Labour Market Information
INTRODUCTION TO LABOUR MARKET INFORMATION (LMI)
What is Labour Market Information? Labour Market Information (LMI) can provide us with insights into different jobs and opportunities, telling us what is available now or predicted to be in the future. It can be gathered from a wide array of sources from websites run by Government funded organisations, through to adverts for job vacancies in local papers and online. Even anecdotal sources such as conversations with friends and family can give us information on who maybe recruiting. Each source can provide us with information on the labour market.
Turning it into intelligence, however, is key. To do that it is important to ask, “How was the information gathered, when, by whom and for what purpose?” This will affect what the data is attempting to prove (if biased) or what it may mean to you.
For example: If the data was collected five years ago? How reliable is it?
To create an informed picture, it is important to try and use more than one source of information to get as big a picture as possible (much like when you check “customer satisfaction” surveys and “review” sites when buying a car, laptop or new mobile phone). This increases the odds of accuracy.
Working with your independent careers adviser in school can help with interpreting the data and what it may mean. Especially if some of the data collected contradicts itself or has a hidden agenda.
CAUTION: LMI is often seen as a reliable prediction of the future; this isn’t always the case as any forecast is open to fluctuations and change. A good rule of thumb to remember is that the further away the prediction is, the more open to change the forecast will be.
Once you have looked at the data and information, it is then YOUR CHOICE how you decide what you would like to in the future.
Some students choose to use the information in the following ways:
Decide based on the “predicted” employment and job trends (which may shift in accuracy).
Decide based on what they enjoy and/or are good at but, be aware that they may need to go through a period of “churn” later.
You may be lucky and get into the career you want but, neither approach guarantees success; in the current job market there is no such thing as a job for life or guaranteed employment in any sector. However, LMI can give us a useful insight into what careers are growing, declining and emerging; it helps us understand the world around us and opportunities we may wish to take advantage of.
Transferable Skills and Qualities
Whichever way you decide, you will need to be open to new opportunities, be adaptable and possibly access further training afterwards (if you can’t access a job in your chosen area or your career ideas change). How you develop your skills through education, training, experience and employment, will give you a set of transferable skills and qualities which, you can use in many different sectors (the options you choose will affect how you develop these transferable skills alongside the specialist skills you develop).
Examples of these transferable skills and qualities include: Math, English, Problem Solving, Team Work, Independence, Time Management and Work Ethic.
Only you can decide what feels right for you, research helps you to find out what is possible. Remember, there are plenty of sources of support around you to help… parents, carers, teachers, friends and your careers adviser with CXK Ltd, Mr Targett.
Mr Chris Targett
Region reports: http://www.economicmodelling.co.uk/lep-region-reports/
Sector forecasts: https://www.prospects.ac.uk/jobs-and-work-experience/job-sectors
EU and Globe
Will a robot take your job? http://www.bbc.co.uk/news/technology-34066941
Future jobs: http://yourfuturejob.ukces.org.uk/
University of Warwick: https://www2.warwick.ac.uk/fac/soc/ier/research/wf/