ORLANDO, Fla.--(BUSINESS WIRE)--Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services to large corporations, today released its first annual Workforce Management Benchmark Report. The new analysis, which is based on Workforce Logiq’s proprietary workforce analytics and data science, examines and predicts talent volatility across major industries, job functions, metropolitan statistical areas (MSAs), and states.
Workforce Logiq uses AI models to calculate industry, company, and candidate-specific Talent Retention Risk (TRR) ScoresSM. Tracking more than 2,000 events, triggers, and shocks that can impact employment volatility – macroeconomic trends, company-level social media and news sentiment, employee churn indicators, industry news and events, and more – from more than one billion data points and 40,000 sources, the algorithms predict the likelihood of professional employees and knowledge workers being receptive to unsolicited recruiting messages and job opportunities.
TRR ScoresSM range from low (less than 35) to high (above 70), with scores 35-49 considered average and 50-69 above average. High TRR Scores indicate high levels of workforce volatility. Major findings from this year’s report include:
- Recruiters and software engineers are most likely to explore external opportunities. Recruiting has the highest percentage of employees open to unsolicited recruiting messages (115% above the national average), followed by software engineering (105% above average), and marketing (82% above average). Skilled trade is the most stable job function at 81% below the national average.
- The finance and insurance industry is the second most volatile industry. Mining, quarrying, and oil and gas extraction has the most volatile workforce out of all major industries. The sector has the highest average TRR Score (64.0), which is 24% higher than the national average (51.7). Healthcare and social assistance is the least volatile (39.4) at 24% below the national average.
- Washington, D.C., New York, and Massachusetts have the most volatile workforces in the nation. The states with the least volatile labor markets include Mississippi, New Mexico, and Wyoming.
- The San Francisco-Oakland-Berkeley area in California has the highest percentage of employees open to unsolicited recruitment messages. The MSA is 50% above the national average for recruitability, followed by New York–Newark–Jersey City (23%), and Boston-Cambridge-Newton (16%).
“The market for attracting talent is only going to get more competitive in 2020 as the economy continues to be strong. To build a strong talent pipeline, employers need to be faster, smarter, and more proactive in how they find, hire, and retain their workforce,” said Dr. Christy Whitehead, Chief Data Scientist and Talent Economist at Workforce Logiq. “Data-driven insights with context and benchmarks enable employers to anticipate and predict key talent volatility issues and make more accurate, cost-effective decisions, so they can hedge their retention risk before it impacts the organization’s bottom line.”
The 2020 Workforce Management Benchmark Report offers key insights to help organizations address talent recruitment and retention challenges. The annual report is the first in a series of quarterly analyses that will be made available to the public.
To learn more about U.S. workforce volatility and the state of the labor market, download the full report.
About Workforce Logiq
Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services to large corporations, enables organizations to win and retain the talent they need to grow. With clients in 50+ countries, Workforce Logiq provides expert guidance, real-time and predictive analytics, and patented and award-winning technologies. Workforce Logiq’s universal sourcing solution addresses all elements of its clients’ acquisition and retention programs, including full-time (RPO), contingent (MSP), and freelance/“gig” (FMS) workers. Backed by global investment firm The Carlyle Group, the company helps clients attain greater management, performance, and financial control over their talent supply chains.
Today, Workforce Logiq is powered by more than 1,000 workforce management experts and manages 8,000 active supplier relationships and $3 billion in spend globally. Workforce Logiq is headquartered in Orlando, Florida; its European headquarters is in Stockholm, Sweden. Workforce Logiq’s portfolio of companies include AI software company ENGAGE Talent, advanced payroll provider LOKI Systems, and background screening provider Quick Search. For more information visit http://www.workforcelogiq.com, follow on Twitter @WorkforceLogiq, or connect with Workforce Logiq on LinkedIn.