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New Predictive Labor Market Report: Workforce Volatility Across Industries, States, Cities, and Job Functions

Wednesday, February 12, 2020

Every employer wants the best talent – and today, that means leveraging the best insights to make proactive, informed hiring and retention decisions. It’s no longer enough to rely on assumptions or best guesses. Organizations that leverage data to anticipate and predict are the ones that come out ahead.

That’s why we’re giving you an inside look at our data science and AI-driven market benchmarks in our new Workforce Management Benchmark Report. Launched today, our new labor market analysis explores and predicts talent volatility across major industries, job functions, metropolitan statistical areas (MSAs), and states. How you benefit: It’s the data-driven insights and context you need to make accurate, cost effective workforce decisions, hedge your retention risk, and build a strong talent pipeline.

Our proprietary AI models track more than two thousand events, triggers, and shocks that can impact employment volatility, based on more than a billion data points and 40,000 sources – every month. Here’s what we uncovered looking back over 2019:

  • Recruiters and software engineers are most likely to jump jobs. Recruiting has the highest percentage of employees open to unsolicited recruiting messages (115% above the national average), followed by software engineering (105% above average) and marketing (82% above average).
  • Skilled trade is the most stable job function. The role has the lowest percentage of workers open to recruiting messages or exploring new roles (81% below the national average), followed by education (76% below average).
  • The finance and insurance industry is the second most volatile industry. Mining, quarrying, and oil and gas extraction has most volatile workforce out of all major industries with the highest average TRR Score (62.7) — 24% higher than the national average (51.7). Healthcare and social assistance is the least volatile industry (39.4) at 24% below the national average.
  • Washington, DC, New York, and Massachusetts have the most volatile workforces in the nation. The states with the least volatile labor markets include Mississippi, New Mexico, and Wyoming.
  • The San Francisco-Oakland-Berkeley area in California has the highest percentage of employees open to unsolicited recruitment messages. The MSA is 50% above the national average for recruitability, followed by New York–Newark–Jersey City (23%), and Boston-Cambridge-Newton (16%).

What does this all mean?

These insights enable employers to be smarter and faster than their competition for talent . For organizations ready to hire, knowing the cities and states with the highest levels of workforce volatility can help you determine where to look for and source new talent. If you’re searching for an experienced software engineer to join your team and know that workers in San Francisco are more likely to be open to new opportunities than those in other tech markets like Boston and New York, you’ll confidently focus your efforts on candidates in that area.

From a retention standpoint, understanding which job functions are most likely to be open to unsolicited recruitment messages positions organizations to stay ahead of turnover. If you know that marketers in general are likely to consider new opportunities, you might want to take a closer look at those roles within your own organization and understand any internal factors that could persuade these folks to leave.

The most competitive labor market in our generation will get tighter and more competitive in 2020. To stay ahead, and learn more about U.S. workforce volatility, download the full Workforce Management Benchmark Report.

This annual report is the first in a series of analyses that will be made available to the public. Check back each quarter for updates.

David Trachtenberg, Chief Marketing Officer

 

David Trachtenberg, Chief Marketing Officer

David Trachtenberg joined Workforce Logiq in July 2018, as Chief Marketing Officer. Previously, he was Chief Marketing Officer at Advanced Discovery, a global e-Discovery and risk management firm; Chief Solutions Officer at vRad, the world’s largest telemedicine company; and Chief Marketing Officer at Global Compliance, a leading ethics and compliance services firm. David brings 20+ years of marketing leadership experience in public and private companies, including MCI Communications, StarBand, Prodigy Internet and Bain & Company. He has a BA in International Relations from Tufts University, an MA in International Affairs from the University of Pennsylvania and an MBA in Marketing from the Wharton School. David is also on the Board of Governors at the Lauder Institute, University of Pennsylvania.

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