Back at the HR Technology Conference in October, the folks at ADP introduced their latest measurement of the pulse and health of the American workforce and labor market, called the ADP Workforce Vitality Index.
The Index is compiled by the professionals at the ADP Research Institute and provides quarterly measure of U.S. workforce dynamics that looks at key labor market indicators, such as employment growth, job turnover, wage growth and hours worked. This free report yields insights into workforce dynamics and trends than previously available -the index includes lots of key metrics on employment, workforce strategy and human capital management.
Since HR Tech in October, most of the reporting on 'macro' labor market trends all seem to be signaling a tightening labor market, upward pressure on wages, and an environment where workers (at least the ones with the 'right' skills), have more and better options than they have had in years.
The ADP data seems to bear this out, with an increase in overall 'Vitality' (a measurement of the total wages paid to workers across a number of dimensions), across regions, industries, and income levels.
Take a look at the latest report embedded below (Email and RSS subscribers may need to click through).
Overall, the data show real wages accelerating - the total real wages paid to the US private sector workforce, is Indexed to 110.6 in the third quarter of 2014 (2Q2011=100, Seasonally Adjusted), an increase of 0.77% from the previous quarter.
There is plenty more to dig into in the ADP data, especially if you are a data geek like me, and more information and complete data sets that can be downloaded can be found here.
One of the greatest potential benefits that the massive data sets that are available to the largest HCM solution providers make possible is the ability to analyze, synthesize, and derive insights from the aggregated data from thousands of employers and millions of employees. The ADP Workforce Vitality Index is a great example of this and hopefully, soon other providers with similarly robust HCM data sets will create their own unique reports and indices for use by HR and organizational leaders.