By Jacob Schlessel
In the modern labor market, job candidates rely on digital platforms to search for and apply to open positions more than they ever have before. With this digital shift has emerged the demand for services that allow businesses to streamline their hiring practices, and companies like Lightcast fill this niche by offering strategic workforce planning based on data-driven insights.
What does Lightcast do?
Lightcast has a variety of products available for applications in business, education, government, technology, and research, many of which utilize data analysis and artificial intelligence (AI) integration. For businesses, Lightcast aims to improve hiring efficiency by considering candidates’ skills instead of simply years of experience. Using proprietary labor market data, the platform enables employers to analyze broader trends across industries and regions to see what skills are in-demand. With these analyses complete, companies can evaluate gaps in their current workforce and fill them by optimizing job postings to attract the best talent available.
The Lightcast Taxonomies ensure consistency in analyses by recognizing that different companies may refer to similar positions as different titles. Under this system, employers can compare their own workforce needs to those of local or industry competitors, which allows for salary optimization and a refined search for individuals with specific skills. Furthermore, companies interested in fulfilling less quantitatively verifiable criteria, like diversity for example, can use Lightcast products to set and meet goals in these fields as well.
Another application
Businesses may also be interested in Lightcast’s Gazelle AI, a tool that provides subscribers with exclusive insights into how quickly specific companies and industries are growing. Users can filter data by geographical location with heat maps to visualize areas of rapid economic expansion, with numerical data like revenue and number of employees also accessible to explore even further. Another tool called the Talent Migration Dashboard provides data about migration, retention, and attrition trends in different regions, further enabling businesses to target strong candidates in emerging markets.
The takeaway
In the highly competitive job market that exists today, it is more important than ever that employers stay organized and have a reliable method of evaluating applications. With Lightcast’s data-driven tools, businesses can maximize their odds of hiring the best candidates available while remaining cost-effective.