Economic Recovery from COVID-19: A Data Driven Guide
April 27, 2020 by Isabella Minudri
As the nation’s economy buckles under the weight of the COVID-19 shutdown, we at Emsi want to help by providing businesses and institutions across the nation with a data driven guide to using labor market information to help communities’ economic recovery from COVID-19.
What can Emsi data do for you in a time like this? With detailed reports, free webinars, and new data tools and prototypes, we can help on a variety of fronts. Whether you’re in higher education, workforce development, business & economic development, or staffing, or perhaps you’re just looking for some answers, here is a recap of what we have done thus far to aid in economic recovery.
Keep in mind that we are still in development. We are continually releasing new tools and services (many of which are free or have free versions) and we’d love your feedback or suggestions on other ways we can help you.
Regional Impact Report (free) The Regional Impact Report provides insight on the economic downturn’s effect on your region. The report includes information on alumni impacts, in-demand skills, job postings, and more. Click here to learn more and request a report.
Skills Match (free)
Emsi recently released Skills Match, a free online tool built to help adult learners match their acquired or needed skills with available jobs and online courses. For more information, read the press release here and watch the walkthrough video. See below for SkillsMatch webinar!
Attract and Serve Adult Learners with SkillsMatch: On May 27, Emsi product manager Lendl Meyer discussed how Emsi’s SkillsMatch could help institutions in providing students with skill-based recommendations for further education and work opportunities. Click here to see the full recording.
More webinars to come in June!Subscribe to our blog to stay in-the-know!
COVID-19 Economic Recovery Resources for businesses
Job Postings Data In the analytical tools that Emsi has built for businesses, there are a number of data-filled reports that help you better understand the talent needs within various industries across regions in a rapidly changing labor market. For example:
The Job Postings Table provides a big-picture view of posting trends for specific businesses within a region.
The Map Job Postings report lets you see how job posting levels have grown or declined across multiple regions due to the economic shutdown.
The Market Snapshot shows the economic state of a region before the virus hit–a good tool for comparing the state of the economy now to the way it looked a few months ago.
Skills Data Businesses across the country are desperately trying to cut their losses by laying off employees or enacting hiring freezes. To help displaced workers stay in the workforce, employers can use the Emsi Skills Library to show their former employees how their skills can transfer into other occupations. Then, by using our Resume Optimizer, workers can improve their resumes–and boost their chances of getting hired for another position. Watch this recorded webinar for more information.
Location Economics Data If your business is looking to reevaluate their location during this crisis, our Location Economics team would love to connect with you. With labor market data such as demographics, commute times, cost of living, and much more, we can help you strategize the best ways to make the most of your location. Click here to learn more about Location Economics at Emsi.
See this article for more information on Talent Analyst resources during this time.
Resources for economic & workforce development professionals
The below resources can be found within Emsi analytical tools. Click here to learn more.
Industry Table Since the largest percentage of the population are over age 55, and a large portion of those people are unable to work from home, it’s important to understand the economic impact of older workers leaving various industries. The Industry Table can help you visualize this impact by breaking down an industry by age demographics.
Occupation Map The Occupation Map is a good resource for health officials and local governments in search of information about how certain occupations are moving within a region. It details the number of workers who reside in the same zip code in which they work, and the number of workers who commute to other zip codes.
Industry Snapshot The Industry Snapshot covers the employment rates, percentage of total jobs, and earnings within an industry. This can help communities determine the immediate impact of job losses and where to devote their resources.
Skills Transferability Table Our Skills Transferability Table maps the compatibility of one occupation with another. COVID-19 has dramatically increased unemployment, but many people who have lost their jobs in recent months have retained skills that are easily transferable to another occupation. Economic and workforce developers can use this information to drive economic prosperity by keeping people employed.
See this article for more information on Community Insights resources during this time.
Additional resources for economic recovery from COVID-19
Health Risk Index (free)
The Health Risk Index was created to help US policymakers better understand the risk of COVID-19 in their area and make informed decisions based on data. This interactive map is based on four risk factors: population preconditions, population density, workplace interactions, and population health. Using these factors, the Index shows the areas that are most vulnerable to the virus and provides explanations for how the risk is calculated. See the map here.
Input-Output Model (I-O)
Emsi’s Input-Output model helps planners and researchers understand the impact of job loss on the community. In the absence of traditional labor market information (LMI) that is current enough to speak to the COVID-19 situation, I-O is a good way to model the impacts of job change on any industry. Click here to learn more about how to use I-O. The model is available in our labor market analytical tools here and here.
Research: Every team at Emsi is striving to produce valuable, relevant data for each of our clients. For a taste of what Emsi data is doing now, take a look at these articles:
Webinars: Emsi is hosting free webinars every month that discuss business strategies and data implementation during COVID-19. You can register for upcoming webinars, or check our blog for webinar recaps and the full video recordings. Here are a few to take a look at:
With the labor market changing more quickly than ever, we want to help guide you toward economic recovery from COVID-19 with the data you need to make informed, successful decisions. That’s why we created a COVID-19 resource page that you can access at any time. If you have any questions, please don’t hesitate to reach out.
To learn more about what Emsi is doing to combat the uncertainties surrounding COVID-19, refer to our COVID-19 resources or fill out the form below to get in touch.