Stay ahead of the trends with labour market intelligence
Recruitment is a fast-paced industry. With the constant changes and fluctuations of the market, it can be challenging for businesses to stay on top of the latest shifts in the market – let alone predict them.
In its latest release, the UK Office for National Statistics (ONS) referenced data from Textkernel by Bullhorn’s labour market insights, highlighting the latest trends within the British labour market. The release explores which jobs are advertised the most in UK local authority areas, and how many local residents have the relevant skills to fill them.
Leveraged by public bodies and corporations alike, Textkernel by Bullhorn’s advanced labour market intelligence empowers organisations to tap into real-time insights so they can stay ahead of shifts in the industry – and of the competition.
Let’s explore how Textkernel by Bullhorn’s labour market insights can help you stay ahead in a dynamic job market and optimise your workforce planning processes.
What is labour market intelligence?
Labour market intelligence, powered by Textkernel by Bullhorn, provides detailed data on job vacancies, employment trends, salary benchmarks, and regional labour force statistics. It’s the same data that the ONS utilises to track shifts in the labour market across various sectors and regions in the UK. But for recruitment agencies, job boards, and corporate HR teams, this data offers real-time insights to make informed, strategic recruitment and workforce decisions.
For example, with Textkernel by Bullhorn’s labour market data, you can track trends in sectoral job growth, identify regional skills shortages, and adjust your workforce planning accordingly. This enables you to make faster, more precise hiring decisions and stay competitive.
Staying ahead of the trends
If you’re still relying on outdated recruitment methods like posting job ads and waiting for applicants, you’re likely missing out on the best talent. The ONS’s latest report, based on Textkernel by Bullhorn’s data, reveals increasing skills shortages across many sectors, from tech to healthcare. This data shows that demand for specific skills is outpacing supply, meaning traditional approaches just won’t cut it anymore.
Instead, companies that integrate Textkernel by Bullhorn’s real-time labour market data can shift from reactive to proactive recruitment strategies. By anticipating changes in the labour market, you can identify talent gaps before they affect your business, ensuring that you secure the right candidates in a competitive market.
Labour market data: The missing piece in workforce strategy
Without access to comprehensive labour market data, recruitment teams are left to rely on guesswork. For example, recent reports powered by Textkernel by Bullhorn data show that demand for programming skills in the UK is on the rise, especially in tech-heavy regions like London and Manchester. Talent management teams who aren’t incorporating this information into their strategies are risking their competitive edge. Offering salaries below market rates or targeting outdated skill sets can lead to missed opportunities in securing top-tier talent.
How to leverage labour market data
1. Identify talent gaps
Textkernel by Bullhorn’s Labour Market Insights can help you pinpoint regional talent shortages and growing industries. If you’re recruiting for a tech role in London or looking to fill positions in healthcare in Manchester, Textkernel by Bullhorn’s data helps you find and place the right candidates for those positions.
2. Salary benchmarking
Textkernel by Bullhorn’s data also provides real-time salary benchmarks across different industries and job functions. By using this data, you can ensure that your salary offers are competitive, especially in high-demand sectors.
3. Future workforce planning
With Textkernel by Bullhorn’s labour market intelligence, you can align your workforce planning with projected industry growth and future trends. By staying ahead of talent shortages and regional workforce shifts, you can better prepare your business as market conditions evolve.
Empowering smarter business decisions
At Textkernel by Bullhorn, we provide businesses with advanced labour market intelligence solutions that leverage real-time data to drive smarter hiring and workforce planning. Our solutions, used by organisations like the UK ONS and industry leaders such as StepStone, help companies navigate the complexities of the labour market by providing actionable insights into job market trends, salary data, and talent availability.
For an example of how Textkernel by Bullhorn’s data-driven approach can transform recruitment and business development, look no further than StepStone, a leading job board. With Textkernel by Bullhorn’s advanced labour market data and AI-driven insights, StepStone was able to refine their business development strategy and target high-demand markets more effectively.
By integrating Textkernel by Bullhorn’s Labour Market Insights, StepStone gained a deeper understanding of job market trends and regional talent shortages, which allowed them to offer more tailored solutions to their clients. This not only improved StepStone’s market positioning but also enhanced their ability to support businesses in filling critical roles faster and more efficiently. You can read more about how StepStone achieved success here.
In today’s highly competitive market, relying solely on traditional recruitment methods is no longer enough. With real-time labour market data powered by Textkernel by Bullhorn, recruitment agencies, corporate HR teams, and software vendors can navigate complex job market dynamics and make more informed decisions.
Whether it’s identifying talent gaps, offering competitive salaries, or planning for future workforce needs, Textkernel by Bullhorn’s labour market insights solutions helps organisations stay ahead of the curve.Want to learn how your business can benefit from these insights? Schedule a demo today to see how Textkernel by Bullhorn’s labour market data can transform your recruitment and workforce planning strategies.
