Claro Analytics, a global talent intelligence leader, is advancing the industry with the launch of its proprietary Labor Market Reports solution. The AI-powered tool instantly compiles and analyzes U.S. talent research based on location, salary, talent mobility, competitor intelligence, DEI, hiring trends, and more. When using the tool, HR teams will see their time spent curating labor reports plummet from what can typically be days or even weeks to as little as one minute for both web-based reports and executive-ready PDF formats.
The findings are instantly packaged into a robust report that provides context to the information and offers strategic recommendations that help talent leaders gain an edge in their market of interest. Other benefits for professionals along the talent continuum include:
- People Operations and Talent Analytics Teams can use the reports to obtain precise data around occupation and hiring location to better drive their strategic decision-making process. For instance, weekly job postings for the Demand Generator Manager role in Houston, TX, peaked at 171 in April 2023, then gradually declined to 68 by December 2023, a 60.23% decrease. The current job postings stand at 73.
- Recruiters have evidence about market conditions that they can bring to their managers before sourcing initiatives begin so they can secure the best candidates while saving the company time and money. Data shows the presence of large corporations makes the job market for Sales Managers extremely competitive in Seattle, WA. Amazon is the top employer with 2,018 positions, followed closely by Nordstrom and Microsoft with 925 and 899 positions, respectively.
- Total Rewards Managers gain clarity into what benefits, compensation, and rewards are being offered to candidates in any given market or title so they can determine how best to respond with offers – this provides both recruiting and retention benefits. A compensation analysis of Paralegals and Legal Assistants in New York, NY shows fluctuations over the past year, from a high of $74,970 in November 2023 down to $58,200 in February 2024.
- CHROs have access to talent mobility and DEI insights that they can use for executive-level conversations to improve strategic workforce decisions and ensure the best people are in the right roles. Diversity data for Public Relations Managers in Washington, DC shows a predominance of White employees (55.32%), followed by Black (20.75%), Asian (14.56%), and Latinx (9.37%) employees.
“We all know HR departments are dealing with a rising level of responsibility and pressure, leaving them stressed and overworked with little time for strategic endeavors,” added Kim Pope, COO of WilsonHCG. “And while AI promises to simplify a range of other administrative HR tasks, many of these solutions are still in the beginning stages. Claro’s Labor Market Reports tool is a completely realized product and can be implemented immediately to alleviate a major burden felt by HR teams across the country – finding time to research valuable labor market data that can give their organizations an enormous competitive advantage.”
The 2024 Hiring Insights Report: Technology Edition, published today by GoodTime, reveals a major acceleration in tech adoption, with 91% of the tech sector’s talent acquisition (TA) leaders planning to increase their investment in hiring technology in 2024.
After surveying 525 talent acquisition leaders across sectors, this new edition of the 2024 Hiring Insights Report focuses on the 100 respondents in technology and highlights a significant increase in hiring goal attainment. However, the report shows the sector also faced persistent challenges with talent retention, lack of qualified candidates, and an escalating time-to-hire.
Key tech sector hiring trends from the report:
- On average, TA teams hit 58.2% of their hiring goals in 2023, up from 51.7% the previous year.
- 41% of TA leaders cite talent retention as a top challenge.
- 45% of companies said their time-to-hire increased in 2023.
- Nearly half (49%) of tech companies conducted layoffs in 2023.
The tech sector leads in hiring goal attainment
Of all sectors analyzed, tech ranked highest in hiring goal attainment. Compared to all other sectors, tech companies were:
- 78% more likely to utilize AI for hiring efficiency.
- 45% more likely to have upgraded their hiring technology.
- 18% more likely to have improved their candidate experience.
Planning for more human-AI collaboration in 2024
When asked about key focus areas for 2024, tech TA leaders pointed to:
- Increasing personalization in the hiring process (49%).
- Utilizing AI for hiring efficiency (42%).
- Optimizing automation in the hiring process (42%).
“Too often AI and automation are perceived as being at odds with human-centric experiences,” said Ahryun Moon, CEO & Co-Founder of GoodTime. “Our report shows that tech’s TA leaders have adopted a different perspective. I’m glad to see they recognize that automating time-consuming, mundane tasks empowers them to prioritize and enhance the human element in their hiring process.”
To download the full report, visit goodtime.io.