High turnover rates are never a good sign. They either indicate that your organization is not doing something well, or simply that your competitors are doing something better.
Either way, you need to make sure you’re doing everything in your power to provide employees with a great work environment and encourage them to stay loyal. For that, you need data.
Collecting internal data through employee surveys, for example, is a popular way to collect information on engagement, morale, productivity, and more. However, you may find that external job posting data is even more valuable to your organization, helping you increase job satisfaction and reduce your turnover rate.
Let’s take a look at what new posting data can tell you and explore the true value of job data.
What You Earn From Jobs Data
Job posting data is a collection of structured and unstructured sets of information from companies’ job postings. It contains valuable information on the labor market and employment trends, giving you insight into what your competitors are doing.
Some of the key insights you can gather from the new release data include:
- Company names and website addresses;
- Number of open positions and their titles;
- Job descriptions;
- Salary scales;
- Academic requirements;
- Skill requirements.
You can seamlessly collect data on online job postings targeting specific industries or even companies. You will get information on historical and new listings and analyze employment trends relevant to your business.
How does new posting data improve employee retention?
Even if it doesn’t seem like it at first glance, new secondment data can be essential to improve your employee retention rate and retain them.
It assists your recruitment processes
Replacing an employee can cost your business more than 33% of their annual salary. Industries across the United States are losing millions in lost productivity, new hiring costs, onboarding, training, and more.
If you want to minimize your expenses, you need to ensure lower turnover, and to reduce turnover, you need to make sure you’re making the right hiring decisions in the first place.
Job posting data gives you a unique opportunity to gauge candidate expectations and improve your recruiting processes. You’ll learn how you can bring in the right candidates, create job descriptions that attract top talent, and create work environments that help you retain your best employees.
Allows you to keep an eye on competitors
You may not like it, but your employees follow competitors’ job postings. Statistics show that more than half of employed people are considering a new job. If your competitors are offering better pay, more benefits, more flexible work hours, or simply more attractive terms, you can rest assured that your current employees know it.
Since they know this, they can quickly become more and more dissatisfied with your business and turn their eyes to other places. The solution to this is not to add a non-compete clause to your employment contracts. It’s keeping tabs on competitors and making sure you offer better working conditions.
Helps you identify skills gaps
One of the main benefits of analyzing new posting data is that it allows you to assess industry and employment trends. You can identify the biggest skill gaps affecting your niche and take preventative action to ensure they don’t affect you.
If you notice that more and more competing job postings are looking for similar types of candidates with specific skills, you can tell that these employees are hard to find. You can then either prepare for the potential skills shortage within your organization or improve internal mobility and invest in employee training, developing the necessary talent internally.
Improves the working environment
Finally, you can use job posting data to learn from your competitors’ mistakes and successes and create a positive work environment that encourages engagement, improves morale, and increases productivity.
Your employees are at the heart of your organization – as long as you meet their needs and provide them with high job satisfaction, you will set your business on the path to success.
Where can you collect new post data?
Collection of new posting data may be done through job boards and third-party vendors. This latter route allows you to automate data collection and analysis and gives you access to fresh, up-to-date information whenever you need it.
You can combine new posting data with information from business review platforms to get a complete picture of your competitors, understand what your candidates want, and know what employees are looking for.
Collecting and analyzing job posting data is a must for any organization. It allows you to keep an eye on the competition and improve your recruitment processes, but it also gives you the information you need to improve your organization and reduce your turnover rates.