Which cities are the best to target for recruiting actuaries and other hard-to-fill positions? What are the top universities graduating actuarial science majors? These are the types of questions EMSI can answer through Talent Market Analyst, a web-based tool designed to help companies easily navigate labor market data and apply it in their business development strategies.
We’ve written before how labor market data (i.e, detailed stats on the historic and projected performance of industries and occupations) can be useful for companies’ strategic workforce planning. This includes environment scanning, gap analyses, and workforce analytics — three of the key issues the Human Capital Institute has outlined (see here).
As Josh Bersin wrote in Forbes last month, HR managers need to think more like economists when seeking to solve workforce issues. Bersin referenced a Conference Board survey that showed CEOs, more than anything, are worried about human capital challenges in the coming year.
Economists understand that labor markets are local. So applying that principle, this organization could open a new R&D facilities in cities close to growing universities or an influx of highly educated people. Today many tech companies are moving their R&D teams to Toronto, for example, where the cost of living is lower than the US and education levels are high. This takes some workforce planning and economic analysis, not the typical work of most HR teams.
Going back to our earlier example of actuaries, Talent Market Analyst gives us some valuable insight to help insurance carriers and other industries that need these highly skilled workers. For instance:
- Just over 1,100 actuarial science degrees were issued in 2011, nearly three times as many as in 2003. The institutions that produced the most graduates: The University of Illinois at Urbana-Champaign (93), Cargenie Mellon University (77), Ohio State University (55), and George State University (54).
- Judging by the 1,100-plus graduates and EMSI’s jobs openings estimate of 1,854, there’s a fairly substantial undersupply of students becoming actuaries at the national level.
- Hartford, Conn., has the highest concentration of currently employed actuaries among any metro area in the United States, at nearly six times the national average. Portland, Maine, is second with more than four times the national average.
- Among all metro areas with at least 150 employed actuaries, Portland, Maine ($29.43) and Richmond, Va. ($34.30) have the lowest median hourly earnings, far below the national average of $43.96 per hour. So Portland has the second-highest concentration of actuaries of any U.S. city, very low wages, and a growing workforce (16% growth since 2002). This means the actuary profession, while small, is an important element to the Portland economy. But because of the wages, Portland could be a good target for recruiters looking to find actuaries.
Here’s more from Talent Market Analyst on actuaries at the national level. Note that the related graduates figure of 1,246 includes degrees in two other fields — mathematics/statistics and computational/applied mathematics.
For more information on Talent Market Analyst, EMSI’s web-based labor market data and analysis tool for HR professionals and workforce planners, contact Rob Sentz (email@example.com). Follow us on Twitter @DesktopEcon.