Labour Market Information (LMI)
What is it? Why is it important? Where do I start?
What is it?
LMI can essentially be two things… it's LABOUR MARKET INFORMATION when you are just looking at data and stats, it becomes LABOUR MARKET INTELLIGENCE when you analyse and act upon the information.
LMI tells us all about the job market. It provides data, statistics and predictions about present and future trends in the workplace, and understanding how to use this data can help you find a job.
LMI tells us:
- What jobs there are
- Average salaries by occupation and industry
- Future trends – which industries are expected to grow or decline
- Information about Job vacancies and where they are, e.g. Local, Regional and National
- Types of vacancies – part-time, full-time, temporary, seasonal or permanent
- Skills and qualifications required by employers including skills gaps
- Workforce change – growth, decline and replacement
- Working patterns for certain industries/occupations
Why is it important?
Understanding what LMI is and how to use it will help you to make informed decisions about your career. You’ll be able to work out what level of qualification you need, what skills employers are looking for, whether there’ll be any jobs in the next few years and where those jobs are. This will help you to create a plan of action on how you’ll achieve your career goals.
Where do I start?
There is a range of LMI cards available at the college, which look at different industries. These cards can tell you the current and predicted number of jobs, and average salaries. It also tells you the predicted number of annual openings. These are a good starting point to do some quick comparisons, but it’s essential you continue with your own research… after all, the labour market changes daily.
You can pick up an LMI card from the Careers & Welfare team on your site! Alternatively, you can find copies of the cards on Moodle and the college website.
Follow this blog and we’ll look at different aspects of LMI each time. Or follow the Careers & Welfare team on Twitter @CareersTMC