Understanding Labour Market Information (LMI)
Pupils who have clear career aspirations and those who are exploring their options will both benefit from understanding the labour market , both locally and nationally.
What is LMI?
Labour Market Information tells you about workplace or labour market . It also describes the condition of the labour market , past and present along with any future projections. It highlights where work opportunities are increasing or decreasing , what occupations exist , what you need to study to become a professional within that occupation, how one can find a job , change a job or progress in a career.
Key aspects of Labour Market Information
The information is any quantitative or qualitative data about the nature and operation of the labour market. LMI helps students explore and investigate key aspects of a particular area of employment.
- The sectors,industries and businesses that operate there.
- The jobs that exist
- The number and type of vacancies available
- The sectors and the industries that are predicted to grow and increase in the coming years.
- Travel to work routes
- The kind of skills that are/will be needed by industries and businesses
- Pay and progression routes.
Interpreting and narrowing down LMI that is applicable to a young person’s needs can become overwhelming, it is therefore better to start researching areas of interest and concentrate on those industries. We also recommend looking local resources.
In Buckinghamshire the Bucks Skills Hub have compiled a report on the local labour market which is a good starting point www.buckstvlep.co.uk