What workforce skills do you need, where can you find them, and what will they cost? To answer these questions, organizations need to understand the business environment at the national, global, and, possibly even more importantly, the local level.
Labor market assessments can provide organizations with local-level insight on labor market conditions such as workforce demographics, workforce availability, and business landscape. These assessments typically analyze historical and current conditions to strategically inform leaders about the market they are in or one they are looking to enter. In this webinar, professionals from BDO and HRForecast will discuss how to conduct a local market assessment considering a variety of inputs including competitors for talent, sources of talent, cost of living, cost of labor, micro-inflationary pressures, and commuter flow patterns. When paired with traditional compensation benchmarking surveys, this information is extremely valuable when designing compensation and total rewards.
We will also take a step into the future of big data to see how the market for skills can be assessed in its current state, and how these tools can serve as an aid to forecast future supply and demand of labor and help mitigate labor challenges.
In this webinar, we will answer:
- What is a labor market assessment?
- What economic factors need to be considered in workforce planning?
- How can “big data” be used to gain market pay and skills insights never before available?
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