The Labor Challenges of Site Selection
Wednesday, February 09, 2022
You’re evaluating a new site. It checks all the boxes when it comes to the property, local infrastructure, and business climate. You have one more box to check — labor supply. You’re presented with a hodge-podge of numbers. How can you make sense of it all? And what’s the bottom line?
Understanding Labor Data, Availability
Before considering the outside numbers, you first need to understand your own data. You should know how many workers you’ll need by job title as well as the estimated wages you can budget for each. Labor data are typically available by occupation, so you’ll want to translate your job titles into an occupation taxonomy, such as the Bureau of Labor’s Standard Occupational Classification (SOC) System. O*NET OnLine is a useful, free resource that can help you in the title-to-occupation translation process if you need it.