One primary indicator of our economy is the highly publicized current unemployment rate. The Bureau of Labor Statistics data is derived from two surveys, one measuring how households respond to questions on who is employed, and the other to business asking questions on average hours worked – both are rearview interpretations.
With Job Futures powered with Skills Label, we are pioneering the prediction of jobs six months to two years in advance.
To understand the value and illustrate the concept, think of the merging of a traditional job board with a futures market exchange. We recognize value in ‘futures’ for capital, commodities and stock markets, why not with jobs and more precisely skills.
Our platform (process) empowers corporations to predict jobs and skills through Project Labels and produce Job Futures – a Job Label, contract, and timeline.
Our goal is to alleviate some of the symptoms of the Job Market Crisis:
- if a new “entry level” requires, a degree +3 years, then map Job Futures accordingly (preparation occurs during the maturation).
- if candidates need to be versed with AI to augment what they do, add AI skills in the Job Labels.
- if a corporation “thinks ahead” with projects and jobs, they understand what is and will be automated (AI replacement) and define new roles and signal their requirements (no more WEF surveys saying there are skill or talent gaps).
If you are not sure there is a Job Market crisis, consider this observation from a WSJ columnist:
“20 years ago, IBM was America’s most valuable company with a payroll of nearly 400,000. Today, Nvidia is nearly 20 times as valuable and five times as profitable as IBM was back then but employs roughly a 10th as many people.”
This is emblematic of most of the large tech giants – most have decimated their workforce to invest in huge Capex projects. (Amazon, Microsoft, Salesforce each have laid off 10 to 30 thousand workers in the last couple of years).
At a minimum, rather than guess what the job market is going to be, start predicting what it will be. We might choose to run a series of “collective relay races” as opposed to “individual sprints”.
Learn more about what we do on our websites: skillslabel.com and jobfutures.co . If your company would like to pilot our Job Futures platform, contact me.