5 Questions About U.S. Workforce Data

by Revelio LabsJune 19, 2023

Workforce data provides valuable insights into employment trends, skills gaps, and demographic shifts. This information helps businesses make informed decisions and develop effective strategies. Here is more information about United States workforce data and how Revelio Labs, a leading data analytics company, empowers organizations to unlock the potential of this valuable resource:

1. What Is the Employment Landscape Like in the U.S.?

Since the COVID-19 outbreak, U.S. businesses have needed help filling employment opportunities. Even though there are 9.9 million open employment positions, 5.8 million individuals are currently unemployed. In 2022, employers created 4.5 million new jobs, a record-breaking number. Over the past few years, these issues have affected the American labor force.

The U.S. workforce is a complex mosaic of diverse demographics. According to Revelio Labs' workforce data analysis, the U.S. labor market's composition is constantly evolving. From age distribution and gender balance to racial and ethnic diversity, understanding the workforce composition is key to fostering inclusivity in the workplace.

2. Who Collects U.S. Workplace Data?

Government agencies, such as the U.S. Bureau of Labor Statistics, conduct surveys like the Current Population Survey and the National Compensation Survey to gather data directly from households, businesses, and employers. These surveys collect information on employment status, wages, working hours, job characteristics, and other relevant workplace data points.

Government agencies and organizations also collect workforce data from administrative records, such as tax documents, unemployment insurance filings, and social security records. These records provide insights into employment, earnings, and demographic information. National censuses are conducted periodically to collect comprehensive data on population characteristics, including employment and occupation. Census data provides a broad overview of the labor market, including demographic trends and geographic distribution.

Companies may be required to report workforce data to government agencies for compliance. This includes employment numbers, job classifications, salaries, and benefits. Workplace data sheds light on employees' skills and educational qualifications in various industries. Revelio Labs helps organizations identify skill gaps and develop targeted training programs by collecting and analyzing this data. Understanding the educational background and capabilities of the workforce allows businesses to update their hiring strategies and talent development initiatives.

3. Which Job Markets Are Expanding?

Healthcare is one of the top industries to start a career, according to the U.S. Bureau of Labor Statistics, which predicts that employment in this sector will grow by more than 24% until 2031. With a 15% increase in opportunities, the food preparation and service industry comes in second to healthcare. The technology, business, and finance markets are all rapidly expanding at similar rates. Office and administrative positions and those in sales and production are at the opposite extreme of the spectrum and are predicted to become less popular.

Workplace data reveals helpful trends in various occupations and industries. With Revelio Labs' advanced analytics capabilities, organizations can better understand the fastest-growing job sectors, emerging roles, and in-demand skills. By keeping abreast of occupational trends, businesses can anticipate growth opportunities and talent needs and stay ahead of the competition.

4. How Is the Data Collected?

Private and market research firms may conduct surveys and studies to gather workforce data. These surveys often focus on specific industries, job roles, or skill sets and provide insights into trends and benchmarks within those sectors. Job boards, recruitment platforms, and online job portals contribute to workforce data. These platforms collect data on job postings, job titles, skills in demand, and hiring trends. The data obtained from these sources provides real-time insights into the job market and employer demand.

Revelio Labs data comes from all private and public companies, around 20 million companies worldwide, and it tracks more than 400 million open positions. We use various aggregated data sources, including government surveys, administrative records, census data, and proprietary datasets. This broad range of sources provides users with a comprehensive view of the labor market.

Revelio Labs accesses publicly available data from government agencies, such as the U.S. Bureau of Labor Statistics and other reputable sources. This data is meticulously collected, cleaned, and standardized for consistency and reliability. We collaborate with strategic partners to access unique datasets that provide unique insights into the labor market. These partnerships allow a deeper understanding of specific industries, regional dynamics, and emerging trends.

5. Can Workforce Intelligence Data Lower Business Costs?

Obtaining workforce data can significantly contribute to lowered business costs in multiple ways. By analyzing this data, businesses can optimize workforce allocation, identify skills gaps and training needs, streamline hiring processes, improve employee retention. This data also gives organizations insights to help them minimize overtime expenses, anticipate labor market trends, manage benefits and compensation, and enhance operational efficiency.

Analyzing workforce data allows businesses to identify inefficiencies in workforce allocation, confirming that resources are allocated effectively and reducing unnecessary labor costs. Organizations can develop targeted training programs for existing staff members by understanding national standards for employee skills and qualifications, reducing the need for external hiring or outsourcing.

Workforce data analysis helps businesses streamline recruitment strategies, reducing time-to-hire and associated expenses like advertising and recruitment agency fees. It also helps companies understand the factors influencing employee turnover, enabling them to implement effective retention strategies and reduce the costs associated with recruiting and training new employees.

Use Revelio Labs Workforce Data Intelligence Today

U.S. workforce data holds immense value for organizations seeking to improve their workplace and make informed decisions. Revelio Labs specializes in extracting meaningful insights from workforce data, empowering businesses to unlock the full potential of this resource. With Revelio Labs, organizations can make data-driven decisions, foster inclusivity, and stay ahead of the curve in a competitive business landscape. Contact us today to get started with a free trial of our workforce intelligence software.