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Market Selection & Analysis with Data-Driven Insights

What is market selection?

Market selection is the process of evaluating markets and regions to identify where talent pools will create opportunity and support business goals. Data analysis informs market selection and is based on which locations are best suited to meet business needs for talent, competition, and compensation. Labor markets should be compared for site selection and long-term demand and supply planning. Data-supported labor market selection enables future business growth.

Organizations need a strategic understanding of labor market trends to:

Uncover new opportunities

Mitigate risk

Improve response times

Understand local competition and labor

Inform decisions on which markets to prioritize based on detailed labor market data and talent insights.

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5 key considerations during labor market selection:

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Talent and Skills

What is the supply of workers with in-demand skills? What experience levels do workers have in this specific region? How educated is the local labor force?

Labor Supply

What are existing talent pools and potential talent pools (e.g. new graduates)? How diverse is the local workforce?

Workforce Cost

What are the historic wage trends in this area? Where does local talent live in relation to where they work? Are there legally required benefits to consider in this location?

Labor Demand

How many competitors are competing for the same talent and what are they paying? What is the percentage of remote/hybrid postings?

Economic Conditions

How are the GDP growth rates for this location? What is the unemployment rate? What is the labor force participation rate?

Customer Success Story

A large online course provider

needed insights into what markets would have three separate languages as a central hub for global recruiting efforts. With Lightcast’s expert guidance, this company’s talent acquisition team determined the best location was in Spain.

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API

Integrate Lightcast data into your system and strategy to understand market opportunities and inform market selection.

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Software Solutions

Use labor market data to locate talent pools and target the right markets.

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Workforce Consulting

Perform market selection with custom data sets, personalized analysis, and targeted recommendations.

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Lightcast data encompasses the global playing field, allowing you to make more strategic market selection decisions.

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Using data analysis during market selection allows you to:

Understand the current and future supply and demand of available workers

Determine appropriate pay rates (hourly or annual) based on location factors

Respond to economic uncertainty with data-backed insights

Compete in the job market with optimized job postings

Access talent pools with the right skills and experience

Labor market analysis brings location strategy to light.

A comprehensive location strategy analyzes extensive market information and uses labor market data to understand the cost, availability, and sustainability of labor in any given region. When companies are deciding where to base their operations, comprehensive job market research should also include an analysis of the competition as well as compensation trends in specific regions.

Who are the other companies competing in the same job market? What are the going compensation rates for the specific positions you need to fill? Do applicant pools in this market area have the right skills and experience for your roles?

Uncover Market Opportunities

Solutions for Market Selection

Understand the overall talent conditions for a market.

See the whole picture of a specific market to make the most informed location decisions. Use labor market analysis to evaluate a market’s talent supply and demand, cost of labor, demographic makeup, skill availability, competitive pressures, and more.

Analyze key differences between markets.

See how key data points differ across locations in the United States and globally. When looking to expand operations to new geographies, applying comparative labor market information clarifies what market areas offer the most opportunity for future growth.

Support strategic workforce planning.

When preparing a workforce plan, you need to understand where talent exists to plan for upcoming workforce needs. Access real-time data on regional talent pools to understand worker supply, skill sets, current wage rates, and more for any given location.

Learn more about market selection.

Schedule a time to talk with a member of our team. We'd love to show you how Lightcast can help you make informed market selection decisions.

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