therefore, it can be useful to discuss the glossary and agree on the terms "on the shore".

What does labor market analytics "say"?

Market research helps tounderstand:

• whether the requirements for the vacancy are relevant,
• whether the declared functionality corresponds to the position,
• whether there are suitable candidates on the market,
• the actual motivation of the necessary specialists,
• what budget to lay down for recruiting and more,
• risk areas in business processes,
• the need for change and how to justify it to management in numbers.

Sometimes it follows from the results of the analysis that you need to look for 2 specialists, because the tasks assigned correspond to different positions. Sometimes, you even have to revise the staffing table.

In the case of low salaries, analytics allows you to make the right decision to change the motivation package or conditions. For example, offer a one-time relocation fee or introduce remote work, then you can look at candidates from other regions with lower income expectations. Sometimes specialists from related industries are ready for a lower salary range. Another option is to distribute some of the tasks in such a way that they are performed by other employees, thereby reducing the requirements for a new specialist.

Each option requires a thorough analysis of both financial conditions and the functionality of the employee.

To do this:

• data is collected from open sources (job sites), sometimes this requires the posting of a vacancy,
• the agency's own database of candidates is taken into account,
• interviews are conducted with potential candidates, HR friendly companies and competitors of the Customer,
• a survey is conducted within the Customer's company,
• The realities of the market are correlated with the requirements and conditions of the client, based on the information received, recommendations are given.

What is the difference between research?

First of all, the goals and objectives that they should help solve.
This affects the depth and volume of work, and therefore the timing.
And, of course, they differ in price.

Preliminary analytics, or market snapshot for a vacancy, is the work that we do at the first stage of working on a vacancy. In fact, this is an assessment of a recruitment application, for which we do not charge a separate fee.

In the process, we do a quick screening of the market, look at the availability of candidates in the declared profile, their salary expectations. If necessary, we make several calls to applicants. Sometimes we show impersonal resumes to the Customer.

This helps to navigate the market and save resources - both ours and the client's. The better we understand the market situation, the more accurate the candidate's profile, the shorter the time it takes to find an employee, and the higher the economic benefit for the business of :)

Labor market research is a comprehensive analysis of the market for a specific request of the Customer. This research can be an assessment of several different positions, it can be a targeted collection of information on competing companies, it can be a comparative analysis of the conditions and motivation of specialists in the regions and an assessment of other parameters.

This type of research allows you to get a true picture of the supply and demand for specialists, understand the difficulties of hiring, and, if necessary, adjust the profile of employees, conditions, motivation, and functionality. It is this format that helps to see problems in HR and business processes and find the best ways to solve them.

Sometimes such research is a lifesaver for HR when you need an outside view or need to justify the need for changes to management.

As a result, you strengthen the recruiting funnel, optimize payroll, prevent the turnover of key specialists, and get a growing and profitable business!

Conclusions and recommendations

Depending on your tasks and capabilities, choose the most optimal analytics option for you. Comprehensive research is not always required, but a cross-section of the market for a vacancy is the necessary minimum.

In our work, we prefer to rely on numbers, so we regularly analyze the labor market. If you need help in assessing or still have questions on the topic, leave a request and we will contact you for advice.