| | JUNE 2024MANAGEHRMAGAZINE.COM19CXO InsightsBy Michael Stanush, Head of People, VericastHOW EMPLOYERS CAN ALLOW CREATIVITY TO THRIVE IN A TIGHT LABOR MARKET: GROUNDING HIRING, RETENTION AND SKILL BUILDING IN DATA-DRIVEN PROCESSESBased on recent job data from the Bureau of Labor Statistics, the labor market remains relatively tight despite recent action by the Federal Reserve to combat inflation. While there are many factors that cause tight labor markets, other observed factors in recent years have led to a transformation in what workers expect from their daily jobs ­ especially as time moves on beyond the onset of the COVID-19 pandemic. Namely, this revolves around new flexibilities as employees work toward a healthy and productive work/life balance. This, along with broad and occupation-specific shifts in the labor market, will create additional challenges for HR teams while they continue to champion other priorities such as DEI, corporate health, employee engagement, etc.For HR teams to keep up with labor market trends and changes, it's essential for teams to root their operations in substantive data analysis. For example, from a hiring standpoint, robust internal data allows us to dig in and identify the skills and environment specific to a given position. We can then take that data and use it to create the largest possible funnel to tap into the candidate market, intentionally seeking a variety of applicable skillsets and demographics to find strong contributors for the role. Below are three ways HR teams can leverage people data to move the needle amidst macro-economic challenges:Cultivate Rich Partnerships to Bridge SkillsIt's essential for businesses to continually audit the effectiveness and conversion rate of funded programs that focus on skill development. At Vericast, we work with the Department of Defense's Skill Bridge program to help veterans develop high-Michael Stanush
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