Labor shortages are happening in the US and across the world. The pandemic encouraged exits and early retirements from the workforce, but participation rates haven’t recovered. The supply chain hired at unnatural levels in response to record demand, and now that industry is cooling down. But this is just the current situation, the labor market is constantly changing.
Staffing companies who have the right data can leverage uncertainty to their advantage. By using Lightcast data to make sense of market conditions and tell the current story, you can navigate dynamic environments, confidently optimize client offerings, and increase bill rates.
In our latest report, Staffing’s Five Cs for Success: How to Use Data Presentation in Changing Economic Times, Lightcast Senior Economist Ron Hetrick lays out how staffing companies can control complex pricing conversations and current job requisition demands. Once you have the data, it can be evaluated with the five Cs.
The two questions you’re probably asking are:
Which data points are important?
What are the five Cs?
The data you need are supply, demand, and compensation.
The data points to consider at this point are how many workers are available, how many employers want these workers, and how much they’re being paid. For example, if you’re trying to fill a req in a market with low supply and high demand, and your client is offering a wage much lower than the going rate, you need the right information to explain the situation. Numbers matter, especially when it comes to the labor market. When you bring unbiased data to the conversation, navigating client conversations becomes less complicated. Using SmartReq allows you to have immediate access to these data points and negotiate confidently.
Once you have the data, you can evaluate it with the five Cs—clear, concise, contextual, comparative, and compassionate.
Are the data points clear, accurate, and easy to explain?
Are the data concise and directly relevant to the key questions?
Can the data be looked at in a historical context?
Can the data be compared to other markets, sectors, and time periods?
Is the presentation of the data compassionate and helpful?
By using this framework to gain actionable insight from the right information, staffing companies will understand the whole picture of what their clients are facing. Each staffing decision is unique, and to make the right one at the right price, you can use the five Cs to support the process.
Read the full report for a real-world example, and learn more about how to apply the five Cs of understanding and presenting data to a current labor situation.
