August of 2014 brought some surprising and positive news for Chicago-area job seekers in the form of an increase in the amount of online job ads posted. In fact, 165,600 online job ads were posted during the month of August, beating out the previous month by 9,400 postings. This upward trend was also witnessed across the state of Illinois which saw a total of 214,000 new positions being filled at private companies, an increase of 12,500 new jobs when compared to the previous month. Although these new job postings and new positions being filled included a range of professions, healthcare, technology, and business positions featured most prominently.
What This Means for the Economy
Although it’s impossible to predict the country’s economic future based on a single month, the data mentioned above does suggest that the economy as a whole is moving in the right direction. As the economy has begun to improve, even if slightly, consumers are feeling freer to spend money on goods and services, and this has placed employers in a position of needing additional labor to meet the increased demand. If this trend continues, it’s possible that the economy overall will benefit as consumers spend more and businesses are able to bring in more capital.
How This Data Affects Your Job Board
In terms of your own online job board, this data could mean an upswing in business in the very near future. Online job boards have quickly become one of the most attractive forms of seeking out new talent, and many employers use them exclusively to promote openings. What this means is that you need to ensure that your online job board is ready to handle an influx of new postings. If you’re unsure about your board’s ability to do this, check with your IT department to perform a stress test. The last thing you want to do is have your board crash due to too much activity, especially considering the possibility of new business coming in.
Think About Your Marketing Budget
Because the Chicago data suggests more business in the near future, there will likely be more competition for employers’ business. This means you need to consider your marketing budget to determine how much you can spend to target potential customers. By marketing early, your online job board will be more likely to draw in new business before your competition catches on to the upswing in job postings.
Seek Out New Revenue
If your site relies on advertising for revenue, now would also be a good time to seek out new advertising partners. Research job posting data in your area to see where the largest gains have been and then present that data to potential advertising partners as part of your pitch. You can also use this data to target advertisers in industries that have seen the largest gains in your area. If you’re unable to find data outside of your own online job board, consider contacting your state’s Department of Employment Security or similar organization.