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What we’re reading about real time labor market data

Actual-time labor market information, akin to job postings, can present insights on labor market dynamics and will be leveraged to tell evidence-based insurance policies. Copyright: Riccardo Mayer/Shutterstock

Actual-time labor market information, akin to job postings, are more and more filling a key information hole, together with in creating international locations. Whereas its use began within the 2010s, primarily utilizing US information, it has expanded quickly to a spread of nations. Entry to up-to-date and granular information on job expertise necessities, in-demand occupations, and the altering nature of jobs is crucial for labor market stakeholders, from policymakers and employers to jobseekers, college students, and all who assist join folks with jobs.

With massive information methods, this data is extra available and may present insights on labor market dynamics and will be leveraged to tell evidence-based insurance policies. This data is especially related for creating international locations, which are likely to face a few of the biggest labor market challenges, with pervasive market and institutional failures, and the place understanding of the native labor market panorama is usually lacking and wanted essentially the most.

Job posting information has been used to reply particular questions on a various vary of labor subjects. A collection of research present how labor markets have advanced in skills requirements, type of occupations and tasks. A number of researchers additionally examined how COVID-19 impacted labor markets soon after the outbreak, reinforcing the significance of real-time labor market data sources when many conventional surveys all of the sudden stopped and largely misplaced relevance. Others have used on-line job posts to uncover labor market dynamics akin to explicit gender discrimination, labor market tightness and ability necessities, the influence of geographic location on job search, and use of remote work during COVID-19.

Regardless of offering an growing variety of labor market insights, on-line job posting information have limitations. As an illustration, in distinction to conventional labor market data, these information are sometimes biased towards particular sectors, occupations, agency dimension, ability stage, and geographic protection, particularly in contexts where online postings are not as widespread. Some researchers are overcoming information high quality points and limitations through validation with traditional labor market data.

Even with these challenges, real-time labor market information can assist initiatives for extra, higher, and inclusive jobs. By strengthening labor market monitoring and evaluation, these information can inform energetic labor market packages and workforce growth insurance policies to higher align ability provide and demand; native financial growth methods; and equal employment alternatives insurance policies and anti-discriminatory packages. Different stakeholders can use the data akin to students making more informed decisions about their field of study; job seekers and employers figuring out expertise demanded in an occupation; and researchers exploiting new datasets to broaden the information frontier on labor market challenges.

Actual time labor market information

Important readings

Broader jobs agenda

This weblog is predicated on the April 2023 version of the Knowledge4Jobs publication, curated by the World Financial institution’s Jobs Group and Labor and Expertise International Options Group. Click on here to join the Knowledge4Jobs publication.