Can this form be signed electronically?

Yes. Under the ESIGN Act (15 U.S.C. ch. 96) and UETA, electronic signatures are legally binding for most commercial and internal HR documents, provided intent and consent are demonstrable.

What if the form includes health data?

If the form contains protected health information, apply HIPAA safeguards and a signed BAA with your eSignature provider; retain records for six years per 45 CFR §164.530(j).

Who must sign the form for approval?

Typical signers are the hiring manager, HR business partner, and budget owner. Document delegated authority and dates to create an auditable approval trail.

How long should signed forms be kept?

Retain for at least three years post-action for tax and audit purposes (IRC §6501(a)); extend retention for industry-specific requirements as needed.

What are common signing errors?

Common issues include mismatched names, missing dates, incomplete attachments, and failing to route to required approvers; these cause rework and approval delays.

Can I notarize or use advanced signatures?

Notarization is uncommon for internal HR forms. For higher assurance use digital signatures or RON where a notarized record is required and state law permits.

Electronic Signature
Templates
HR
HR Labor Market Potential Form

HR Labor Market Potential Form

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

HR LABOR MARKET POTENTIAL FORM

A. Administrative Information

Completed by: Title:

Department/Business Unit: Date Completed:

B. Personal Contact Information (Person Completing Form)

Full Name Address Phone Email

C. Position Information

Job Title Reporting Manager

Proposed Start Date: Proposed Annual Salary (if applicable):

Position Summary

D. Employment History — Prior Employers (At least two)

Employer 1 — Company

Title: Dates Employed: From to

Primary Responsibilities Reason for Leaving Employer 2 — Company

Title: Dates Employed: From to

Primary Responsibilities Reason for Leaving

E. Education

Highest Degree Institution

Graduation Date: Honors / Major:

F. Professional References (Three)

Reference 1 — Name

Phone: Email: Relationship:

Reference 2 — Name

Phone: Email: Relationship:

Reference 3 — Name

Phone: Email: Relationship:

G. Labor Market Assessment

Role Summary for Market Comparison Critical Skills and Competencies

Estimated External Candidate Supply: Estimated Internal Candidate Pool:

Compensation Benchmark

Market Median (annual): Market 90th Percentile (annual):

Recruitment Difficulty / Risk Assessment

Select applicable risk factors:
Skill scarcity High market competition Geographic/relocation constraints Compensation below market

Recruitment Difficulty Rating: Estimated Time to Fill (weeks):

Recommended Sourcing Strategy Estimated Direct Recruitment Costs

H. Legal Notices, Certifications and Authorizations

Equal Opportunity Statement: The information in this assessment and any resulting recruitment activity must be conducted without regard to race, color, religion, sex, national origin, age, disability, or any other characteristic protected by law. Hiring decisions must comply with applicable employment laws and internal policy.

At-Will Employment (where applicable): Nothing in this assessment or related recruitment materials constitutes a contract of employment. Employment relationships shall be at-will unless otherwise expressly agreed in a written employment agreement signed by authorized company representatives.

Confidentiality and Data Handling: Information provided on this form is confidential and must be handled in accordance with the company’s data privacy and retention policies. Use of candidate personal data for background checks or reference verifications requires appropriate authorization below.

Certification by Person Completing Form

I certify that the information in this report is true, accurate, and complete to the best of my knowledge; that any benchmarking and compensation information provided has been obtained and recorded in good faith; and that I have complied with applicable non-discrimination and data privacy requirements in preparing this assessment.

I acknowledge and certify the foregoing.

Completer Printed Name Completer Title Completer Date

I. Authorization to Contact and Background Checks

By checking the box below, the person completing this form affirms that they have obtained any required candidate authorizations to contact previous employers and to initiate background checks where required by company policy. The company will limit inquiries to job-related matters and will comply with applicable legal requirements when conducting background checks.

Candidate authorization to contact previous employers obtained
Candidate authorization to initiate background check obtained

J. Approvals / Decision

Recommended Outcome Additional Comments (Approvals, conditions, justifications)

Hiring Manager — Print Name:

By:

Date:

HR Representative — Print Name:

By:

Date:

What the HR Labor Market Potential Form Is and when it's used

The HR Labor Market Potential Form documents an analysis of local and national labor supply for a specific role or job family. It captures position details, required skills, prevailing wage data, applicant pipelines, recruitment channels, and employer demand indicators. Organizations use it to justify new hires, workforce planning, compensation benchmarking, internal approvals, or compliance with internal hiring policies. The form standardizes data collection so HR, payroll, and hiring managers can compare opportunities across locations, align budget approvals, and document the labor-market rationale that supports staffing decisions.

Why a structured Labor Market Potential Form matters

A standard form reduces subjectivity, provides auditable rationale for hiring decisions, and documents market evidence used in budgeting and approvals. It helps align HR, finance, and hiring managers on role justification while creating a consistent record for internal audits and workforce planning.

Who typically completes and reviews this form

The HR Labor Market Potential Form is completed collaboratively by HR, hiring managers, and workforce planning stakeholders.

HR Business Partners and Talent Acquisition — prepare market research and validate requisition need.
Hiring Managers and Department Heads — provide role specifics, required skills, and local operational constraints.
Finance and Workforce Planning — review headcount impact, budget alignment, and cost assumptions.

Core components of a professional HR Labor Market Potential Form

A well-structured form separates role data, market evidence, cost assumptions, sourcing strategy, and approval workflows so reviewers can quickly assess feasibility and risk.

Role Summary

Concise role title, level, and reporting line plus a 2–3 sentence purpose statement to frame the market analysis.

Required Skills

List of essential and preferred skills, certifications, and years of experience used to filter comparable market salary data.

Market Data

Local and national salary benchmarks, labor supply indicators, unemployment rates, and competitor hiring activity supporting wage recommendations.

Sourcing Plan

Preferred sourcing channels, expected time-to-fill, candidate pipeline assumptions, and any recruitment costs tied to the role.

Cost Assessment

Total fully burdened cost estimate including salary, benefits, taxes, and one-time recruitment expenses for budget review.

Approval Workflow

Required signatories, dates, and any contingencies or delegated hiring authority documented for auditable approvals.

Required fields to capture on the HR Labor Market Potential Form

Position Title: Exact official role name

Job Code: Internal occupational code or requisition ID

Location: City, state

Proposed Salary: Base pay range

Start Date: MM/DD/YYYY

Approvers: Names and titles

Step-by-step: completing the HR Labor Market Potential Form

Follow this order to ensure consistent, review-ready submissions and to minimize rework across stakeholders.

01

Prepare role details: Enter title, level, and job code first.
02

Collect market data: Attach salary benchmarks and local labor indicators.
03

Estimate costs: Calculate fully burdened annual cost.
04

Secure approvals: Route to finance and department approvers in sequence.

How to set up the form for online completion and routing

Configure online fields, conditional logic, and routing to mirror your internal approval sequence and to reduce manual handoffs.

Field \| Configuration	Visibility rule \| Required/Optional
Position Details	Required \| Visible to HR and manager
Market Attachments	Optional \| File upload allowed (PDF, DOCX)
Cost Calculations	Formula fields \| Auto-calculate totals
Approval Routing	Sequential \| Email notifications to signers

Where to send the completed form and how submission works

A clear submission path ensures timely approvals and attaches the record to HR systems of record.

HR Repository: Store final form in HRIS or document management system.
Finance Review: Send to budget owner for cost validation.
Hiring Approval: Route to department head for final signoff.
Retention Archive: File signed form with requisition records.

Distribution channels and eSubmission considerations

Choose platforms that support secure uploads, audit trails, and role-based access to protect sensitive HR data.

File formats: PDF, DOCX accepted
Integrations: Connectors to HRIS and cloud storage
Authentication: Email, SMS, or SSO options

Typical timelines and processing expectations

Set clear internal deadlines to avoid hiring delays and to align with payroll and budget cycles.

Preparation Window:

Complete market research within 7–14 days

Internal Review:

Finance and HR review within 3–5 business days

Final Approval:

Department head approval within 2–3 business days

Posting and Sourcing:

Begin requisition posting once approvals are complete

Update Cadence:

Reassess market data annually or with material market shifts

Common preparation mistakes to avoid

Using outdated salary benchmarks that do not reflect local cost-of-living differences and inflation.
Omitting fully burdened cost estimates, which causes budget revisions and delayed approvals.
Leaving conditional fields visible to all users, increasing data entry errors and unnecessary disclosures.
Failing to attach source documents for market figures, reducing credibility during reviews.

Risks if the form is incomplete or misused

Budget Overruns: Unexpected compensation costs

Hiring Delays: Unapproved requisitions stall recruitment

Compliance Risk: Improperly stored PII may breach policy

Audit Exposure: Insufficient records hinder internal audits

Data Inaccuracy: Faulty market inputs skew decisions

Reputational Impact: Repeated errors harm stakeholder trust

Typical eSignature vendor comparison for HR forms (signNow first)

Common criteria for choosing an eSignature provider include price, trial availability, bulk-send capability, audit trails, and HIPAA compliance for sensitive HR data.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day free trial	Varies	Varies	Varies	Varies
Bulk Send	Yes (plan dependent)	Yes	Yes	Yes	Varies
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes (BAA)	Yes (BAA)	Yes (BAA)	No	No

FAQs and troubleshooting for the HR Labor Market Potential Form

Answers to common questions about completion, electronic signatures, submission, and recordkeeping for HR teams.

Need help? Contact support

Can this form be signed electronically?
Yes. Under the ESIGN Act (15 U.S.C. ch. 96) and UETA, electronic signatures are legally binding for most commercial and internal HR documents, provided intent and consent are demonstrable.
What if the form includes health data?
If the form contains protected health information, apply HIPAA safeguards and a signed BAA with your eSignature provider; retain records for six years per 45 CFR §164.530(j).
Who must sign the form for approval?
Typical signers are the hiring manager, HR business partner, and budget owner. Document delegated authority and dates to create an auditable approval trail.
How long should signed forms be kept?
Retain for at least three years post-action for tax and audit purposes (IRC §6501(a)); extend retention for industry-specific requirements as needed.
What are common signing errors?
Common issues include mismatched names, missing dates, incomplete attachments, and failing to route to required approvers; these cause rework and approval delays.
Can I notarize or use advanced signatures?
Notarization is uncommon for internal HR forms. For higher assurance use digital signatures or RON where a notarized record is required and state law permits.

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Field \| Configuration	Visibility rule \| Required/Optional
Position Details	Required \| Visible to HR and manager
Market Attachments	Optional \| File upload allowed (PDF, DOCX)
Cost Calculations	Formula fields \| Auto-calculate totals
Approval Routing	Sequential \| Email notifications to signers