Labor Market Forecasting Methods

Labor forecasting is important to help ensure companies have the right talent at the right time and place. In the past, people were seen simply as a head count to fill cogs in a production system. In today's world, talent needs may be complex and come with various skills and abilities. Having a method of understanding and procuring those human capital assets is beneficial.

I generally look at the mid to long-term market, current needs, internal resource supply, and the strategy of an organization to determine how to hire in preparation of likely change. In any strategic plan, there should be some planning on the type of skills employers need to fill current and future positions.  

Putting Forecasting in Focus

This is an actual study on demand forecasting. 

A Human Resource Demand Forecasting Method Based on Improved BP Algorithm

If you have a little free time you can consider reading this article by U.S. Bank on the current labor market. The effect of the job market on the economy