How do you stay current with labor market trends?

1 Use reliable data sources

One of the best ways to stay current with labor market trends is to use reliable data sources that provide insights and analysis on various aspects of the workforce, such as employment rates, wages, skills gaps, diversity, and mobility. Some examples of data sources are government agencies, industry associations, research institutes, and online platforms that aggregate and visualize labor market data. You can use these data sources to benchmark your own hiring performance, identify opportunities and challenges, and tailor your recruitment efforts to the specific needs and preferences of your target talent pool.

2 Network with peers and experts

Another way to stay current with labor market trends is to network with peers and experts who can share their knowledge and experience on different topics related to recruiting, such as best practices, emerging tools, new regulations, and common pitfalls. You can network with peers and experts by joining online communities, forums, and groups that focus on recruiting, attending webinars, podcasts, and events that feature industry leaders and influencers, and reaching out to mentors and coaches who can offer guidance and feedback. You can also network with candidates and employees who can give you a firsthand perspective on their career goals, motivations, and challenges.

3 Experiment with new methods and tools

A third way to stay current with labor market trends is to experiment with new methods and tools that can help you optimize your recruiting process, such as automation, artificial intelligence, gamification, and video interviewing. These methods and tools can help you save time, reduce bias, increase engagement, and enhance quality in your recruiting activities. However, before you adopt any new method or tool, you should do your research, test it out, measure its impact, and evaluate its fit with your organizational culture and goals. You should also be open to feedback and improvement, and learn from your successes and failures.

4 Monitor the competition and the market

A fourth way to stay current with labor market trends is to monitor the competition and the market, such as the hiring activities, strategies, and results of your direct and indirect competitors, as well as the changes and developments in the industries and sectors that you recruit for. You can monitor the competition and the market by using tools like job boards, social media, review sites, and news outlets that can give you information on the job openings, salaries, benefits, and employer branding of your competitors, as well as the opportunities, threats, and innovations in your market. You can use this information to compare and contrast your own recruiting performance, identify gaps and strengths, and adjust your recruitment plan accordingly.

5 Learn continuously and proactively

A fifth way to stay current with labor market trends is to learn continuously and proactively, by seeking out and taking advantage of learning opportunities that can help you update and upgrade your recruiting skills, knowledge, and mindset. Some examples of learning opportunities are online courses, certifications, books, blogs, and newsletters that cover various topics related to recruiting, such as sourcing, screening, interviewing, hiring, onboarding, and retention. You can also learn continuously and proactively by setting and tracking your own learning goals, asking for and giving feedback, and reflecting on your own learning process and outcomes.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?