A systematized forecast model of regional labor market needs
About this good practice
One of the primary challenges faced by cities and regions in Lithuania revolves around the shortage of a skilled workforce, hindering their ability to meet the demands of the labor market. The existing labor market forecasts are isolated, lacking systematic data integration, and demanding substantial human and financial resources for organization and analysis. Furthermore, the disparate data files hinder formulation of strategic decisions based on pertinent information. This impedes policymakers, businesses, and educational institutions from effectively responding to evolving needs and crafting and implementing suitable strategic measures.
To address this issue, Neurotechnology has developed the Netgeist HR tool, which automatically collects publicly available data to conclude the current labor market situation and future demands. For analytical purposes, the tool translates job advertisements and CVs, extracts keywords, and distinguishes sentences detailing the specifics and requirements of offered positions. Additionally, various public data on employment and graduates are collected automatically. This data collection process is automated.
The results are presented in detailed graphs and automatically generated reports. These resources can be utilized by local governments, national-level institutions, private companies, or HR businesses to gain a deeper understanding of the supply and demands for the workforce, particularly in identifying the shortage of specialists.
Resources needed
The initial development of the software - €53 thous.
Open data (10 million records from the Employment Service on the job position sought or offered by an employer over the last 20 years and 500 000 job advertisements)
Basic software subscription costs €99 per month
Evidence of success
The development of the tool was initiated by the PanevėžysNow regional development agency, GovTech Lab Lithuania and Neurotechnology company. This joint project between different organizations was awarded as the best cooperation between the public and private sectors.
Company Neurotechnology also has commercial success, as various institutions are interested in the application of the tool in the planning of labor market promotion policies.
Potential for learning or transfer
European Union is facing various challenges in the labour market. There is a persistent issue of a skills mismatch, where the skills possessed by the workforce do not align with the requirements of available jobs. Several EU countries face challenges in integrating young people into the workforce, leading to higher rates of youth unemployment. Disparities exist across regions within the EU, with certain areas experiencing higher unemployment rates and economic challenges compared to others. The rapid pace of technological advancements requires continuous upskilling of the workforce. Therefore, the application of innovative tools empowered by AI, big data analysis, data visualization and automation can allow public sector institutions to make better policy decisions in certain areas, based on robust evidence and data.
Further information
Website
Good practice owner
You can contact the good practice owner below for more detailed information.
Public Institution Lithuanian Innovation Centre