Recently we found ourselves thinking about external labor market data and how it’s used in strategic workforce planning and analytics.
We see and hear about many workforce planning initiatives that use external market data as a predictor for their models. One example would be looking at unemployment trends and using it to predict internal turnover. The belief being that a rise in unemployment will lead to better retention rates due to a lack of jobs available.
Here’s the thing – we agree. What we’re not sure we agree with is that it’s a one-to-one correlation to your organization. It’s probably safe to say that a rise in unemployment will reduce voluntary turnover at most organizations. But will it affect your organization the same way as your competitor down the street?
Your organization is inevitably going t Continue reading