LinkedIn's November Workforce Report

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LinkedIn's November Workforce Report

Throughout 2018, the SBA has tracked LinkedIn Workforce Report and provided a local perspective and takeaways on the dataThe November Workforce Report reaffirms previous months (September 2018 and May 2018) insights and offers further insights into the best markets to attract the talent to fill open positions. The following is the SBA’s perspective on the LinkedIn’s November Workforce Report and how this regional data is reflective to the Schaumburg business.

  • Surprising Skill Surplus –
    • With each month’s Workforce Report, LinkedIn spotlights the top skills surpluses that exist in the Chicagoland labor market. Previously, this section has not received much commentary from the SBA as the skills have not matched the needs of Schaumburg businesses. However, the November Skills Surplus section contains a surprising skill that is in demand for Schaumburg’s economy. Manufacturing Operations is listed as a skills surplus with over 6,660 people in the labor poolThis is as surprising insight as manufacturing talent -of all kinds -is in critical demand. With much of Schaumburg’s manufacturing base turning away work because of the shortage of talent seeing this skill set have some much availability presents an unknown disconnect.
  •  Consistent Skill Shortages – 
    • The majority of skills shortages that LinkedIn is tracking continue to be “soft skills”. Most noticeably, Oral Communication has been the biggest skill shortage since the initial report in May. The lack of quality oral communication skills continues to be a sentiment reflected by Schaumburg’s corporate businesses and one of the primary reasons a candidate does not get hired. Much assertion is placed at the digital dependence of talent and its ability to corrupt traditional communication skills in the office place. This assertion may have some relevance as Time Management remains a top five (5) skill shortage which hiring officials cite as the second most prominent downfall to a candidate’s retention within a company.
  • Migration Patterns Confirmed – 
    • As job openings continue to be significantly higher than the total number of unemployed it becomes important to strategically place your employment brand in candidate rich markets. In September, LinkedIn listed the following markets as providing the most significant amount of in-bound migration to Chicagoland:
      • Urbana-Champagne, IL 
      • Wichita, KS 
      • Bloomington, IN 

The November report confirms that Urbana-Champagne, Wichita, and Bloomington are the most viable markets to recruit and attract talent from. This insight is key as many employers presume that Chicago – with its proximity to Schaumburg – is the most viable market to attract talent. However, as LinkedIn has confirmed that these markets are the location businesses should d be focusing their employment branding on as they are accounting for the most net new additions to the workforce and have positive perception of Chicago already.

As a final note on migration patterns, the other cities contributing the highest count of new migrations to Chicagoland are the following communities:

  • Bloomington-Normal, IL
  • Iowa City, IA
  • Lafayette, IN

As noted in the September post, each of the top markets had a prominent university and including Bloomington-Norma, Iowa City, and Lafayette we see a that observation hold true. With Illinois State University, University of Iowa, and Purdue University all being based in these additional markets LinkdedIn’s data suggest that forming a relationship between Schaumburg and these universities can assist in the hiring approach. As the SBA continues to track these communities as the driving source for new migration, we will seek to develop relationships.

LinkedIn’s November Workforce Report confirms trend that have been spotlighted throughout 2018 and also expands and creates new opportunities. Should your business want to discuss these insights and take advantage please reach out to the SBA for assistance.

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