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ThinkWhy® launches LaborIQ ™ to bridge the gap between labor economics and compensation planning in a new era of work

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DALLAS – (COMMERCIAL THREAD) – ThinkWhy, a SaaS company helping businesses navigate a new era of work, launched LaborIQ, its flagship solution to help businesses better understand today’s workforce supply and demand. hui and to achieve a strategic advantage in the market. The historically low unemployment rate has forced the US economy into a skilled labor shortage, forcing businesses more than ever to consider various economic variables to stay competitive and plan for employment costs in 2020 and beyond. LaborIQ unlocks the meaning of US labor market data, offering insight into labor supply and demand. The product allows business leaders to search for positions by metro, learn how to structure base pay, and compare pay for specific roles and teams.

“We designed and built the LaborIQ platform to make labor market data – previously only decipherable by economists – accessible and affordable for all businesses,” said Claudine Zachara, co-founder, president and head of the operating ThinkWhy. “Our objective by creating LaborIQ and our company”Why, ‘is to deliver in-depth analysis to businesses of all sizes, providing HR and hiring managers with data and information to support strategic hiring and business decisions. The growth of a business 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 the main impacts on economic performance on the job. supply and demand for talent.

A new platform for a new era of work

The past decade has seen fundamental changes in the workplace, creating a new landscape for business and the job market. This new reality places even greater emphasis on attracting, retaining and rewarding talent, especially as HR and hiring managers face the headwinds of a labor shortage. qualified work. What has not changed are the labor market tools that companies use to optimize decision making. Businesses lack access to the essential information and context they need to gain a competitive advantage and achieve their growth goals.

ThinkWhy’s founding team, led by Zachara, Managing Director Ron Johnsey and CTO David Kramer, recognized the opportunity to demystify the challenges companies face when making business and business decisions based on disparate labor market data. They saw an opportunity to create a product linking economic planning and compensation planning through an intuitive platform that addresses the roles, skills and modern compensation models created by the evolution of technology and the way we do business. work.

Technologically complex but universally accessible

The deceptively simple and easy-to-use LaborIQ platform is a complex technical feat of engineering: extracting data from multiple databases, reformatting it, and analyzing it to help companies customize data based on their needs and find out “why this is important”. The platform is 100% serverless, making ThinkWhy one of the few companies in Texas that is completely free to quickly develop and deploy the latest technological advancements. The platform is designed for ease of use at all endpoints and its architecture allows for unlimited scalability.

“LaborIQ gives you a better understanding of the labor economy and the factors that impact compensation planning, and gives you the controls to personalize your analysis and disseminate information throughout your organization,” said David Kramer, CTO at ThinkWhy. “We’ve supported the complexity of dense data aggregation and analysis, so organizations can access actionable information through an intuitive platform. ”

LaborIQ’s flagship features and products include:

  • The only platform in the marketplace to connect US labor market analysis with workforce and compensation planning

  • Simplified and actionable economic information for your business on every page

  • Detailed data and reports for HR and hiring managers, as well as high-level economic job information for business leaders

  • Six-year forecasts and analyzes for each metropolitan area in the United States

  • Ability to create personalized compensation planning reports by job title, industry, metropolitan area, etc.

  • Forecast of supply, demand and compensation for more than 40,000 job titles based on historical national or metropolitan data

  • Customizable dashboards, unlimited downloads and white label reports

LaborIQ is currently available to all organizations operating in the United States. Visit ThinkWhy.com for more information and pricing.

About ThinkWhy®

ThinkWhy is helping businesses navigate a new era of work by creating modern, human-centric software that supports better work lives. The company’s first product, LaborIQ ™, helps employers understand metropolitan performance metrics, talent supply and demand, wages by occupation, and compares individuals and teams through an intuitive platform – with concrete responses to support the company’s strategic planning. Learn more about www.ThinkWhy.com or follow us on Twitter and Instagram at @ThinkWhy_ and on Facebook at @ThinkWhyLLC and LinkedIn at @ ThinkWhy-LLC.

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Joseph Altonji wins the IZA prize in labor economics

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Joseph altonji

Yale economist Joseph Altonji received the 2018 IZA Labor Economics Award to recognize his fundamental contributions to the economic analysis of labor supply, home economics and discrimination.

Altonji’s contributions have shaped the understanding of how households decide their labor supply in fluctuating business cycles and changing labor markets, if the family is the relevant unit of decision-making. economic and what are the mechanisms at the origin of the discrimination in the labor market ”, indicates the quote of the price. . “A dominant theme of his work is that even the most insightful and fundamental theoretical advances must be supported by rigorous empirical evidence. “

Awarded every two years by the Bonn-based Institute for Labor Economics (IZA), the IZA Prize aims to stimulate research that seeks answers to important labor market policy questions of our time. It will be formally conferred during the IZA 20e birthday celebrations in Berlin on June 28. Previous laureates include renowned economists such as Dale Mortensen and Christopher Pissarides, who each later received the Nobel Prize.

The IZA Prize Committee is made up of seven eminent economists, six of whom are former IZA Prize winners.

Choosing Joe Altonji as this year’s IZA award winner was an obvious choice. His profound contributions to several important areas of labor economics – his keenness to take economic theory and measurement seriously – made the job of the selection committee very easy, ”said Daniel Hamermesh, director of the IZA network, who chairs the committee.

Altonji ’75 BA, Thomas DeWitt Cuyler Professor of Economics, studies issues relating to immigration, race and gender in the labor market, wage determination, labor supply and economic ties between family members.

In July, he will assume the role of president of the Society of Labor Economists, a professional organization of nearly 800 members that promotes the field of labor economics. He is an elected member of the Econometric Society and the American Academy of Arts and Sciences. He has served on a number of government advisory committees and is currently a member of the United States Federal Advisory Committee on Economic Statistics and the National Science Foundation’s Social, Behavioral, and Economic Science Advisory Committee. He is an associate researcher at the IZA as well as at the National Bureau of Economic Research.

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What does labor economics study?

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Labor economics analyzes the dynamics of the labor market.

Labor economics is a branch of economics that seeks to examine the functioning and dynamics of wage labor markets. Work is a measure of the work done by human beings. Some economists refer to skills and knowledge as human capital.

Story

Historically, economists viewed labor markets as being similar to other markets, such as money and product markets, in that the forces of supply and demand also determine the dynamics of labor. . The labor market, however, is somewhat different from the product market. In the product market, when the price increases, more products are produced in the long run. However, the labor supply is almost fixed since human beings have a fixed time which is 24 hours a day. With the increase in wages, people tend to devote more time to leisure activities and work.

Relevant applications

The concept of labor economics is widely used in personal economics and in the human resource departments of organizations. This is practically applicable within the individual and throughout the economy. This is because workers do not move smoothly between companies. Wage rates are also, to a greater extent, set by individual firms and not necessarily on the basis of

Evolution over time

The study of labor economics has evolved from monopsony models in microeconomics to more complex environments involving many employees. The use of technology in the workplace has further complicated the subject. Complex work models like moonlighting and part-time work are now a reality in today’s work environment.

Praise and criticism

The study of labor economics has been the subject of a growing wave of criticism. Some economists have argued that the labor market is such a complex issue that has many different dimensions and cannot be explored using price alone. It also involves the psychological aspect of the individual, religion and family background. Another problem is ignoring unpaid work. This includes interns and unpaid volunteers whose contribution is crucial in an economy. Domestic production which involves household maintenance, childbirth, care for the sick and the elderly, as well as breastfeeding are all chores that are neglected in the labor economy. The question of wage slavery was also the subject of strong criticism from the socialists. Wage slavery is a situation where a person performs a task because of the financial gains he will derive from it and not because of passion or his free choice.

It has also been argued that the study makes very unrealistic assumptions. The hypothesis of perfect information by the employer is totally unrealistic because no employer can have absolute knowledge of the labor market. Another assumption is that employees have the ability to move smoothly between companies. This is totally wrong as different companies have different employee needs and employee on the other hand, employees have varying skills and expertise.

On the other hand, proponents of this study have argued that labor economics is important in determining the wages to be paid to workers. External factors that can affect work are also studied, which helps to create a conducive working environment.

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What legendary fashion photographer Bill Cunningham taught us about the labor economy – Quartz

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When legendary New York Times fashion photographer Bill Cunningham passed away on Saturday, June 25, fans took to Twitter to pay their respects. The feelings reveal that he is equally admired for the way he conducted his work as he is for his enterprising street photography.

Even in his 80s, Cunningham toured the city by bike in a blue french worker jacket, taking pictures of anything that caught his eye. He has photographed his share of galas, but would only ever accept a glass of water from his hosts. Vanity Fair tech correspondent Nick Bilton, who previously worked with Cunningham at The Times, tweeted:

The Time obituary describes Cunningham as fiercely independent, to the point where he would tear up employers’ checks if he felt that accepting the checks compromised his freedom. Many have circulated one of Cunningham’s most popular quotes: “Money is the cheapest thing. Freedom and liberty are the most expensive. He refused to take a full-time position at The Times for two decades until a bicycle accident in 1994. “It was about health insurance,” he once told The Times.

Through his personal and professional choices, Cunningham has revealed how fundamentally flawed the American model of employment is. When employers are the sources of important protections (beyond a salary) required for a good life, namely health insurance, then the labor system will always be in favor of employers.

Liquid Talent co-founder Alex Abelin, a former Google employee (Alphabet) who is a strong advocate of decoupling benefits from employer benefits, once said: “When did we, as a company, agreed that the safety nets and structures of our health should be given by a company? It’s a dangerous deal we have where companies take care of us and that’s how we live our lives.

This is certainly how Cunningham saw it. In addition to cycling around town, he slept on a cot in a minimalist apartment. Yet this way of life and this worldview is what gave more power to his work. He is considered one of New York’s most important cultural anthropologists, as discussed in the film Bill Cunningham New York.

The paradox of innovation, especially in large companies, is that as freedom decreases, creativity also decreases. In order to cultivate more Cunningham, workers need more freedoms and freelancers need more protections. Truly enterprising work often comes from those who are willing to give up security at all costs, but it does not have to be so.


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What legendary fashion photographer Bill Cunningham taught us about the labor economy – Quartz

By Labor economics No Comments

When legendary New York Times fashion photographer Bill Cunningham passed away on Saturday, June 25, fans took to Twitter to pay their respects. The feelings reveal that he is equally admired for the way he conducted his work as he is for his enterprising street photography.

Even in his 80s, Cunningham toured the city by bike in a blue french worker jacket, taking pictures of anything that caught his eye. He has photographed his share of galas, but would only ever accept a glass of water from his hosts. Vanity Fair tech correspondent Nick Bilton, who previously worked with Cunningham at The Times, tweeted:

The Time obituary describes Cunningham as fiercely independent, to the point where he would tear up employers’ checks if he felt that accepting the checks compromised his freedom. Many have circulated one of Cunningham’s most popular quotes: “Money is the cheapest thing. Freedom and liberty are the most expensive. He refused to take a full-time position at The Times for two decades until a bicycle accident in 1994. “It was about health insurance,” he once told The Times.

Through his personal and professional choices, Cunningham has revealed how fundamentally flawed the American model of employment is. When employers are the sources of important protections (beyond a salary) required for a good life, namely health insurance, then the labor system will always be in favor of employers.

Liquid Talent co-founder Alex Abelin, a former employee of Google (Alphabet) who is a strong advocate of decoupling benefits from employer benefits, once said: “When did we, as a company, agreed that the safety nets and structures of our health should be given by a company? It’s a dangerous deal we have where companies take care of us and that’s how we live our lives.

This is certainly how Cunningham saw it. In addition to cycling around town, he slept on a cot in a minimalist apartment. Yet this way of life and this worldview is what gave more power to his work. He is considered one of New York’s most important cultural anthropologists, as discussed in the film Bill Cunningham New York.

The paradox of innovation, especially in large companies, is that as freedom decreases, creativity also decreases. In order to cultivate more Cunningham, workers need more freedoms and freelancers need more protections. Truly enterprising work often comes from those who are willing to give up security at all costs, but it does not have to be so.


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