If the last two years have taught us anything, it’s that the labor market can change at the drop of a hat and shift in unpredictable ways. When considering the global pandemic, the rise of remote work, increased focus on diversity and inclusion, and the Great Resignation, today’s evolving economy proves that companies can no longer solely depend on aggregated government data to make smart talent decisions.
At least, not if they want a competitive advantage.
Instead, companies who want to find and hire the best talent (at the best price) before their competitors should use real-time, actionable data.
That’s where Claro Analytics comes in.
What is Claro Analytics?
Simply put, Claro Analytics works like Google for labor market data: it’s a high-powered search engine for people to evaluate labor market data. Claro Analytics' proprietary technology indexes more than 400 million public webpages to gather insights about talent and job postings, refreshes all the relevant information daily, and makes all this data accessible at lightning speed. Users can search for everything from diversity insights to competitive salary data, develop talent location strategies and do workforce planning, source top talent and more; producing actionable results in seconds.
A former practitioner and a thought leader in the talent intelligence and workforce solutions world, Beygelman founded Claro Analytics to solve problems he personally experienced while building world-class recruitment programs.
“It would take hours, days even, to find relevant labor market information yet even then, seldom was it actionable,” Beygelman said. “I started to realize there has to be a better way to aggregate labor market data, whether it’s about people or jobs, and use that to reduce friction in the hiring process.”
How was Claro Analytics built?
While other labor data analytics tools might buy data from third party sources, Beygelman decided he wanted to skip the middleman and build out proprietary web-crawling technology. Embarking on this journey to provide everyone with an organized and easily accessible dashboard view of the world’s labor market has not been a simple task. Claro Analytics has spent years refining its technology, algorithms, and infrastructure: designed to collect, organize, and present all publicly available labor market data in one destination. This is the first true labor data search engine; it frees people from spending time searching the internet to find opinions on what’s happening in their area of interest, and instead enables them to focus on making confident decisions based on data.
Despite the challenges presented, Beygelman sees investing in self-sufficient data sourcing as vital to the success of a Labor Market Intelligence platform. With direct control over how (and where) the data is sourced, Claro Analytics provides an objective view of the market at all levels of granularity. Metadata about profiles and job postings are not only visible in high-level charts, but also scalable to the individual data points that comprise the totals. Seeing a list of the real profiles that make up the results of a search helps put the significant conclusions of the charts in context and lends credence to the resulting big picture idea.
For example, let’s say the median salary of an entry level electrical engineer in the aerospace industry in the Bay Area is $95,000 a year. Knowing the median salary for a job is an interesting data point. But the truly powerful interaction of Claro Analytics comes when you explore and connect the associated metadata to the initial answer you received. Searching for the actual people who are currently working as electrical engineers in the aerospace industry in the Bay Area will reveal what skills they have, where and how much experience they have, where they work now, and the trend of job seeking activity in this group, among other details. Claro Analytics was built on making this valuable combination of data about people and about jobs searchable and presented visually in the same platform.
Why use Claro Analytics?
Unlike other labor data analytics tools on the market, Claro Analytics provides truly real-time labor market data. If you need to know right now where to hire, how much to pay, who you’re competing with, and more, Claro Analytics is the only answer.
“We operate at the speed of now. Not the speed of last month, or last quarter, or last year, or some random survey conducted three months ago,” Beygelman said.
In addition to showing broader trends, Claro Analytics can also drill down to the individual level to show you the names and public profiles of potential candidates. And if you use Claro Analytics' Job Seeking Sonar tool, you can set alerts to tell you when any of those candidates begin exhibiting passive job seeking behavior.
“Claro Analytics is the tool I wish I had when I was a recruiter,” Beygelman said. “When you’re in the trenches, with an extremely time-sensitive and high pressure assignment, you need data that can help you make a smart decision about who to contact right away.”
How can companies use Claro Analytics?
Companies can use Claro Analytics through the web-based tool or self-service API. Here’s a few example use cases:
Diversity, equity, and inclusion
Claro Analytics is the first and only labor market intelligence (LMI) platform to provide real-time, anonymized gender and ethnicity insights. Our machine learning platform is based on a data dictionary of more than five billion name combinations for gender, ethnicity, and diaspora.
You can use Claro Analytics to:
- Improve your diversity recruiting strategy by finding hidden talent
- Benchmark your diversity initiatives against your competitors
- Ensure your compliance with human capital reporting
With Claro Analytics, you can continually track multiple internal data points, like diversity, skills, job title, location, education, salary, etc. and compare them to your competitors. For example, eqtble recently integrated Claro’s real-time data into their dashboards to help their clients benchmark internal data against the external talent market. This allows eqtble’s clients to make better decisions and retain top talent.
You can use Claro Analytics to:
- Monitor multiple internal data points
- Assess your competitors’ job openings for new products or services
- Compare your internal workforce dynamics with competitors
Wouldn’t it be nice to intervene with at-risk employees before they submit their resignation? With Claro Analytics, you can use Job Seeking Sonar to anonymously measure passive job seeking behavior, a.k.a. the early indicators that a worker is preparing to take a new job.
With this data, you can:
- Predict at-risk employees in real time
- Identify possible discrimination within your organization
- Benchmark your employee attrition risk against competitors
Compensation and planning
With an unemployment rate of 4.2% in the US, the competition for top talent is going to be stiff in the coming months. That makes it all the more critical to monitor compensation of your internal workforce and compare it to the external market. Are you competitive now? Will you be competitive in the future?
You can use Claro Analytics to:
- Assess talent market equilibrium within locations, skills, or salaries
- Adjust your compensation to local market conditions or talent scarcity
- Develop scenarios to support remote workforce and work from home
The need for granular, real-time labor data was already on the rise before 2020. Then a global pandemic, and the resulting jolt to the economy, only heightened that need. Months-old BLS data doesn’t help when the labor market is changing daily, and as we move into 2022, it seems change has become the new normal.
Companies that have real-time labor data in their toolbox will always have a competitive advantage, regardless of the state of the economy.
Looking to make faster, smarter decisions with real-time data? Claro Analytics can help! Request a demo today.