What Makes Some Labour Force Data Better Than Others?
If you want your community’s labour force to be strong, you’ll want to be able to predict what the future of your community’s jobs will look like. To do this, you’ll need solid data on the businesses in your community.
What Makes for Reliable Workforce Data
1. Labour data should be statistically significant.
All the data in the world won’t help you make a decision unless it actually points to a significant trend in labour market information and workforce development. If the data doesn’t point to anything significant, you might as well be planning off hunches. For example, should you devote large portions of your budget to job fairs, or would it be better to put more money into local educational institutions? What is attracting workers or students to other areas? You need the labour data to follow the trends in your community.
2. Data should arrive quickly.
The faster the data gets to you, the better. Fast, or instant, updates can help you make the best decisions. If data takes all year to get to you, it’s not helpful. If you haven’t prepared for the changing trends in your community (while, meanwhile, the nearby communities are doing just that), you might lose workers to a different area, simply because of a missed opportunity. Without immediately relevant data, you might not realize that the exact workforce with the right availability for a company in your community is available right now, and all you need to do is attract them.
3. Data should be quality assured.
Not only should data be immediately available, it should be of unquestionable quality. If your data is inaccurate, it doesn’t matter if it reaches you quickly; you won’t be making educated decisions. To make informed decisions about the state of your workforce development, you’ll need workforce data you can trust. Without it, you might miss out on a chance to encourage workers to join your community. Should you aim to attract tech workers, or tourism workers? Of course, there’s a big difference, so the trends need to be reliable.
4. Data should be unique to your community.
Each community is different, and the economic factors shaping each community are just as diverse. Your approach to the development of your community must take this individuality into account. Unfortunately, most communities do not realize they could have data that is specific to their small community instead of relying on census information which bundles their data into a larger region. As a consequence, they are not working with specific actionable data.
Reliable Data Is Key to Economic Competitiveness in the Labour Force
Reliably getting fast, statistically significant, quality-assured, unique labour market data is a large part of what determines the economic success of a region. You not only have to be able to measure supply, but also to forecast and prepare for demand. If you’re relying on outdated data, or data that is slow to appear or misleading, you lose the power of preparation in keeping your community proactive and competitive.
Select the economic development consultants who can scale to any size community, and who gather data to set your community apart, prepare your labour force, and better support your community’s businesses.