High turnover rates are never a good sign. They either indicate that your organization is not doing something well or simply that your competitors are doing something better.
Whatever the case is, you need to ensure that you’re doing everything in your power to provide employees with a pleasant workplace environment and incentivize them to stay loyal. For that, you need data.
Collecting internal data through employee surveys, for instance, is a popular way to collect information on engagement, morale, productivity, and the like. However, you might find that external data from job postings is even more valuable for your organization, helping you increase workplace satisfaction and bringing your turnover rates down.
Let’s look at what new posting data can tell you and explore the true job data value.
What you gain from job posting data
Job posting data is a collection of structured and unstructured sets of information from corporate job listings. It contains valuable information on the job market and employment trends, giving you insights into what your competitors are doing.
Some of the main information you can collect from new posting data includes:
- Company names and website addresses;
- Number of open positions and their titles;
- Job descriptions;
- Salary ranges;
- Educational requirements;
- Skill requirements.
You can seamlessly collect online job posting data targeting industries or even specific companies. You’ll gain insights into historic and new listings and analyze employment trends relevant to your company.
How does new posting data improve employee retention?
Although it doesn’t initially seem like it, new posting data can be indispensable for improving your employee retention rates and inspiring loyalty.
It assists your recruitment processes
Replacing an employee can cost your company over 33 percent of their annual salary. Industries across the US lose millions on the lost productivity, new recruitment costs, onboarding, training, and more.
If you want to minimize your expenses, you need to ensure lower turnover, and to reduce turnover, you need to ensure that you make the right hiring decisions in the first place.
Job posting data gives you a unique opportunity to gauge candidate expectations and improve your recruitment processes. You’ll learn how you can appeal to the right applicants, create job descriptions that attract the top talent, and create workplace environments that help you keep your best employees loyal.
Allows you to keep an eye on the competitors
You may not like it, but your employees are tracking competitor job postings. Statistics show that over half of all employed individuals are considering a new job. If your competitors offer better pay, more benefits, more flexible work hours, or simply more appealing conditions, you can rest assured that your current employees know it.
Since they know it, they can quickly grow increasingly dissatisfied with your company and turn their eyes towards other places. The solution to this isn’t adding a non-compete clause to your employment contracts. It’s keeping an eye on the competitors and ensuring that you’re offering better working conditions.
Helps you identify skills gaps
One of the main benefits of analyzing new posting data is that it allows you to gauge industry and employment trends. You can identify the most prominent skills gaps affecting your niche and take preventative measures to ensure that you aren’t affected by them.
If you notice that more and more competitor job postings are looking for similar types of candidates with specific skill sets, you can deduce that such employees are difficult to find. You can then either prepare for the potential skills gap within your organization or improve internal mobility and invest in employee training, developing the necessary talent in-house.
Enables you to improve the workplace environment
Finally, you can use job posting data to learn from your competitors’ mistakes and successes and create a positive work environment that encourages engagement, improves morale, and increases productivity.
Your employees are the heart of your organization – as long as you meet their needs and offer them high job satisfaction, you will set your company on a path to success.
Where can you collect new posting data?
Collecting new posting data can be done through job boards and third-party vendors. Going the latter route allows you to automate data collection and analysis and gives you access to fresh, up-to-date information whenever you need it.
You can combine new posting data with information from company review platforms to get a complete picture of your competitors, understand what your applicants want, and learn what employees are looking for.
Collecting and analyzing job posting data is indispensable for any organization. It lets you keep an eye on the competitors and improve your recruitment processes, but it also gives you the information you need to improve your organization and reduce your turnover rates.