Learning from Labour Market Information (LMI)
Understanding Labour Market Information (LMI) is becoming more and more important as the world changes, so that all pupils can be aware of where different job roles are needed around the country and what types of jobs may need more people in the future. Below is information on what labour market information actually means.
LMI means finding out the following things about different job roles or career pathways:
- What do people actually do in this job / industry?
- How many people work in this job / industry?
- How much do people get paid in this job / industry?
- What qualifications do I need to do this job?
- What skills or qualities do I need to do this job?
- What are the typical working hours for this job?
- What percentage of men / women work in this job / industry?
- Where can this job / industry take me in the future?
- Where are these jobs located around the country?
How many of these jobs will there be in the future?
What Are Some Ways To Use LMI?
If you’re starting to think about careers, learning about LMI will help you to understand what opportunities are available to you and how you can best take advantage of them.
Based on LMI, you can decide things like:
- Are there job opportunities for me where I live, or do I need to consider relocating for the career I want?
- Does the pay for my dream career align with how much I’d like to earn? If not, am I okay with that?
- How long will it take me to rise through the ranks in my career to my desired position, and am I willing to do the work to get there?
- How competitive is my industry? Do I have a backup plan if it doesn’t work out in the way I want it to?
- Is college, university, an apprenticeship, or working my way up from an entry level job the right path for me?
How To Research LMI
If you’re struggling to know where to start, don’t panic! We’ve compiled some resources to help you.
Prospects.ac.uk is a career website aimed at recent graduates and current undergraduate students. If you’ve ever wondered, “what on earth can I do with my degree?” Prospects is the site for you. Take the quiz or use the Career Planner to start working out where you want to go.
LMI For All is a comprehensive portal that collates various sources of LMI to provide high-quality data.
ICould uses data from LMI For All as well as real-life personal stories from young people. It has thousands of resources including videos and a calendar of careers events across the UK.
The National Careers Service offers over 800 job profiles on its website. Under each profile you’ll learn about the average salary, working hours, typical duties, and routes into the profession. Here’s an example:
2021 Employment Trend Report
Use the 'Careerometer' below from LMI For All to compare he LMI for two different careers. This gives you the information about pay, hours and if that career is in a sector that with Growth (more jobs becoming available) over the next 7 years or an area with Contraction (less jobs) It also looks something called Replacement demand that is the percentage of the workforce due to retire in the next 7 years meaning their jobs will be available.
This video gives some examples of the labour market for Lancashire
We are Lancashire
.png)
TED Talk 3 Myths about the Future of Work