The Conference Board of Canada’s Help-Wanted Index is a monthly updated report that’s used as an indicator of the strength or weakness of the labour market. They collect and analyze the number and type of job postings added to job boards each month, which lets the them create a report that details possible upcoming trends in the labour market. In addition to hiring trends, the report helps analysts predict near-term employment trends, and the information collected is compared to unemployment records to help determine changes in labour market pressure.
Wanted Analytics, a Canadian-based firm that specializes in analyzing information connected to hiring demands, collects the raw data used in the Help-Wanted Index reports. The data is collected from between 130 and 135 job board each month. But it’s not always taken from the same job boards. They do regular updates to add new, popular job boards and delete job boards that people no longer use. This gives them a seasonally adjusted number of new, unduplicated jobs posted online from month to month to use to create the Help-Wanted Index.
Basically, business owners need to know this information because there’s a link between the number of jobs posted online and variations in employment in the months following the postings. So the reports can help you determine when you should hire, what type of positions you should consider filling, and what type of jobs are becoming obsolete. For example, reading through the monthly Help-Wanted Index might help you determine whether it’s still important for your company to have a dedicated IT staff.
Also, the information in the reports shows upward or downward swings in the labour market, which could affect the overall economy. Because of this, you can use the info in the reports to determine whether it’s a good time to launch new products or if your company should focus on improving current departments until the economy starts to improve.
Business owners can gain access to the Help-Wanted Index report service on an annual basis. This lets you read the new reports each month. If you prefer more in-depth information, you should consider purchasing an annual plan to database service.