How Cutting-Edge Skills Taxonomies Can Seriously Enhance Your HR Tech Solution

Published on May 25, 2023

Updated on Sep 22, 2023

Written by Rob Slane

In today's rapidly evolving global labour market, companies face the daunting task not only of trying to comprehend the nature of these workforce shifts, but also how they relate to their own talent. The fact that for many organizations, their workforce data is highly complex and often quite messy does little to help this understanding.

For HR Tech companies, bridging the gap between complex internal company data and fast-changing real-world labour market trends presents significant challenges. At root, it requires the creation and maintenance of robust, dynamic taxonomies that enable the efficient classification and organisation of workforce data. No easy task.

Read on to find out how Lightcast is helping HR Tech solution providers bridge this gap through ready-made, unparalleled jobs and skills taxonomies. 

The Power of Taxonomies 

Imagine a world where robust, dynamic jobs and skills taxonomies have already been meticulously developed to meet the ever-changing demands of the global labor market. These "bottom-up" taxonomies can be seamlessly integrated into HR Tech solutions, helping to streamline and enhance the entire process of workforce data management.

Envision these taxonomies being utilized to "normalize" company data, making it clean, relevant and applicable to real-world labour market trends. By connecting this normalised data to real-time insights, HR Tech solution providers could empower the organisations they work with to make informed talent and workforce planning decisions, backed by accurate and up-to-date labour market analytics.

Furthermore, consider the benefits of having both these comprehensive taxonomies and real-world labour market insights continually updated, ensuring that organisations always have access to the latest insights that can help them optimise their workforce strategies. 

Sounds pretty great, right? This enhanced approach would revolutionise HR Tech and greatly support companies in navigating the complex, ever-evolving global labor market.

Unlocking a Better HR Tech Approach 

Good news! Here at Lightcast, we have developed precisely this. We have built comprehensive solutions that address the challenge faced by HR Tech companies of making complex workforce data simple, and connecting it to real-world, real-time labor market insights.

Our cutting-edge Occupation Taxonomy encompasses nearly 2,000 occupations, while our Skills Taxonomy covers over 32,000 skill terms that are relevant to today's workforce. These open-source taxonomies are continuously updated to remain current with the rapidly changing labour market.

Moreover, we have amassed an impressive collection of real-world workforce insights, including over 1 billion job postings, gathered from more than 51,000 sources, which we update on a daily basis. From this vast pool of data, we have distilled over 20 million real-world job titles into 75,000 standardised titles, enabling a clearer understanding of labour market trends.

By connecting our taxonomies with these invaluable workforce insights, Lightcast can offer a powerful solution for HR Tech companies. Our suite of API classification solutions allows these taxonomies and insights to be seamlessly integrated into HR Tech software, providing an unparalleled level of detail and accuracy for companies seeking to optimise their workforce strategies in an ever-evolving global labour market.

The Advantages for HR Tech Solution Providers

By integrating Lightcast's cutting-edge taxonomies and real-world insights into your HR Tech solution, you can offer a powerful and comprehensive tool to your clients. This enhanced solution will not only simplify the workforce data of the companies you work with, but also connect this refined data to invaluable real-world insights.

With this advanced approach, your clients can gain critical insights on various aspects of their workforce roles and skills, enabling them to make informed decisions. Some of the key benefits include:

  • Market Research

    Identify and recommend the best markets for talent, optimising their recruitment strategies.

  • Talent Supply

    Determine the approximate supply of talent in a specific area, helping them to make strategic hiring decisions.

  • Competitor Analysis

    Define the level of competition in a particular region, giving them a competitive edge in the talent market.

  • Salary Benchmarks

    Uncover salary insights to inform pay decisions, ensuring they offer competitive compensation packages.

  • DEI Benchmarks

    Compare their workforce to the market for diverse talent, fostering a more inclusive and representative work environment.

  • Skill Profiles

    Create skill profiles for their workforce to understand progression, allowing them to optimise employee development and retention strategies.

By offering a solution that simplifies workforce complexities and connects this data to real-world insights, you will empower your clients to make data-driven decisions, giving them an undeniable advantage in the ever-evolving global labor market.

Ready to talk about how our jobs and skills taxonomies can enhance your solution?