Labour Market Information Flashcards
What is Labour Market Information for?
it can help you make better decisions about your job and your work life. LMI is the information you need to make decisions about your future.
Labour Market Information includes:
a. what jobs and skills employers are looking for
b. which industries are hiring
c. where to find employers who are hiring
d. what working conditions are like for specific industries
e. what education and training you need for specific jobs
f. what factors can stop you from getting a job
g. which job areas are growing in the future
Career choices are important as they affect our lives and families. For this reasons we want to make the most informed decisions we can. We make good career choices when we:
- have a thorough understanding of who we are and what we want in our work and life
- take the time to gather accurate, up-to-date labour market information
- combine and apply information about ourselves and the labour market in creative ways
Why doing self-assessments?
Self-assessment means taking stock of your values, interests and skills.
A detailed self-assessment makes your career clearer.
Before you go any further with learning about LMI, you may want to spend some time assessing yourself.
Why learning LMI skills?
Developing the skills needed to recognize LMI gives you an advantage when making career, learning and employments decisions
LMI is…
the information you need to make decisions about your future.
LMI includes information about..
- planning your future
- occupational options
- types of training and learning opportunities and where to get the training
- the current labour market environment
- trends and forecasts about the future
Putting it all together…
Once you have a better understanding of what you have to offer, LMI can help you to match your preferences to the world of work.
It can also help to double-check your assumptions about work options.
Using LMI will help you make the best decision that you can at the time with the information that is available to you
Your best assurance against the ups and downs in the labour market is to prepare yourself with a variety of skills so that you can be flexible and adapt to changes
Why do I need labour market information?
- Recognize the right kind of information that will help you develop your career plan
- Make informed decisions about choosing an occupation
- identify sources of training and education
a. what training credentials employers are looking for
b. which schools offer programs that suit your career goal
c. answers to more specific questions to know if the school is right for you - LMI can help you to tap into the “hidden job market” - that is the 80% of jobs that aren’t advertised.
Tapping into the hidden job market is…
nothing more than developing the skills to recognize and make sense of the labour market information, then doing something with that knowledge so you benefit from it
that can be something as simple as applying for a job at the right time
or
taking steps to pick up new job skills based on the knowledge that LMI has given you
Factors of LMI includes
demographics
technological change
globalization
Demographics
are characteristics of a population, it includes:
average age, population size, growth, density, distribution and vital statistics
Baby boomers group
people born between 1945-1966
Technological change means…
an increasing number of occupations require at least some basic computer skills
Globalization means…
companies can operate all over the world and around the clock because of improvements of technology
Opportunities that globalization creates
a. companies require employees who speak more than one language and who can travel
b. companies require employees to work flexible hours to serve the needs of those customers in other time zones
c. small companies can sell their products all over the world through the Internet
Labour market trends
the combined effects of demographics, technological change, globalization and economic activity result in labour market trends.
e.g. movement from goods-producing industries to service industries, leading to a more diversified economy
When you have identified a trend, ask yourself the following questions
a. how could this trend affect me?
b. what opportunities might this trend create?
c. are there exceptions to the trend?
d. what other factors will affect future employment prospect in different industries
e. is it a fad or is it a trend?
fad=trend comes and go quickly
Key occupational needs and requirements
a. duties
b. working conditions
c. salary expectations
educational requirements
what should you consider when evaluating occupations that are right for you?
a. what is involved in a typical day on the job (duties, nature, of work, and working conditions)?
b. what level of education is needed for me to enter my chosen occupation?
c. where is training offered?
d. how will my level of education affect my occupational choices?
e. how much can I expect to earn?
f. what is the future outlook for this occupation?
Sources of LMI
a. verbal or networking
b. print
c. audio, video and electronic, including the Internet
LMI in verbal form or networking
personal contact and conversation is a popular way of gathering LMI - networking
build a network of people who can alert you to job opportunities and training requirements for specific occupations, by:
a. talking to people who work in your areas of interest
b. communicating your needs with family, friends, neighbours, co-workers, and casual acquaintances
