LONDON, UK — 17 January 2023: Beamery, the global leader in Talent Lifecycle Management, today announced the addition of embedded labor market data within its platform, to help organizations make more effective and efficient decisions around hiring and upskilling.
This update means that Beamery clients can now get a real-time picture of skills within their workforce and talent pipeline, in relation to their industry and the wider labor market. Seeing how much individual skills cost in different markets, and where they are most abundant, CHROs and talent leaders can elevate their talent strategies accordingly.
Korn Ferry research shows that by the year 2030, demand for skilled workers will outstrip supply, which is expected to cost companies (in the U.S. alone) $1.7 trillion. According to Deloitte, 73% of business executives expect to continue to experience talent shortages over the next three years.
Insights around the current supply and cost of skills (by geography) in the market, and which skills their competitors are hiring for most (and least), will help organizations close these skills gaps. They can validate their hiring strategies, see how much they should be paying for skills in a given location, and build a healthier talent pipeline.
Contextualized by industry and role type, the embedded labor market insights sit alongside data about employees, candidates, alumni and potential applicants in the Beamery platform. This helps companies build a clear, optimized, real-time view of the overall skills available in their talent pool, identify potential gaps based on what the external labor market data shows, and see where to build, buy or borrow the talent they need to meet their objectives.
It also helps them keep their Job Architecture up to date with the latest, trending skills for a given role – and avoid the manual effort of mapping skills data from one system to another.
Initial customer response has been overwhelmingly positive:
“These insights in Beamery are a game-changer. It’s a great cross-functional collaboration tool to pull Hiring Managers in and streamline our workflows. I can get insights around where candidates and potential talent are located, salary and seniority level in one place, without having to use multiple tools,” said Steven Duncan, Principal Talent Acquisition Leader at Assurant.
“To make better people decisions – when and where to hire, who and when to train, how to reduce talent-related risk – companies need a deeper understanding of the skills they have, and the skills they need. This requires a real-time connection between their skill ‘demand’ (skills they need to meet their business and talent goals) and skill ‘supply’ – from their employees, candidates and the wider labor market,” said Sultan Saidov, Co-founder and President at Beamery.
“To achieve this, companies need technology that helps them visualize skills gaps specific to their business and mapped to real-time labor market data. With this, talent teams, managers and business leaders can see whether to invest in hiring, mobility or upskilling efforts – and can effectively build a workforce that is fit for the future.”
This news represents Beamery’s latest effort to make talent data more accessible, usable and connected: they are already the only certified Workday & SAP partner that can combine external and internal skills intelligence with the customer’s HCM data.