This month I will be helping you to understand what Labour Market Information (LMI) is and why awareness of it can support you in deciding what to study at sixth form/college/university and where to go next.
LMI is derived from data and statistics that assess current – and predict future – trends in employment. It is the information that can help us to answer the following questions:
• Which sectors/industries/job roles are growing both locally and nationally?
• What skills are employers looking for in future employees?
• What education levels will be needed in the future?
• Which employers are looking to move into the local area?
• Which sectors/industries/job roles are decreasing locally and nationally?
•Which sectors/industries have a high ageing workforce?
Being able to identify large, current employers will enable you to look for work experience opportunities as these companies are likely to take on part-time and inexperienced staff. Some of the largest employers in Ipswich are Suffolk County Council, Ipswich Hospital, AXA and BT.
Understanding the sectors that are growing and declining will allow you to think smartly about where job vacancies are likely to occur in the future. Training to enter into a sector that is declining could mean having to re-train or change your career path in a few years’ time.
Being aware of skills gaps and job shortages will also support you in your decision making – training and becoming skilled in areas that are highly sought after, for example Science, Technology, Engineering & Mathematics (STEM) industries, will likely mean a well-paid career in a growing industry.
Although understanding the labour market and being aware of what’s happening locally is good, in next month’s issue we will be looking at how technology and globalisation are changing our world in a way that we can’t predict and why studying a higher education qualification can help to prepare you for this.