On the August Workforce Wednesday, the Workforce Strategy consultants and a panel of experts helped Minnesota employers navigate the wealth of labor market information available to make more informed decisions for their organization. In today's competitive landscape, understanding workforce trends is crucial for attracting and retaining top talent. By leveraging data and partnering with experts, you can build a robust workforce strategy that ensures your business thrives.
There was so much great information shared on the August Workforce Wednesday that we’re breaking it into two blog posts. The first one features the insights of expert panelists from the Minnesota Department of Employment and Economic Development (DEED) Labor Market Information (LMI) Office. Carson Gorecki, regional LMI analyst for Northeast Minnesota and Luke Greiner, regional LMI analyst for Central and Southwest Minnesota shared highlights of LMI resources all Minnesota employers will want to utilize.
Your First Go-To Resource for Labor Market Information: Your Labor Market Analyst
DEED has a team of dedicated regional labor market analysts. These experts are not just crunching numbers; they live and work in the communities they serve. This unique perspective gives them an insider's view into local economic needs and workforce dynamics. They serve as your guide to understanding and applying complex data, helping you make it actionable for your organization.
Their core mission is to make data accessible, understandable and useful for everyone—from students and job seekers to business owners and workforce development professionals. The data they provide can help you:
- Identify gaps in your workforce strategies
- Attract and retain talent
- Make sound, data-informed decisions
Find your Regional Labor Market Analyst
Essential Data Tools for Employers
To help you get started, Carson and Luke shared some key data tools and what they can do for your business.
Regional and County Data Profiles
Think of these profiles as a comprehensive menu of key data points. They provide a quick overview of your specific region or county, including:
- Population trends: Is your local population growing, shrinking, or staying the same? Understanding these shifts can inform your future workforce needs.
- Labor force characteristics: Learn about participation rates, unemployment levels, and demographics by age, race, gender, and education. This can help you focus your recruitment efforts on potentially overlooked talent pools.
- Income and cost of living: Compare typical costs for basic needs across different regions. DEED's cost of living tool is a popular resource for this.
- And much, much more!
Occupational Employment and Wage Statistics (OEWS)
This is one of the most requested tools by employers. It's a goldmine of information about occupational wages in your area. By participating in the OEWS survey, you help create a more accurate and robust dataset.
Here's how you can use this tool:
- Benchmark your wages: Compare your company's salary schedules with regional data to ensure you are competitive.
- Understand wage spread: Analyze the range of wages (from the 10th to the 90th percentile) to set competitive starting salaries for new hires while also rewarding your most experienced employees.
- Inform recruitment: Showcase competitive wages at job fairs to attract job seekers.
The JVS provides a unique look at hiring demand and wage offers for job openings. This data, which is specific to Minnesota, gives you a clear picture of the current job market. The JVS helps you understand:
- Median wage offers for specific roles.
- Typical education and experience required for job openings.
- The breakdown of vacancies by full-time, part-time, seasonal, or temporary status.
These tools give you a detailed look at the demographics of your industry's workforce over time. You can view employment numbers by age, race, ethnicity, education and gender broken out by Minnesota’s six regions. For example, if you see that a large portion of your industry’s workforce is approaching retirement age, this data can help you proactively plan for future talent needs.
Partnering for Success
DEED's Regional Labor Market Analysts and Workforce Strategy Consultants are a powerful team. The analysts provide the data, and the consultants help you apply that data to build effective strategies. They can also connect you with a wide network of local, regional and state partners who offer support, training and grant opportunities. This collaborative approach ensures your business and the broader community can thrive together.
To get started, consider reaching out to your regional Regional Labor Market Analysts and Workforce Strategy Consultant. They're here to help you navigate the data and create a strategy that works for you.
- View a recording of the August Workforce Wednesday session on Labor Market Information insights for employers
- Find your Workforce Strategy Consultant
- Find your Regional Labor Market Analyst
