If you’re a frequent reader of the EMSI blog, chances are you’ve read about our plans to integrate job posting data into Analyst. It’s taken a lot of hard work to make sure that the data we use is up to our quality standards; job posting data can be the Wild West of data, as we’ve talked about before. But now, we’re excited to announce that we’ll be releasing job posting analytics in July of 2014.
Job Postings: Integrated With Historic LMI
EMSI’s new job posting analytics data is designed to integrate seamlessly with the historic LMI in Analyst. Adding this new data makes it possible for Analyst users to see a full spectrum of data on their economy, all in one place. With one tool, you can see historic data for tracking trends and gaining a deep, strategic understanding of your economy; study job posting analytics, including job churn, hiring intensity, and more, to highlight important hiring trends happening right now; and get data projections to give your strategic decisions insight into what could happen next.
One of the most important data metrics that EMSI’s new job posting data report will take into account, setting it apart from Analyst’s other data, is churn. In essence, churn tells us how much turnover an occupation or industry experienced. In industries like food services, this rate can be very high. Not all industries cycle through workers so quickly (manufacturing jobs, for example, often have very low churn rates), but knowing how quickly jobs are changing hands is an important corollary to seeing how many jobs and openings there are. For more information about churn, and how we’re measuring demand (and why we’re doing it the way we are), check out this in-depth piece.
What’s In The Data: Posting Intensity, Postings vs. Hires, And More
So what does EMSI’s job posting analytics data look like in the tool? The job posting analytics report has several sections, including a proprietary metric we’re calling posting intensity. Posting intensity helps users understand how much effort local employers are putting into attracting talent to a particular job. We’ve found that employers frequently create very large numbers of postings for a small number of jobs; they may buy thousands or even tens of thousands of postings for only 10 or 20 actual openings, a level of inaccuracy that deduplication procedures can only do so much to fix. This kind of statistical noise can obscure the situation in the economy. But, as used by the posting intensity metric, it also indicates the degree of interest that employers have in hiring, which may be more important than simply knowing the raw number of postings.
The job posting analytics report also includes month-by-month historic data on the total postings for each occupation, as well as a new Postings Vs. Hires section. The Postings vs. Hires section compares our data on the total monthly postings for the occupation against the average number of monthly hires for the occupation.The report also covers which companies in the region are posting the most openings. We’re also working on developing postings-based data on the certifications and hard and soft skills that employers most intensely require from employees. We see skills data as a crucial element of job postings — a benefit so important that we’re still developing the optimal approach to the data. We’ll let you know how that dataset develops.
Learn More About EMSI Job Posting Data
We believe that the job posting data we’ve developed will serve many of our clients as a useful complement to — not a replacement for — historic labor market information. That’s why we’ve devoted so much energy to developing the best possible job posting data. It’s also why we’ve decided to offer job posting analytics as an add-on to Analyst. Regular users will see limited JPA data in certain parts of Analyst. But users who want to use the full dataset, including churn, hiring intensity, and more, can add that data to their subscription for an introductory annual price of $2,500.
As the release date approaches, we’ll be talking more about the details of the data and showing you what it looks like in action. We’re also planning to host a pair of webinars to discuss what we’ve developed, and why we’ve built it the way we have, which you can read about and register for here. In the meantime, to learn more about EMSI’s job posting analytics report, contact your client services rep, or email Rob Sentz.
To sign up for a webinar introducing EMSI’s job posting data, go here. For more on EMSI’s employment data — available at the county, MSA, and ZIP code level — or to see data for your region, email Josh Wright. Follow EMSI on Twitter (@DesktopEcon) or check us out on LinkedIn and Facebook.