What to Know About Workforce Data

by Revelio LabsSeptember 12, 2022

Workforce data has started to gain more traction within general business practices. This type of data can be difficult to understand. Revelio Labs is a leading provider of workforce data and can help you use the information we find to your advantage.

Workforce Data: What Is It? How Can I Use It?

Workforce data is the combination of the information collected regarding the workplace environment. Our process combines several types of data into one location to create a single large HR database. There are four main areas where we collect data from. They include:

  • Current and past employee reviews: This includes both scores and typed reviews.
  • Organization data (firmographics): This data is company specific. You can find mapping to financial identifiers, subsidiary-parent relationships of companies, and industry classifications.
  • Information from government data: We gather public information from the government such as census data, voter registration, immigration filings, and social security. We also collect global and domestic published labor statistics like posting dates, job descriptions, and position salaries.
  • Professional profiles: These are profiles that are found online. We collect dates of employment, companies worked at, titles achieved, education achieved, skills acquired, and other information found on full-time employees' profiles.

How Can I Use This Data to My Advantage?

Business owners and investors alike can take advantage of workforce data. We have created tools that allow you to use this data in the easiest and most efficient way possible. Here is what you can do with the information we collect:

Customize Data

It may be overwhelming to absorb large amounts of workforce data. Our tools can help you customize the data you receive. This way you are only getting the information you need pertaining to your business goals.

When you get the data you need, you obtain a better understanding of what will work for you. These insights will allow you to discover ways to better run your business. It may also help investors choose better the best option for them. Customizable data can allow you to hire better employees by sorting out those who do not meet your qualifications.

Decrease Business Costs

When you own a business, you likely want to keep costs down while functioning at full capacity. Using our workforce data tools allows you to find ways to keep costs low. Here are some questions that can be answered with our tools:

  • What technologies are you using that work? Which do not?
  • Are your business goals being helped or hindered by your marketing plans?
  • How to better increase your productivity?
  • Do you attract the best workers? If not, how can you?

You can also find out which workers are the riskiest. Access to this information may decrease overall business costs while helping you make the right decisions during the hiring process.

More Efficient Hiring Process

Our tools provide information regarding potential and current employees. Here are some data-answered questions you can use to hire the right people:

  • What do my potential hires look for in a company? What benefits do they want? What type of work are they looking for?
  • What are their past positions? How long did they last?
  • Where do they live? Are they willing to relocate? If so, do they need assistance?
  • Does this business have the right career opportunities for them?

These workforce tools give you access to information that other businesses may not have. Such insight will help make the job you offer exactly what they want. When you hire the right people, your business is more likely to thrive.

Find the Causes of Inhibiting Issues

Revilo Lab’s workforce tools can assist you in finding the source of particular issues in the workplace. A reoccurring setback in several workplaces is the ability to find the root cause of an issue. That is because business owners tend to focus on what happened and not on why the issue occurred.

Workforce data tools can provide you with information on both areas of the issue. There are several metrics available to you. The metrics we deliver can get you to the "why" and may help you figure out how to stop the issues before they happen again.

Build Positive Relationships

A workplace environment is of high priority to businesses and potential investors. This means that you need to build positive relationships between coworkers. If you are having issues with coworkers, you can use the metrics stated above to combat them. These metrics can inform you of ways to collaborate better as a team. A positive workplace climate may boost productivity and will give your business a fighting edge.

Investor Decision Making

As an investor of any company, you are likely looking for data to prove that a company is worth investing in. Revelio Lab’s workforce data tool may just help you do that. All of the data our tools compile is in real-time. This allows you to see how each business is performing right at the moment. It can also help you see what paths different businesses take. These paths can lead you to success or nonperformance, which will help determine your decisions as an investor.

As a business owner, you will be able to see these paths, as well as find it easier to advance your business. You can project your success off of how your competitors have not by tracking their successes and failures. This gives you an advantage over the competition. The more information you can access means it is much easier to make better business decisions. Our tools will help you take advantage of the available information.

Revelio Labs and Workforce Data

Revelio Labs wants to give you all of the tools required to optimize your use of workforce data. Whether you are an investor or a founded business owner, our tools may help you understand the workplace dynamics that are helping or hindering your progress. We can assist you in predicting unknown issues within your work and get the information you need to understand the workforce structure and use it to succeed.