What is the Labour Market and Why is it Important?
Labour market information (LMI) provides data on a number of employment industries (for example, manufacturing). Labour market information can tell you many different things, including job trends, the jobs and skills that employers are looking for, which industries are hiring, where the jobs are located, and areas of job growth or decline – in other words, it’s an excellent tool in career planning!
Factors that Influence the Labour Market
The following factors can influence the likelihood of being hired in a specific field, and can be found out through labour market information:
- Supply and demand: How many people are trained for an occupation? How many jobs are there?
- Language abilities: Do you need to be bilingual for this kind of work?
- Seasonal fluctuations: Is this work more in demand at certain times of year (e.g. landscaping)?
- Population: Is the demand for this work increasing or decreasing based on population patterns?
- Economy: How do economic factors influence job prospects?
- Technological advances: Has the field been impacted by recent changes in technology (e.g. online shopping)?
- Skills and abilities: What skills and abilities are essential to this kind of work?
