What is labour market information (LMI)?
Let's start with defining a labour market which generally refers to the supply and demand for labour. Employees (sellers of services) provide the supply while Employers (the buyers of services) provide the demand. Labour Market Information (LMI) helps career development officers (CDOs) understand the relationship between this supply and demand as they work with clients in a variety of ways - skill development, placement, transition, etc.
LMI is data that begins to answer questions regarding training needs, local/global job vacancies, future occupational trends, etc. It is objective and most often sourced by entities like the Department of Statistics. CDOs then employ Labour Market Intelligence , data interpretation and application, as they work with clients. Essentially, a CDO accesses the LMI and then interprets the information retrieved within the context of his/her client's needs and career goals.
Methods for sharing LMI
Historically, career counsellors have employed the "matching method" for identifying placement opportunities. Skills, interests, and aptitude are assessed and a list of occupations is generated and explored for best fit with respect to job satisfaction. Sharing LMI with clients has been used as a tool to support the matching process. Given the rapid industry shifts and the evolution of theories supporting a career practitioner's work, is matching still the best method? Consider the following PowerPoint as you reflect on how your theoretical orientation/s shapes the work you do with your clients.
When sharing LMI with Clients.....
Think about how you have used LMI in the past or might do in the future:
- What was/is/will be your main purpose for using it?
- What sort of LMI did/do/will you look for and why?
- Was it easy to find?
The primary resource for local LMI is the Department of Statistics, Bermuda Government.