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HR terms frequently used by HR professionals.

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Labor market data 

What is labor market data?

Labor market data includes data on the labor force obtained through external sources, such as job portals, career websites, social business networks, patents, university data, learning offerings, online courses, public statistics, and governmental sources.

How is labor market data analyzed?

Labor market data analysis is a five-step process:

First, identify the area within which employers are competing for labor.

Second, conduct market surveys to determine salaries for specific positions.

Third, work with management to validate market areas, competitors, and job matches.

Fourth, identify market trends such as salaries and working conditions.

Make crucial changes allowing the organization to compete effectively for employees in the job market.

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