Position Supply/Demand

The Position Supply/Demand page within the LMI module provides real-time analytics that allows you to deep dive into the labor market job conditions and skills insights of a chosen job within a region. This article will walk you through what each metric and chart entails.

Country, State, City: From the dropdowns, select the particular country, state and city you wish to search across.

You may look up a particular position by searching for the Position directly, selecting one of the recommended positions displayed, or you can customize your list of positions to choose from quickly. 

 

Recommended by SkyHive: These are the most commonly demanded positions in this region over the last 7 days.

Note: You can customize these recommendations by selecting the Customize button. From here, you can either display the default recommended positions, or select positions that you will be commonly searching for. 

Example: If you were explicitly analyzing positions in the tech sector, consider customizing some prominent ones you will be searching for. 

When searching for a Position, you also can leverage the following:

• Jobs currently published within your enterprise
• Positions defined with your Enterprise Structure (Org Chart)
• Positions defined by your Skill Blueprints 

Position: Enter any position below to view the labor market insights.

• Selected Position: Represents the position you entered above as titled in the labor market
• Job Openings: The number of job openings within the specific region for the selected job title is updated daily.
• Total Supply: This is the potential talent pool for this position within the selected region.
• Market Salary Range: The Market Salary Range displays a range for the salary within the target region for the role.

Note: Salary information is pulled from anywhere the salaries are publicly available for that position such as Job Ads/Postings, Economic Data etc. Benefits and other compensation would not be included. 

The RELATIVE SUPPLY/DEMAND OVER TIME chart displays the selected job’s supply (individuals holding the job) and demand (job openings) trends in the labor market over time within the region. 

The percentage represents the portion of the selected job within all jobs in the labor market within the region. You can choose between MONTH, QUARTER, and YEAR to view job trends from different periods. (It defaults by YEAR) 

• SUPPLY: Individuals in the labor market, who have recently held the selected job.
• DEMAND: Job vacancies in the labor market for the selected occupation.

Absolute Supply and Demand

• ABSOLUTE SUPPLY (JOB SEEKERS): Number of job seekers over last month/year/quarter
• ABSOLUTE DEMAND (JOB OPENINGS) Number of job openings over last month/year/quarter

The GEOGRAPHY chart displays the selected job’s supply (individuals holding the job) and demand (job openings) ranked by geographical location. You can toggle between Supply Shortage, Demand Shortage, Top Supply, and Top Demand to rank order the locations based on different criteria.

The default sort order for Position Supply/Demand Geographic Analysis is by 'Supply Shortage%)

• SUPPLY: Individuals in the labor market who have recently held the selected job.
• DEMAND: Job vacancies in the labor market for the selected occupation.

Note: The heatmap is interactive so you can zoom in closer to specific regions with your mouse or trackpad.

You can also select either Job Seekers or Job Openings to specifically focus on either of those categories, as the figures will default to Supply/Demand combined. 

Both are calculated over the past 12 months. 

 

The SKILL TRENDS chart indicates trends in skills demanded by the selected job as observed in the labor market over the past 30 days. 

• Top Disappearing Skills: Skills associated with the selected job with decreased demand; ranked by prevalence (percentage) with the absolute value displayed. 
• Top Constant Skills: Skills associated with the selected job with constant demand; ranked by the absolute value. 
• Top Emerging Skills: Skills associated with the selected job with increased demand; ranked by prevalence (percentage) with the absolute value displayed. 

How does SkyHive identify emerging and disappearing skills?

SkyHive aggregates millions of real-time labor market movements and analyzes the trends in skills emerging/declining within the context of roles, industries or sectors.

How does SkyHive predict future skills?

SkyHive is the only technology capable of producing accurate and transparent future skills identification. This process leverages a unique component of SkyHive’s engine known as Future Skills Analysis, which combines a regression-based model with the NLP processing of future-facing materials (subject matter expertise, academic studies, research papers, etc.).

The output is a robust representation of the skills emerging in the coming years within specific industries, job families, or professions.

The MOST SUPPLIED SKILLS and the MOST IN-DEMAND SKILLS charts indicate the most prevalent skills demanded by the selected job as observed in the labor market over the past 12 months.

• MOST SUPPLIED SKILLS: Skills associated with the selected job with the highest supply.
• MOST IN-DEMAND SKILLS: Skills associated with the selected job with the highest demand.

How Can I Use This Information?

With the Position Supply & Demand page, you can conduct a deep dive into a specific position in the labor market to see general supply and demand information about the position and skill information for that position. You can identify emerging skills and what skills the workforce may need to be trained in to appropriately fit this role based on the labor market, as well as what skills are becoming less and less critical within a geography for a specified position. This information can inform the viability of a future state role and how supply and demand are trending.

Updated May 01, 2024 20:44