Lightcast’s data collection methodology fills in the gaps seen in traditional data-gathering, meaning that it is granular, specific, global, and responsive. Our skills library accounts for a variety of specific jobs and skills while also being comprehensive to allow for robust analysis. Global in scale, it is actionable across different businesses, industries, regions, or countries. And updated regularly—our skills are responsive, adapting to emerging skills and technologies.

Our modeling team refines millions of raw titles from postings and profiles into a standardized set, currently near 75,000 titles. This taxonomy allows organizations to organize their core jobs data using a consistent standard, connect their internal data to the external labor market, and leverage our other taxonomies like LOT and Open Skills. This translation layer from internal job classification to an external context allows organizations to benchmark, compare, and analyze their role data outside of their four walls. 

The Lightcast Occupation Taxonomy (LOT) offers a more detailed exploration of occupations compared to government systems like O*NET and SOC, without diving too far into the details of individual job titles. And in contrast to government taxonomies, LOT is updated annually to maintain a balance between stability for long-term comparisons and relevance for capturing emerging roles in the economy. 

This taxonomy has a 1:1 relationship between levels, meaning each specialized occupation maps to only one occupation, simplifying analysis and preventing overlap in data. LOT uses a proprietary classification system of four different levels: career areas, occupation groups, occupations, and specialized occupations.

Skills insights provide complete visibility into the workforce you have and the one you will need. Organizations who track in-demand and emerging skills are able to predict future skills gaps and make plans to fill them. What skills are required to keep up with the rapid change happening across industries? Talent intelligence allows you to identify these skills, anticipate their hiring trends, and stay ahead of the competition when recruiting for them. 

Skills provide a more granular way to search for talent where job titles fail. For example, job titles often fall prey to being too broad or narrow, making it difficult to discern where to start your recruiting efforts. Connecting company position data to external market insights with skills as the common denominator broadens talent pools and unlocks opportunities in the labor market.

Every step in the talent acquisition lifecycle has a cost. Accountable metrics like cost-per-hire, time-to-fill, time-to-hire, and quality of hire can be influenced with talent intelligence as the guide. Hiring teams can facilitate cost-effective and efficient recruitment processes to identify the best sourcing channels, refine selection criteria, and anticipate market trends. 

According to Mercer, 63% of companies struggle with vague or impractical expectations from hiring managers. Armed with talent intelligence, recruiters can partner with hiring managers to pinpoint bottlenecks and inefficiencies in hiring activities, leading to more accurate expectations and process improvements. And incorporating data on skills, compensation, markets, and DEI into hiring can improve quality of hire and ensure that recruiting investment results in long-term value for the organization. 

Talent intelligence enables visibility into what other companies are doing to attract and hire top talent. What markets should you be targeting? What job title should you be using? How much do you need to pay to fill this role? Tracking competitors’ job titles, in-demand skills, sourcing strategy, and compensation supports an adaptable hiring strategy that keeps pace with the changing dynamics of the labor market.

How do you clearly define, assess, and communicate skills throughout your organization? You need a dynamic skills taxonomy that is up-to-date, synced with the labor market, and leveraged by every part of the business. Solely relying on internal skills data isn’t enough. Talent intelligence provides the ability to benchmark internal skills against the broader global labor market for deeper insights and actionable context.

A common skills language shapes critical aspects of your business, like job architecture and skill profiles, as it empowers you to gain a clearer understanding of your current skill sets. Examining your workforce through a skills lens informs learning initiatives for current and future roles, facilitating a more agile and adaptable approach to talent management and development.

Promoting skills development is imperative in today’s shifting market. According to a Gallup study, a significant percentage of employees express the desire to update their skills (57%) and are even willing to switch companies for upskilling opportunities (48%). 

Tying skills insights to learning content is essential for upskilling, reskilling, and fostering career growth within your organization. A culture of learning and development not only enhances employee engagement but also helps your organization leverage existing talent pools for internal recruitment and mobility, giving you an advantage when external talent may be expensive and hard to find. 

According to a study conducted by Wiley, 69% percent of human resource professionals say their organization has a skills gap. So, how can talent management teams ensure their workforces are equipped to thrive in an evolving labor market? As skills change and markets shift, your strategy needs to follow suit. Using talent intelligence to regularly evaluate employees’ skills against industry demand allows organizations to identify skills gaps and emerging skill needs. A skills-based approach to talent management leads to improved performance, talent retention, and more diverse skill sets, laying the foundation for a future-ready workforce.