Dallas-based ThinkWhy announced launching its first product, LaborIQ.
With the current historically low unemployment rate, LaborIQ is intended to help businesses better understand today’s labor supply and demand to stay competitive and plan for employment costs. Claudine Zachara, ThinkWhy’s co-founder, president, and chief operating officer, says it was built to make labor market data—previously only decipherable by economists—more accessible and affordable for all businesses.
“LaborIQ has developed a deceptively simple and easy to use platform for unlocking meaning from mass amounts of U.S. and MSA labor market data, offering insights into labor supply and demand and economic forecasts—without the need for an in-house analyst team,” Zachara says. “The LaborIQ platform not only makes the data digestible, it also shows businesses the impact to their organizations and ‘why’ it matters.”
The SaaS platform uses U.S. labor market data to give employers insights into talent supply and demand, salaries by occupation, and benchmarks for individuals and teams. It also lets employers search job roles by metro area.
“Our goal in creating LaborIQ, and our company ‘why,’ is to offer deep analysis to companies of all sizes, equipping HR and hiring managers with data and insights to support strategic hiring and business decisions,” Zachara says. “A company’s growth depends on the talent it attracts and retains, and LaborIQ is an essential tool to help HR and hiring managers know exactly what salaries to offer and understand key economic performance impacts on talent supply and demand.”
LaborIQ features include, according to ThinkWhy:
- Only platform on the market to connect U.S. labor market analysis with workforce and compensation planning,
- Simplified and actionable economic insights,
- Detailed data and reports for HR and hiring managers, as well as high-level labor economic insights for business leadership,
- Six-year forecasts and analysis for every metro area across the U.S.,
- Ability to create personalized compensation planning reports by job title, industry, metro area and more,
- Supply, demand, and compensation forecasting for over 40,000 job titles based on historical national or metro-area data, and
- Customizable dashboards, unlimited downloads, and white-label reports.
ThinkWhy’s founding team, including Zachara, CEO Ron Johnsey, and CTO David Kramer saw a market opportunity for a platform that pulled from multiple databases and turned that data into usable, customizable information for making labor and business decisions in a 100 percent server-less platform.
“[We] saw an opportunity to build a product that connected economic and compensation planning through one intuitive platform that addresses modern roles, skillsets and compensation models created by the evolution of technology and the way we work,” Zachara says. “That product is LaborIQ.”
According to ThinkWhy, LaborIQ is built for ease of use across all endpoints with an architecture created for unlimited scale.
“LaborIQ enables you to better understand labor economics and the drivers that impact compensation planning, and gives you the controls to personalize your analysis and distribute insights throughout your organization,” says Kramer. “We’ve taken on the complexity of aggregating and analyzing dense data, so that organizations can access actionable insights through an intuitive platform.”
ThinkWhy operates on a mission to offer “deep analysis to companies of all sizes, equipping HR and hiring managers with data and insights to support strategic hiring and business decisions.” The company currently has a staff of 25, with plans to grow to 40 by the end of this year.
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