When to Invest in Workforce Data

by Revelio LabsAugust 12, 2022

Investing in your own company will always bring value to your business. But when should one invest in workforce data? Here is what you should know about workforce data, how it works, and why you should incorporate this kind of investment into your own business methodology.

What Is Workforce Data?

Workforce data, put simply, is public employment records collated into a universal HR (human resources) database. This type of data may be hard for investors, HR teams, or strategists to find comprehensively, but that is exactly what we have done here.

Where Does This Data Come From?

  1. Professional online profiles. We find full-time employment information on persons. This includes their dates of employment, companies worked for, education factors, acquired skills, etc.
  2. Job posts and their posting dates. The descriptions of these jobs are allocated as well as the salaries for each position.
  3. An employee's reviews. This includes both employee-made company review scores and written reviews.
  4. Available government data. This data includes published labor statistics. These statistics are often domestic and global. We also cover immigration filings, census, social security administration, and voter registration information.
  5. Firmographic data. These are company-owns-company relationships. We also add certain industry classifications and roadways to financial identifiers.

All of these different types of data help us help our clients understand workforce diversity and how to use the data that comes from it to their advantage.

Why Should You Invest in Workforce Data?

Often investors ask why this type of data may benefit them and their companies. Revelio Labs collects data from a wide variety of companies. These include public companies and above 2,000,000 private companies. Why is all of this data necessary?

The data we collect can assist your company in fortifying the functions at which you work. If your company is striving to become a better workplace then our data can show you how to make that happen. Our workforce tools can find ways to increase the revenue of your company. Each function can be bettered with workforce data. You will be able to compare your company to others to understand ways that may help increase your company's overall value.

If you are struggling to bring in quality employees, our data may also help. One of our tools will allow you to find information on subjects such as where potential employees live, what they look for in a company, if they are willing to relocate, and what benefits you may be able to offer them. With our tools, you may be further ahead of the competition and get the most qualified candidates.

More Benefits of Workforce Data

One striking benefit is that the data we provide will help you when trying to uncover the root cause of issues currently affecting your company. A problem had by several companies is trying to understand the “why” of issues they have. It is easier to understand the “what” of the issue that took place than the reason “why” it happened. We offer tools that get to the important “why.” With our metrics, you will discover the reason and can take the steps to make sure it does not happen again.

Relationships are a key factor in creating and maintaining a business that thrives. Our workforce data can help business owners find solutions to create better work relationships. The tools offered can assist in finding the issue you’re having and help make decisions to rectify it. They will also give you ways to conjoin while working on projects or just enhance working relationships.

Another large part of being a business owner is being cost-effective. This can be troublesome. The data we provide may offer a solution. The data brought in may help lower the costs any business currently accumulates. With these tools, you will be able to first withdraw applications from candidates that may be riskier than others. You can see if your marketing strategies are truly getting your goals accomplished. Workforce data tools show you which technology tools will be worth your while. Business owners will be able to better guarantee that their company is running at its most cost-efficient.

A large challenge when it comes to first-time business owners or investors is decision-making. With our tools, your business decision-making will become simpler. We can show you the future success or decline with said tools. Real-time devices will help you choose the right decision for the timing of your business.

When Is It the Right Time to Invest in Workforce Data?

We have listed several benefits as to why workforce data is important but not all. The bigger question to answer is when should investors choose to get this data for their company? Each investor may have different reasons to invest. Workforce data can help investors and companies throughout the entire process of owning a company. From the beginning, workforce data can assist you in building your business’s functionality. It is customizable so you are able to see what you want and filter out that data that does not assist you.

When you invest in workforce data you’re investing in the longevity of your company. The value of your company will increase when you take the data we provide and use it towards it. This type of data is always changing and it is imperative to keep track. Our tools make keeping track of trends simple. Revelio Labs stays dependable as our data begins in 2008 and stays current while giving investors updates every month. These devices are proven to give our investors the upper hand.

Investing Is Never a Bad Idea

When you choose to invest in your company you are choosing to continue a solid incline toward success while avoiding decline. Revelio Labs helps investors prove their success. After reading about what makes workforce data an essential part of a business, you may see ways that your company is able to improve. To schedule a demo of the necessary tools to increase revenue and make your business an overall hit, get in touch with our team at Revelio Labs.

Request a demo to explore Revelio Labs workforce data