Labour Market Information
What is LMI, and Why is it Important?
Having access to high-quality and easily understandable Labour Market Information (LMI) is crucial for individuals to make well-informed career decisions. It is equally important for employability and career guidance professionals to have a good understanding of LMI.
LMI can assist in making important career-related decisions such as choosing a job, transitioning between careers, or deciding on the right training to pursue. By utilising LMI, individuals can ensure that the skills they acquire align with the current and future needs of the industry they work in.
Fail to Prepare, Prepare to Fail
In order to thrive in the unpredictable world of work, individuals need to possess adaptability skills. Being able to plan, make confident decisions, explore and network, and constantly reinvent oneself allows individuals to take advantage of their relationships and support their transitions. It is important to have these skills as they can help one to navigate the ever-changing landscape of the workplace better.
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Living in a Digital World
Living in a digital world is an undeniable reality. In order to remain relevant in today's fast-paced digital age, having an online presence and networking is crucial. Online networking offers a multitude of opportunities to establish work connections and facilitate career transitions. By creating a professional digital profile, you can thrive in this rapidly evolving world of work.
Transferable Skills
The value of transferable skills cannot be overstated. These core skills and abilities can be applied to any career, making you a valuable asset to any organisation. As the job market evolves, some of these skills may increase in value while others may decrease. So, if you want to future-proof your career, developing transferable skills is the way to go.
Essentially most Career Information is Labour Market Intelligence
LMI clarifies where work opportunities are increasing or decreasing, what occupations exist, what you need to study to become a professional in that occupation, and how one can find, change jobs or progress in a career.
LMI tells you:
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The average working week, typical working hours and qualifications required.
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Workforce Change: The projected workforce growth and replacement demand.
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Future job types and skill demands.
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The type of jobs that will no longer be needed.
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The recruitment and selection processes.
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Graduate outcomes of training progression routes.
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The types of diversity within specific sectors.
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Which jobs will likely be easiest or hardest to find in your area.
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The type of employers in different areas and which ones have jobs on offer.
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The skills employers are looking for from their employees, including those which are in short supply.
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Everyday tasks and entry requirements.
LMI Report
Please refer to this link for examples of the LMI reports I can create for you or your organisation.
Hidden Job Market
With labour market intelligence at your disposal, you'll gain insights into unadvertised job openings, giving you a competitive edge over other applicants.
Understanding the hidden job market is key to accessing a vast pool of opportunities that are not publicly advertised. These hidden jobs often come about through networking, internal referrals, and direct outreach to companies. By tapping into this market, you can avoid the fierce competition that typically accompanies advertised positions.
It's important to build a strong professional network, leverage social media platforms, and optimize your online presence. You can also approach companies directly and acquire the information needed to secure an interview. If you're ready to take your job search to the next level and gain an advantage over other candidates, the hidden job market holds one of the keys to finding your dream job.