Data is becoming increasingly crucial for businesses in every sector out there. It can streamline decision-making and help companies achieve operational excellence. The same goes for occupation chart data.
However, if you have never used this data before, you probably don’t know what it is and how it can help your company. You can easily label it as low-priority data in terms of using it to help your company grow and expand.
Below you can find everything you need to know about this data type, including its benefits and how to get it.
What is an Occupation Chart?
An occupation chart is a data set containing information on a specific population’s occupations. It can help you discover what professions people in a particular neighborhood, city, region, country, or company have chosen.
The occupation chart often includes the occupation description. A description highlights the skill set, education, and expertise necessary for the specific occupation. It also often includes information about the job responsibilities for every position.
It’s also vital to note that today’s occupation chart has evolved into a more comprehensive data set. Still, the occupation chart alone doesn’t provide enough insights to facilitate business decision-making. However, when you pair it with job data, it can unlock new opportunities for your organization.
Occupation Chart Benefits
Unlike the occupation chart, which refers to data on the occupations in a specific company, job data refers to data from online job ads. There are thousands of online job ad posting platforms. Pulling and compiling job data from these resources and enriching the occupation charts can help you get more valuable insights.
For instance, you can discover trends in job markets (see here), track trends in one occupation, and identify which companies are expanding their talent pool. Here are the direct benefits you can expect from these alternative data types.
Enriching Your Data
Many companies have their internal data-gathering operations. Given how expensive it is to have data scientists, analysts, and relevant data tools, many small and medium-sized companies can’t amass enough raw data. Keeping it up-to-date to make accurate decisions is also challenging.
The only way for these businesses to remain competitive and use relevant data for business intelligence is to enrich their collected data.
Adding more unique data points to their raw data improves the data quality. It enables companies to use it to run accurate predictive analyses, get insights on-demand, and achieve success.
Taking Your Talent Sourcing to Another Level
Many companies, especially those in the HR sector, use AI-based talent sourcing software daily. The software helps them identify top talent in niche job markets, according to TechTarget. Thanks to the assistance of AI, these companies can also improve hiring decisions.
The only challenge here is the lack of data. The more data you feed to AI, the better insights it provides. Having occupation charts and job data at your disposal can help your company improve talent sourcing processes and reach high-quality talent before the competition does.
Making Smart Investment Decisions
Keeping tabs on all the markets and industries you are interested in is challenging. Markets and industries are quite dynamic today, and it has become difficult to identify trends in time.
However, you need to know about the most recent changes to make sound investment decisions. Plus, you must ensure that the information you are using is accurate.
That’s something only alternative data types can deliver. You can find valuable information with insights into the changes in the number of open job positions in a company and the talent it needs.
For instance, you can identify the companies that are downsizing and expanding. With this information in your hands, you can make smarter investment decisions.
Improving Lead Generation
In B2B markets, actionable data is one of the most valuable assets. It will enable you to be proactive with your outreach and sales pitches. Additionally, you will be able to identify companies that need your services or products. With access to accurate and correct data, you can predict purchase intent.
When it comes to job and occupation data, it tells you when a company is about to make a big move. Insights into what experts they are looking to hire can help you better understand their intentions, including purchase intent.
You can customize your messaging and reach out to these companies to offer products and services to facilitate the transition into a new market.
How to Get Job and Occupation Data
We’ve already mentioned that companies can get job and occupation data independently. Most of this data is scattered across hundreds of online sources. Gathering and structuring it is a massive operation.
That’s why companies often have limited databases with few data points. The alternative is purchasing it from respectable data provider companies.
Data provider companies offer ready-to-use databases. Yes, they come with a price tag, but the advantages outweigh the cost, given how expensive and time-consuming it is to build databases at this scale.
Job and occupation chart data can help you leverage those thousands of online job ads. You can use this data to get valuable job market insights, enrich existing data, improve talent sourcing, and enhance lead generation.
Given the number of benefits the alternative data offers, it’s safe to assume that the trend of more companies adopting big data will continue, says Forbes.
Last Updated: June 22, 2022