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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:
Inform decisions on which markets to prioritize based on detailed labor market data and talent insights.
Get a free sample report to understand a specific market.
5 key considerations during labor market selection:
01/05
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.
Find the Right Solution
API
Integrate Lightcast data into your system and strategy to understand market opportunities and inform market selection.
Software Solutions
Use labor market data to locate talent pools and target the right markets.
Workforce Consulting
Perform market selection with custom data sets, personalized analysis, and targeted recommendations.
Lightcast data encompasses the global playing field, allowing you to make more strategic market selection decisions.
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.
Solutions for Market Selection
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.
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.
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.
