Using Workforce Software To Analyze Competitors
Workforce intelligence software helps you understand companies by collecting workforce data and compiling it into easy-to-read reports. Using data from multiple sources, Revelio Labs can analyze information about your competitors so you can determine where to allocate resources in your business. If you want access to over a decade of data so you can understand your competitors and what is driving their success, Revelio Labs may be exactly what you need.
What Can Workforce Intelligence Software Tell You About Your Competitors?
Workforce intelligence software collects information from multiple sources to create a comprehensive snapshot of a company. The information that you can get from workforce intelligence software includes:
Workforce intelligence software can tell you the composition of competing companies. Reports from Revelio Labs can show a company's job categories and what percentage of their workforce falls into each category. This information can help you identify where your company may have a competitive advantage or what type of professionals you may need more of in your workforce. Our reports can also show you the geographical composition of the company, as well as data on gender and ethnicity.
Revelio Labs can also track major companies' worldwide revenue. Even more helpful than knowing a company's net worth is understanding how the business achieved its growth and success. By determining when other companies are breaking into new markets and when they offshore and outsource, you can accurately track what is bringing your competitor's success and how you can create similar results.
Workforce intelligence can let you know your competitors' current trajectories. If you are not satisfied with the trajectory of your business, you can analyze the actions of other companies that are having desirable results. You can use this information as a guide to improve the course of your business.
Attrition and Hiring Trends
Our analytics can also tell a company's hiring and attrition trends. A higher attrition rate may be indicative of unsatisfied employees. Unsatisfactory salaries, benefits, or company culture can lead to an employee leaving a company. Knowing your competitor's attrition and hiring trends gives you a bar to measure against when examining your company. It can also be helpful to note who your competitors are hiring and when they start hiring. Noticing these trends, and whether they are bringing positive results, can help shape your hiring strategy.
Detailed reports from workforce intelligence software can also give you the top skills of a company's workforce. If you are impressed with your competitor's recent success and trajectory, compare the top skills of their workforce to yours. Doing so can help you recognize the type of employees to hire or help you identify skills that you may need to train current employees on.
Higher salaries and better benefits often lead to a more robust company culture. A healthier culture can also help increase retention. Understanding the average salaries for employees with the skillset you are after lets you know if you are offering enough to new hires. Offering a higher wage can give you a competitive edge. If you cannot afford to pay an average salary, you can begin strategizing other benefits to provide employees with instead.
How Is Workforce Data Collected?
We use more than one data source to compile our comprehensive reports, but some of the sources that we use are:
- Public workforce data
- Job postings
- Online professional profiles
- Government filings
At Revelio Labs, we have access to data going back over ten yeras. This allows us to provide comprehensive reports on all public companies and over two million private ones. We also update our data monthly, so the information you get from us is current and applicable.
By using multiple sources, we are also able to reduce inaccuracies. We use the industry's most trusted models and methods to make sure our data is correct. Other inaccuracies, such as reporting lags and sampling biases, are reduced by our competent data scientists.
How Can Workforce Intelligence Help Me?
The data collected by our software can offer you a benchmark to compare your company to. This information can help you strategize more effectively to bring better results. We also help you identify up-and-coming companies and the reasons for their success. Examining these companies, including who their workforce is comprised of and their current business strategies, can help you make more calculated decisions in your own business. When used to its full potential, our workforce intelligence can help you make better business decisions, quantify risks, and grow your company.
Use Revelio Labs To Analyze Your Competitors
Analyzing your competitors will allow you to see their strengths and weaknesses and how they compare to yours. Conducting this research can help you improve your business and may help you find opportunities or gaps within your market. If you are interested in gaining insights about your competitors, reach out to Revelio Labs today to request a demo.