When used strategically, labour market information can help you make good decisions around education and career choices. Labour market information can help job seekers find trends and emerging opportunities to ease the job search process. Whether you are a newcomer, a new graduate, or simply looking to change careers, utilizing this information can help you land a new job!
Continue reading to learn more about how this information can boost your job search!
What is Labour Market Information?
Labour market information is data that provides a broad view of employment in a specific area. While you may be unfamiliar with the term, everyone likely has experience with labour market information. For example, you may have heard about a particular industry that is declining or poised for growth. Or maybe you have heard about a specific company looking to hire or downsize. Simply put, labour market information can help you make career decisions based on an industry's projected growth or decline.
Several factors can affect the labour market. Identifying these factors can help job seekers get ahead of new trends. Some examples include:
- Changes in demographics
- Introduction of new technology
- Changes in local or national economic situations
- Emerging occupational needs
How Does This Information Help My Job Search?
Understanding labour market information can dramatically improve your career outlook. This information will guide your decision-making as you become more familiar with the specific industries expected to grow in your local area.
Here are some examples of what this information can tell you:
- The industries that are currently hiring or not hiring
- The geographical areas that are looking to employ specific workers
- The in-demand skills that employers are seeking
- General forecasts of which jobs will be in demand
General Labour Market Trends
Here are some examples of how learning about labour market trends can reveal new career opportunities.
Growth of digital technology and online skills: Work is becoming more accessible and remote. Being able to work flexibly while using digital technology is an essential skill that many employers will be searching for today and in the future.
Globalization: It's no surprise that the world is becoming increasingly global. Organizations can connect – and do business – with people from across the planet with little effort. Globalization creates new opportunities but also new competition.
Retirement of Baby Boomers: Many workers born in the baby boomer generation (generally defined between 1946 and 1964) are planning to retire soon. As a result, we can expect plenty of new job vacancies to appear!
Want to Learn More About Labour Market Information?
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Using Labour Market Information for your Job Search - Wednesday, November 23, 2022, at 10:30 AM.
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