Statistics about the labor force and other economic indicators are collected and communicated at the national level by the Bureau of Labor Statistics (BLS). It is the primary resource for all labor-related statistical information. According to the Department of Labor (DOL) website, “The BLS is an independent national statistical agency that collects, processes, analyzes, and disseminates essential statistical data to the American public, the U.S. Congress, other Federal agencies, State and local governments, business, and labor. The BLS also serves as a statistical resource to the Department of Labor.”[i]
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The BLS takes pride in providing accurate and timely information to consumers and businesses alike to assist in decision making. It employs more than 2,500 people to help to achieve this goal—which is perhaps expected when you consider the vast amount of data that is collected and processed at the BLS on a monthly basis. Its reports contain a lot of data, which allow users to review and compare the segments of the data that are most relevant to their situation.
BLS Data: What Information Can Employers Use?
The BLS collects, analyzes, and communicates data about a wide variety of topics that are relevant to employers. Beyond its statistics on inflation and spending, employers will find it has a lot of resources that show trends that directly affect employment decisions. Here are a few key examples of BLS data that can be directly useful to employers:
- Unemployment rates, which can show how tight or loose the labor market is (especially when used in conjunction with other BLS data, such as employment projections)
- Other employment analyses, such as job openings, payroll changes, and labor turnover
- Pay and benefits, which can show the trends in the market in terms of pay rates and give employers information about the labor market overall; they can even be broken down to wages by area and occupation, or by industry, or by gender
- Productivity rates and trends, which can allow employers to benchmark their own productivity rates
- Workplace injuries and illnesses
- Labor costs and average costs per hour worked
- Sick leave days taken
- Working conditions
- Cost-of-living changes, which can help with planning raises for cost-of-living increases
- Industry growth projections
These types of statistics can be beneficial for employers as they can allow decisions to be made that affect staffing levels and pay rates. Getting these right can be critical to remaining fully staffed and competitive in the marketplace in the future.
These types of data can also help employers to benchmark their own situation against other employers. Remember that much of the BLS data is broken down into quite granular levels. This means employers can use the data to assess gender balance in the workplace, how their employee absences compare to their industry, and much more. Employers can compare at the industry level or the geographic level.
How does your organization use BLS data? Will you consider using these more often in the future?
*This article does not constitute legal advice. Always consult legal counsel with specific questions.
[i] http://www.bls.gov/dolfaq/bls_ques26.htm
About Bridget Miller:
Bridget Miller is a business consultant with a specialized MBA in International Economics and Management, which provides a unique perspective on business challenges. She’s been working in the corporate world for over 15 years, with experience across multiple diverse departments including HR, sales, marketing, IT, commercial development, and training.