connecting labor market data to business challenges2 about lowe’s companies inc. founded in 1946,...
TRANSCRIPT
Connecting Labor Market Data to Business Challenges
Presented By:
Corey Bucher
Lowe’s Companies Inc.
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to
Business Challenges
2
ABOUT LOWE’S COMPANIES INC.
Founded in 1946, North Carolina
$56.2 billion in sales 2014
Approximately 260,000 employees
15 million customers weekly
2000+ stores in USA ,CAN, and MEX
72 Orchard Stores in California
Joint venture in Australia 2010
40,000 products stocked in store
500,000+ products available by special order
Ranked #50 on Fortune 100
Contributed $25M schools
Contributed $6M Habitat for Humanity
How is Meteorology
similar to Labor
Market Research?
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to
Business Challenges
A 30% chance of rain is not helpful
when you are getting rained on.
Unemployment trend numbers do
not help a business prevent
regrettable turnover.
Are the insights you provide
about labor markets truly
actionable?
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to
Business Challenges
Connecting Data to Action
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to
Business Challenges
Data Analysis Trends Insights Implications Decisions Actions
Business Leaders are
Interested in thisThey need this
They are
responsible for this
• The Typical Ask: What business strategy
changes do I need to make based on what is
happening in the labor market?
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to Business Challenges
Data
Analysis
Context
Actions
Decisions
Built alignment between business leaders, HR business
partners, and Talent Acquisition
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to Business Challenges
Data is not
Insight!
What is
important?
What is
critical?
It starts with a
model.
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to
Business Challenges
Desire
OpportunityCapability
Both the internal and
external factors are
included.
© 2014 Lowe’s. All rights reserved.
The key is to connect
both internal and
external data to
business challenge
solutions.
© 2014 Lowe’s. All rights reserved.
Connecting internal
and external data
requires common
constructs and an
understanding of the
relationship.
Data for Driving Insights
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to
Business Challenges
Desire
Turnover Unemployment Rate Company Reputation(What does Glass Door say)
Relative Pay(Competitive to the market)
Time to Fill Increase or Decrease(Internal vs External)
Desirable Industry or Location
High Active Candidates %(Internal & External)
Socioeconomic Environment(Cost of living)
Desirable Job Title
– Does your scarce talent have a desire to stay? (internal)
– Do candidates with scarce skills want to join your company? (external)
Example Metrics – How do you see it or measure it for insights
Data for Driving Insights
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to
Business Challenges
Opportunity
Number of current openings(Internal & External)
Employment growth(Internal & External)
Policy Change(New Certification Requirement)
Hot Skills Demand(Emerging Technology)
Recent Change Events(IT Security)
Projected Labor Demand
(Demand > Unemployment)
Unique Job Posting Increase(Increase Demand)
Repeat Job Posting Increase(Talent Scarcity Indication)
Past Talent Competitor Postings
Example Metrics – How do you see it or measure it for insights
– Does your scarce talent have an opportunity to leave? (internal)
– Do you have opportunities for scarce talent in the labor market? (external)
Data for Driving Insights
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to
Business Challenges
Capability
Performance Levels(Current & Past Talent)
Training/Development Needs
(Current & Past Talent)
Education Levels(Internal & External)
Talent Tenure(Internal & External)
Skill or Experience Mismatch(Internal to External Mismatch)
Educational Programs
(Supporting the Scarce Skills)
Example Metrics – How do you see it or measure it for insights
– Does your scarce talent have capabilities that are valued higher elsewhere? (internal)
– Do you need capabilities that are difficult, scarce, in high demand, or unique? (external)
All data is:
- Incorrect
- Misleading
- False
© 2014 Lowe’s. All rights reserved.
Understanding
Context
Without context
Thresholds are set
based on the context of
the business challenge
© 2014 Lowe’s. All rights reserved.
Setting Thresholds
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to Business Challenges
Red, Yellow
Green goes
a long way.
What is
important?
What is
critical?
Thresholds to Action
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to Business Challenges
external internal
Lessons learned:
© 2014 Lowe’s. All rights reserved.
Connecting Labor Market Data to
Business Challenges
Three keys to a successful labor market
analytics program.
1. It takes a village…there are a lot of pitfalls in
workforce data. Having an experienced cross
functional team is critical.
2. Always use the “red face” test. If the data or
insights you are finding seem unusual, get a
second opinion or triangulation of the data.
3. An ETL tool and a good understanding of data
structures is critical for success.
© 2014 Lowe’s. All rights reserved