What is a Labour Market?
The Labour Market is a “meeting place” for employers (with specific needs) and workers (with required skills). Labour Market Information (LMI) includes information on:
- Demand – Employers want to attain the best workers
- Supply – Job seekers want to promote their skills and experience
LMI can help job seekers make comparisons when looking for a job or moving to a new place. It can also help business owners identify new markets for their service or product, or to decide where to expand if theirs is a business that requires a high number of workers or workers with a particular skill set.
Why use LMI?
- The Market has changed in the last decade. You need to be searching for industry sectors that are in demand, not shrinking.
- You need to be working in industries that are predicted to grow.
- Helps you in planning and assessing your job opportunities. You may need to change or adjust your job goals.
- Leads you to conclusions about what type of work is available in different industries at different times.
- Helps you to focus on skills that are in demand, and identify and develop skills that are marketable.
- Makes you competitive in job finding in the current market.
- Information about conditions in the labour market
- Future predictions for growth and decline
- Descriptions of all industries and their activities
- Data on employment and unemployment in all industries
- Descriptions of jobs, qualifications & educational requirements
- Identification of wages, standards and working conditions
- Where the jobs are in BC’s Labour Market
- Industrial shifts
- Innovations in technology and globalization of trade
- Demographic changes
- Workers shifting to non-standard employment categories
- The service sector is forecast to grow more rapidly than the goods producing sector
- Unemployment rates are higher and more volatile in the goods sector
- Small businesses are the biggest employers in both goods and services sectors
- Globalization of trade means freer and more intense worldwide exchange of goods and services across international borders
- Technology helps make globalization possible; computers can be linked across companies, countries and continents.
- Technology changes the work we do and impacts job creation.
- Jobs now involve (and require) greater computer literacy
- Re-engineering of companies
- Traditional clerical jobs have changed
- Retail sales and services have become automated