Accurate labour market intelligence helps organisations make important decisions and boosts the economy, but traditional data collections methods are confusing and incomplete. Minnesota based Greenwich.HR is setting a new standard in the industry by introducing big data in real time.
The global labour market totals over $80 trillion a year, of which more than $17.5 trillion is attributed to salaries and wages in the United States. It’s the largest component of the American economy, but as much as $17 trillion is totally unmeasured, leaving businesses across all industry areas in the dark and missing out on key data. Entire industries exist to provide companies and communities with labour market information, but there are still huge gaps in data. This lack of information means innovators are missing out on opportunities, hiring behaviours are invisible and billions of dollars are lost to market frictions.
Greenwich.HR is dedicated to eradicating the confusion and waste associated with labour market intelligence, taking the guesswork out of understanding what the market is doing. Founded by Cary Sparrow, a prolific business leader and strategist, the Greenwich.HR platform brings real time transparency to the market, allowing for a far deeper insight into employment trends and different hiring behaviours.
The Greenwich.HR platform is the largest and fastest-growing source of intelligence on the hiring and pay activities of millions of companies. It has been specifically developed with analytics teams, tech partners and service providers in mind, and is an invaluable source of business intelligence that’s both accessible and easily integrated into existing data sets. Hiring behaviors signal a business outlook for companies, communities, and the entire economy, and Greenwhich.HR allows for these essential signals to be seen three to six months earlier than traditional sources of labor market data.
More Than Just Job Data
Greenwich.HR extracts intelligence from nearly five million new jobs listed in the US every month and tracks data from nearly 3 million public and private companies a year. This delivers an unprecedented level of powerful data that goes way beyond simply providing information about job specs. Subscribers now have access to an entirely new set of information including different business priorities, technology adoption, location footprints, investment levels and comprehensive information about hiring organisations.
The revolutionary platform is now used by leading brands across a wide range of industries, and because the data is collected from companies rather than individuals it offers a level of accuracy that has never been possible before.
Those who sign up to the platform can enjoy a huge range of benefits, including:
New Revenue – Many of Greenwich.HR clients have built labour market data into entirely new products and services, creating entirely new revenue streams and competitive differentiation.
Investment Opportunities – Hiring and pay behaviors are shown to predict future financial and stock performance for both quantitative and fundamental traders, and accelerate business performance insights by 3-6 months.
Business Intelligence and Corporate Development Opportunities – Understanding trends in hiring and pay levels allows customers a deep view into a company’s labour costs, projections, bottlenecks, hiring outcomes, supply and demand, and wage arbitrage.
Workforce Effectiveness – High definition, real-time data on local pay requirements, talent supply/demand environments, and talent competitors provide companies with the insights they need to attract and keep critical talent.
Why Things Needed To Change
Achieving market transparency requires high precision, which means having a large, high quality source of data. Traditionally, labour market information has been collected via methods like economist reports, government statistics and pay surveys, which all use relatively small sets of data compiled over several months, often years. This makes it practically impossible for anyone to accurately predict hiring behaviour and market trends and – importantly – respond quickly to them.
Because this kind of data collection relies heavily on people filling in forms and sending them off at the right time, it’s notoriously late, inaccurate, inconsistent, and impractical. There are also usually only a small set of questions that are asked with this method, leaving lots of gaps in information and valuable opportunities left hanging. Greenwich.Hr’s approach is to start with the idea that hiring and pay behaviours are a powerful vital sign of any organisation.
Cary Sparrow explained why the platform is revolutionising the way people look at labour market information in the US:
“We let our clients see the entire picture in high definition, using proprietary technology to take a complete snapshot of the market for jobs every day. As a result, Greenwich.HR collects intelligence from nearly 5 million new US jobs each month, which amounts to approximately 70% of all new jobs listed around the States. And, we deliver this intelligence through a revolutionary data platform that provides complete transparency to every job we track, with nearly zero lag time.
The Greenwich.HR dataset includes no aggregation – clients see data on each job we track. And, we use AI-driven normalization to enable world class analysis. This provides game-changing precision to support a broad range of applications. Data comes primarily from online job listings, because online job listings are pervasive, company-reported, richly documented, and reflective of immediate market conditions.
With precision also comes flexibility. All Greenwich.HR data is tracked and published at the transaction level, so clients can perform any level of aggregation and filtering they require. So, for example, clients can analyze and present data on individual companies, custom-defined baskets of companies, and entire markets.”
The company’s clients span a range of sectors, but the platform is focused on supporting professionals such as investment managers, recruitment professionals, business intelligence teams, sales leaders, universities, economists, management consultants, and compensation professionals.
What’s next for Greenwich.HR?
Greenwich.HR is already deploying its capabilities globally, and expects to include data on 20 additional countries during the first half of 2020, ultimately extending their footprint to include over 50 countries.
In addition, Greenwich.HR is aggressively building partnerships with application and service providers to promote new innovations. ‘We provide the data that powers new applications and services,’ explains Sparrow. ‘There are so many potential use cases for our data, and we’re making it easier for firms to unlock entirely new value streams with market intelligence that’s never been available before.’
For more information, visit https://greenwich.hr/