Interpreting Insights: Supply & Demand
- Challenging Supply & Demand
- This means that the demand for this role is greater than the available talent to fill the roles.
- Consistent Supply & Demand
- This means that the demand for this type of candidate is equal to the supply
- Favorable Supply & Demand
- This means the supply is greater than the demand for talent
- Data not available
- Meaning there is not enough supply and demand data to provide a summary
Relode Insights provides detailed information on the supply and demand of the current candidate market . When reviewing this data it's important to compare these two factors to get a true picture of the available talent.
Summary
At the top of every Insights report, there is a summary. The supply & demand are summarized with the following options:
Supply
This is the available supply of talent or people in this market.
In the example below, this indicates there are 12,031 people in this market that are qualified for the job that was searched for. You can see how many companies these individuals work for in the particular market. Please note the profile number of 12,000 in looking at job titles and qualifications for all individuals, this does not indicate the amount of talent actually seeking a new opportunity.
Within the supply portion of an Insights report, you will see the top 10 companies, job titles, and skills the individuals in this market have.
This shows the top 10 employers of this job title. It is organized from largest to smallest. This can be helpful when creating your recruiting your strategy to determine what companies you want to source talent from.
Top Titles
For many jobs, there are similar titles, this displays titles that are considered similar enough to be categorized with the title that was searched for. This can be helpful when creating your recruiting your strategy to determine what title to utilize when marketing your job.
Top Skills
Across the available supply of talent, this shows what the top common skills are among the group of talent. This can be helpful when creating your recruiting your strategy to determine if the required skills you want for your next hire are going to limit the amount of people you have access to.
Demand
This shows how many other companies are in demand of the same talent, i.e. how many job postings there are for the job searched for in the market.
In the example below, this indicates there are 10,474 job postings currently broadcast in this market for the job title searched for across, 2,282 different companies.
Within the demand portion of an Insights report, you will see the top 10 companies, job titles and skills for the jobs currently marketed.
Top Companies
This shows the top 10 employers that are currently hiring for this job title and how many postings they have. It is organized from largest to smallest. This can be helpful when creating your recruiting your strategy to determine what companies you are going to be competing with for talent. Consider doing some competitive research to understand what benefits these other organizations are offering. You can be sure that candidates are comparing you to these other companies, so being proactive can help you lead with the best chance of hiring success.
Top Titles
For many jobs, there are similar titles, this displays titles that are considered similar enough to be categorized with the title that was searched for. This can be helpful when creating your recruiting your strategy to understand what your competition for talent is calling this job.
Top Skills
Across the current job postings, these are the top skills that other companies are searching for. This can be helpful when creating your recruiting your strategy to determine if the required skills you want for your next hire are more or less strict than your competition
Comparing Supply & Demand
The data of supply and demand by itself can be helpful, however, it is most helpful to compare the two data points to understand how competitive the market is. You want to compare the total supply (people) with the total demand (jobs).
Don't forget to take compensation into consideration when looking at the supply of talent. If you are paying in the 50th percentile, you only have access to half of this talent. Check out interpreting insights: compensation data for more details
There are 3 potential scenarios that will happen when comparing supply & demand of talent.
- There are more jobs than candidates
- Meaning: Demand (open jobs) is larger than Supply (people or potential candidates)
- It's a competitive market as an employer
- Things to consider to increase your chance of hiring success:
- Consider hiring in a different market or become open to fully remote employees
- Reduce required skills on the front in and opt to offer more on-the-job training instead
- Increase compensation to the 75th percentile to attract a higher percentage of talent.
- The number of people and jobs are relatively equal
- Meaning: Demand (open jobs) is equal to Supply (people or potential candidates)
- As an employer, you may be able to find talent, but it is still relatively competitive for you
- Things to consider to increase your chance of hiring success:
- Increase compensation to the 50th percentile to attract a higher percentage of talent
- Reduce required skills on the front in and opt to offer more on-the-job training instead
- Consider hiring in a different market or become open to fully remote employees
- There are more candidates than jobs
- Meaning: Supply (people or potential candidates) is larger than Demand (open jobs)
- As an employer, this is not a competitive market for talent because there are more people than jobs
- Things to consider to increase your chance of hiring success
- Ensure your compensation is at least in the 50th percentile or greater to have access to at least half of the available talent
Check out: data source for relode insights to find out where the information is from and how often it is updated.