Today’s Data Tools You Can Use

Calculating the Cost of Employee Turnover

Businesses need to know how much turnover costs their organization.  The Center for Economic Policy and Research  Turnover Calculator  allows businesses to calculate the turnover costs for different categories of workers. Answers to questions about wages, weekly hours and recruiting and hiring costs are best if they come from human resources professionals or business owners who handle their own staffing. Turnover costs also vary for different types of employees. Paid sick days, market wages, workforce training and work sharing are listed as ways to help decrease turnover costs.  – Center for Economic Policy and Research

Census Data to Help You Start or Grow a Business

Connect Now to the Census Business Builder Tool!!The Census Business Builder:  Small Business Edition allows small business owners a way to easily navigate to and use key demographic and economic data to guide their research into opening a new or expanding an existing business. Easy-to-use menus allows researchers and company relocation experts to select their type of business and potential business location. An interactive map allows selection of an area to explore for business opportunities, including comparisons to neighboring areas. And dynamically generated, downloadable and printable business county- and city-level reports (including trend charts)  can be easily incorporated into  business plans and research results. There are even several easy-to-use tutorial videos on how to use the Census Business Builder. For more information, visit -U.S. Census Bureau

Analyzing the Economic Horizon with EDEP

The Economic Development and Employer Planning System (EDEPS) is an analytical website designed to help business, education, workforce and economic planners  analyze economic health, industry performance, population trends, labor supply and demand, training resources, income characteristics, and market potential. For instance, click the Units of Analysis tab and you can toggle back and forth between supply (completers) and demand (projections) data for all 50 states.Using this tool, you can also find answers to questions like:

(1) What industry types make up the economic foundation of a state or metropolitan area?

(2) Are the workforce development training resources and agencies in the selected state or metropolitan area capable of supporting growth of existing or new businesses?

(3) How do states and areas differ about the cost factors of doing business and/or quality of life indicators?

(4) What are the market trends based on demographic data and economic forecasts?

(5) How many experienced workers by occupation and industry are located in a state or local area; and are training institutions able to meet current and future labor requirements of businesses?

(6) What are the prevailing wages and wage trends by industry and occupation nationally and by state and locally among competing areas? 

(7) What’s the impact on current resources (employment, training facilities, local labor supply, taxes, and infrastructure), if a specific industry relocates to, or expands in, a metropolitan area?

EDEP was started in the early 1990s when a consortium of the state and national Occupational Information Coordinating Committees of Pennsylvania, Ohio and New Jersey worked with the Institute for Research and Community Service of Indiana University and the Pennsylvania State Data Center to produce a prototype.  – EDEP Website

— Compiled by the Idaho Department of Labor