How to use labor market data to build recovery-focused hiring strategies

September 1, 2020

More than 7 million jobs returned in the past few months, after weeks of dramatic layoffs, furloughs and business closures across the U.S. due to the coronavirus pandemic. Job seekers are applying to any-and-all jobs, and whether you are actively hiring now or are dipping your toes into that water, it’s important to understand the sudden influx of candidates to find the best talent for your team.  

As the fastest growing job site and with a suite of innovative talent acquisition tools, we’re here to take a deep dive into how candidate data can be your secret weapon to save time and find the perfect candidates – even in a pandemic. 

How should companies use candidate data in hiring strategies? 

Access to real-time labor market insights can help you create a roadmap for the future. Everything we know – or rather, knew – about work has completely shifted in the past six months, and trends are continuing to change on a weekly basis. Tools that can give you insight and data into candidate behavior throughout upheaval will allow you to focus your efforts and adapt your strategy, if need be. You can then share findings with clients or team members to create actionable next steps.   

What candidate data is available and what is helpful for making hiring decisions? 

Jobfeed – a CareerBuilder tool – is a great example of the data available and how to use it to build the path to recovery. Staffing firms, recruiters and hiring managers are given information on what jobs are posted, where they’re posted, when they were posted and on which channels.  

And while knowing top industries, jobs and employers at a high-level is valuable, taking it one step further into your local market allows you and your team to understand what is happening for the job seeker. You’ll get a glimpse into the realities of job searching in a pandemic and in a competitive labor market, as well as the options on the table for these candidates.  

Check out the skills needed for job titles and opportunities, keep tabs on what your peers are doing, and learn more about specific roles in specific locations. Filter by education and get data about compensation and earnings. If you want qualified talent, and faster, you have to meet the job seeker where they are.  

How should candidate data be used in hiring and how is it sourced? 

CareerBuilder aggregates more than 70,000 career sites and websites across the web to bring you the market data you see in Jobfeed, as a single source of truth in one platform. And because recruiters don’t have time to search that many sites for the same information, it’s an easy delivery method for your team. This approach gives us views of 95% of the labor market and more than 200 million current and historic job posting data points for you to analyze what is happening right now in hiring.  

Staffing firms can use this analytics tool to target prospective companies that are hiring and position themselves to rebuild workforces, and hiring managers within companies can use these insights to recruit talent and build offers that are attractive and relevant to candidates. Even if hiring is slow or paused for you right now, tools like Jobfeed can help you build confidence in the market, set expectations for your hiring managers and make a plan based on actual, live data. There is a wide talent pool right now and knowing that millions of Americans will eventually be employed again, you want to make sure you’re grabbing the right hires for your team. Planning now is a great way to ensure you’re ahead of the game. 

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