New Sourcing Tool Will Show Supply of Talent

In about two weeks, Wanted Technologies will beta-launch a new service for employers to estimate how many potential job candidates there are in a given job, in a given area. It’s hoping recruiters will find the tool valuable when talking to hiring managers, particularly in instances when recruiters need to explain why a given search is so difficult.

First, let me explain the type of data Wanted Technologies now offers. It splices and dices employment data a few different ways, and offers it to third-party recruiters looking to see which corporate recruiting departments are hiring, as well as to sales departments for them to get leads. An example is captured in the graphic on the right, showing sales jobs in Pittsburgh, grouped by employer, pulled from job boards.

Now what Wanted Technologies is planning on doing is taking its historical data, and packaging it so that it can be used as a sourcing tool.

As the (click-to-enlarge) graphic below shows, let’s say you wanted to see how many accounting/finance managers there are in Boston, in the finance/insurance industry, and you wanted to use the keyword “risk” to narrow down their experience.

Wanted Technologies will use U.S. Bureau of Labor Statistics data to show:

  • There are about 2.4 million people working in Boston;
  • About 102,000 of those are in finance/accounting;
  • 15,920 of those are managers;
  • About 25%, or 3,835, of those are in the finance/insurance industry.

That’s the easy part. That’s the government data, getting us down to 3,835 finance/accounting managers in Boston financial industry companies.

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Here’s where the Wanted Technologies estimate comes in. Based on the historical data of Wanted Technologies’ last five years of job postings, it finds that 46% of the listings in that city, field, industry, and function, involve “risk.” It extrapolates — assuming that 46% of the 3,835 involve “risk.” With that, it estimates that about 1,775 people are available for you to choose from in Boston — 46% of 3,835.

Murray says this new tool is meant to give general supply-demand information: you can look at roughly how many people are in a given job, then look at how many employers are looking for the same thing you’re looking for, thus getting an idea how hard a search is going to be. Later, for the next version of this product, Murray says a red-yellow-green sign will be used to show how difficult a search is going to be.

Wanted’s current clients, like Robert Half and Kelly Services, will get the new product for free as an add-on to what they’re getting now. They pay $100 per seat per month. Murray hopes to sell new seats to the recruiters at companies like Robert Half and Kelly  — as opposed to who’s using Wanted Technologies data now, which in many cases is business development people. Murray also helps to sell to corporate recruiting departments; particularly, as mentioned earlier, as a way for recruiters to “raise their credibility” and better explain how hard or easy it’s going to be to fill a job.

Some of the many companies in similar businesses include EmployOn, My Perfect Gig, and LinkedIn. Murray envisions recruiters using his new tool in combination with LinkedIn; Wanted Technologies first to see the numbers of people potentially available, LinkedIn to drill down. “If you find it’s going to be too hard to fill the job in Boston, then you may want to go to Springfield, Hartford, or somewhere else,” he says.

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16 Comments on “New Sourcing Tool Will Show Supply of Talent

  1. One of the toughest aspects of being an entrepreneur recognizing when a good idea is better as a feature of a larger offering, or if it can stand alone.

    I love this feature; it also seems useful for third-party recruiters to help create “market mastery” as Jeff Kaye terms as complete a view as possible of the market conditions and ratios for a given recruiting niche.

    There will be a whole universe of interesting analytic tools and information providers developing around recruiting- it will be interesting to see how we evolve together into coherent value chains.

    I’m pretty certain that the boundaries between products and features (as in who owns what) will get more and more blurry.

  2. This is a game changer that will rapidly be adopted by internal recruiting teams especially (and copied by vendors attempting to monetize practical workforce planning tools).

    This is a needed (and mostly missing) ingredient to differentiating sourcing strategies on the basis of geographic scarcity. While not a silver bullet (mythical objects anyway)it brings useful data (hopefully in a user friendly way)into the hands of the average recruiter. I’ll look forward to giving it a test run.

  3. I will beg to differ on this candidate aggregator (with a compass for location and skills) being a game changer. The suggestion that you would leverage a 10000 foot view of a geography from a data set that Wanted has drawn together, THEN go to linkedin is of little to no value (poor example given if that is the pitch). I would argue that the daily growth and refresh of the data directly within sites like linkedin is just as effective a barometer when running a dashboard search of skills and geography.

    The model is off. It should be an adsense driven destination site to check the temperature of different labor markets (maybe include stats and polling), but otherwise I am not sure why the third party firms already using these “seats” do not simply leverage their own sourcing database.

    In the end true innovation will add value to the recruiting process by driving efficencies, lowering costs and matching candidates with companies.

    I would anticipate the following exchange if I were to consult with a hiring manager regarding the forecast I just ran in Wanted Tech: “Hey hiring manager, there are only x number of candidates in the geography with the likely skill set needed to perform this role. Will be a challenging search. (Hiring manager reply) “Well, who are they, and call them.”

    Give me a tool that finally leverages new technology to fix the admin cycle and communication around recruiting, then we’ll talk.

  4. well I like the feature but dont see it as a game changer yet.

    in re: “Well, who are they, and call them.”, that’s easy enough. Just call a top third-party recruiter in the niche and they will do just that, most of them pretty efficiantly.

    Of course knowing what to say is kind of a little detail, but details dont matter much……lucky skilled recruiters do know what to say.

  5. @ Martin – Not sure if my point carried, and not certain if your comments were some sort of slight. As background I lead an in-house corporate recruiting and on-boarding function and we are pretty silver-tongued when it comes to properly vetting candidates and demonstrating the value proposition of our company (a little detail of course). And we would make that phone call ourselves. My comments were around the tool and whether or not there is a market. If you are conducting a search for a Risk Manager in Boston and do not have flexibility on location (which is the norm in this “perceived” buyers market…right or wrong) then relating whether or not this will be an easy or difficult search is moot, and can still be likely ascertained by going directly to Linkedin, as the company rep essentially stated. For those third party seats that have been sold to the likes of Robert Half, I am not sure why their own daily updated candidate databases would not yield the same or better intelligence.

    I think the focus is wrong. Labor market data at a thousand foot level is an interesting stat, but not something that motivates me to pay for a seat. Would I go to a robust hub of surface level data on labor markets and trends (and then they could advertise through the site with partners), sure.

    I am eager to try new tools that bring technology and people together to drive down costs, increase efficiencies, and close the black hole of candidate communication throughout a recruitment process. The type of process that can cull up to 500 applicants per req in this environment. There has not been that type of innovation in recruitment in decades. I will continue to drive our team to succeed with the current tools and try to take advantage of social networks, but what I see from Wanted Technologies solves little from my end. JMHO, Cheers.

  6. What recruiters and sourcers really need are names, titles, email and phone numbers of the people they need to contact sites like namegeneration.net and jigsaw.com give them that. Knowing that 46% of finance people are in East Bumble doesn’t help fill the job. I guess thats why companies such as Robert Half and Kelly are using this type of technology they are just as clueless about filling jobs.

  7. J~ R no slight intended, I fully agree not a game changer, but still an interesting feature.

    My suggestion is that there are TPR’s somewhere who know most every risk manager in Boston. Plus people will relocate if the employer wishes to hire a relo. Your practices sound mighty progressive compared to a lot of process-oriented HR recruiting out there- I dont think many HR ‘recruitment’ teams would even have the 30,000 foot view of market metrics in a niche.

  8. I can see how data like this would be useful much earlier in the process, perhaps with our Workforce planning team (if we had such a thing). However, as an in-house Recruitment leader myself, the last thing I want to do is provide an ‘excuse’ to my hiring managers right out of the gate.

    I also certianly do not want another reason to call in a TPA.

  9. IMHO, this may be relevant to workforce planning, but not so relevant to recruiting. Here;’s why: let’s suppose that you are trying to provide the most accurate assessment you can based on the available information available. Let’s also suppose the information you get and the calculations you make are 95% accurate (probably WAY too high, but….)
    If you have five factors here: Greater Boston population, number in finance/accounting, percentage of managers, percentage in the finance/insurance, percentage in risk, and you get something which is 0,95EXP5 or 77% accurate. If each factor is only 90% correct, you’re down to a 59% accuracy. So, it may be the best guess you can get, but IMHO it’s still pretty poor….

    If you want to actually find/recruit those people, I’d suggest you get a number of $11/hr virtual phone/internet sourcers to go after them….

    Cheers,

    Keith

  10. Having signed one of the earliest contracts with Wanted Technologies (before Bruce Murray took over), I can attest to the excellent core data as well as some of the advances in interface and utility Murray and his team has brought to the table. That being said, the only way I’d imagine this being a game changer, is if the game (or the business model) actually changed. As Bruce and his group have heard me say directly, it’s an awful lot of data to have every recruiter sitting on top of. An on demand model, in addition to the seat model, would play better for the masses (and save their talented sales people a lot of wasted energy).

  11. Todd and All,

    We’re doing something similar at http://www.talentmap.jobs for healthcare occupations. Once we map the available contacts in an occupation or specialty labor pool, we offer customers the ability to used direct marketing and search engine marketing to reach out to potential candidates who meet the criteria. Check it out and let us know what you think.

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