Introduction to Labor Market Information (LMI) Trends, Tools and Resources.
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Transcript of Introduction to Labor Market Information (LMI) Trends, Tools and Resources.
![Page 1: Introduction to Labor Market Information (LMI) Trends, Tools and Resources.](https://reader036.fdocuments.net/reader036/viewer/2022062314/56649ed55503460f94be598a/html5/thumbnails/1.jpg)
Introduction to Labor Market Information (LMI)Trends, Tools and Resources
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What is Labor Market Information? Interaction between individuals competing for
jobs and employers competing for workers, usually in a particular geographic region.
Describes how a particular labor market is functioning: What jobs are available? People with requisite skills/experience to fill those
jobs?
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Why Should We Care About LMI? Helps staff and job seekers make better
decisions about career preparation.
Helps job seekers and job developers identify industries/occupations to target in the job search.
Job developers need to become “industry experts” in order to work effectively with employers.
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Types of LMIGeneral LMI
Labor force information Unemployment rate
Industry Information
Occupational Information
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Potential LMI IssuesAccuracy
Timeliness
Usability
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General TrendsWorkplace/Economic Trends and Implications
for Career Planning and Job Search
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Technology ChangesSmart Systems and digitized work
Automation/Self Service
“Just-in-Time” scheduling software
Artificial intelligence
Virtual Reality
The “Internet of Things”
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Global Labor MarketCompanies moving jobs to where labor is
cheapest.
Average Chinese factory workers works 12 hours/day and makes $1.36/hour.
Between 2000 and 2005, 150 million educated workers joined global workforce—same as entire US workforce.
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Promoting from Within
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ImplicationsFor Career Planning and Job Search
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Traditional View of LMI Industries/occupations are reasonably linear,
stable and predictable
Pace of change is slow, so we can anticipate and respond to changes
We can predict: Available work Required skills Career paths
Focus on FT, permanent jobs
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Traditional LMI QuestionsDemand
Wages
Working Conditions
Preparation
Advancement
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New Normal for LMI Industries/occupations are more chaotic, less
linear and stable.
Pace of change is rapid—requires ongoing learning and re-tooling.
More focus on demand “skills,” rather than demand occupations
Career lattices rather than career ladders/paths
“Advancement” through lateral moves, skill development and new combos of skills
Micro-enterprise opportunities
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New LMI Questions
How will technology impact this occupation? Automate the job? Change skill requirements? Make it cheaper to outsource to another country?
What skills are in demand?
How can skills be re-combined to add new value?
How do I keep learning and adapting to stay ahead of changes?
How can I create multiple income streams?
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Understand Jobs DifferentlyFungible Jobs
Anchored Jobs
Value-Add Jobs
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Fungible JobsEasily digitized
Don’t require face-to-face interaction or human intervention
Rely on “rules” and minimal independent decision-making
Can be partially or completely automated through smart systems, RFID technology, artificial intelligence etc.
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Fungible jobs will be. . . Automated
Self-service
Outsourced to a country where labor is cheaper
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Anchored JobsMust be performed in particular geographic
location
Anchored 1—Low skill/low wage Bus driver Daycare worker
Anchored 2—Higher skill/higher wage Nurse
There can be fungible parts of anchored jobs!
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“Value-Add” JobsDepth/breadth of skill—Super Generalists and
Super Specialists
Constant change
High levels of interaction, creativity and non-rules-based decision-making.
High technological proficiency
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Career Planning for the New Normal Evaluate occupations and
industries for “fungibility.”
Monitor impact of technology and other workplace trends.
Prepare for Anchored Tier 2 and Value-Add Jobs
Focus on developing “value-add” skills and experiences.
Think “multiple income streams”
Think ongoing career planning and life-long employability.
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Implications for the people you work with?
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NJ LMILatest Data from June 2012
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New Jersey Counties Unemployment Rates - June 2012
(Preliminary, Not Seasonally Adjusted)
Data Source: Local Area Unemployment Statistics (LAUS)Prepared by: New Jersey Department of Labor and Workforce Development Bureau of Labor Market Information July 2012
OCEAN10.5%
SUSSEX9.4%
BURLINGTON9.7%
MORRIS7.8%
ATLANTIC12.8%
SALEM11.2%
WARREN8%
MONMOUTH9.3%
HUNTERDON7.7%
UNION10.3%
CUMBERLAND14%
BERGEN8.9%
SOMERSET8.3%
MERCER8.8%
CAMDEN11.3%
GLOUCESTER10.9%
PASSAIC11.7%
CAPE MAY10.3%
ESSEX11.6%
MIDDLESEX9.5%
HUDSON11.4%
Unemployment Rates
7.7% - 8.3%
8.8% - 9.7%
10.3% - 10.9%
11.2% - 11.7%
12.8% - 14.0%
0 25 5012.5 Miles
²
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New Jersey Counties Unemployed Residents - June 2012
(Preliminary, Not Seasonally Adjusted)
Data Source: Local Area Unemployment Statistics (LAUS)Prepared by: New Jersey Department of Labor and Workforce Development Bureau of Labor Market Information June 2012
OCEAN28,500
SUSSEX8,000
BURLINGTON23,800
MORRIS21,700
ATLANTIC18,500
SALEM3,500
WARREN4,800
MONMOUTH31,200
HUNTERDON5,600
UNION28,800
CUMBERLAND10,200
BERGEN43,200
SOMERSET15,100
MERCER18,400
CAMDEN30,600
GLOUCESTER17,500
PASSAIC29,000
CAPE MAY7,000
ESSEX43,400
MIDDLESEX42,400
HUDSON36,300
0 25 5012.5 Miles
Unemployed Residents
3,500 - 8,000
10,200 - 15,100
17,500 - 23,800
28,500 - 31,200
36,300 - 43,400
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Key Industry Clusters account for two thirds of all employment & wages statewide
Industry Cluster Employment and Wages: 2010 Annual*
Total*
Industry Cluster Establishments Employment Wages Wages Employment WagesAdvanced Manufacturing 3,431 124,012 $95,925 $11,895,844,365 4.0% 6.8%Health Care 21,307 420,862 $50,772 $21,368,037,945 13.4% 12.2%Financial Services 12,570 185,471 $104,418 $19,366,470,513 5.9% 11.1%Technology 25,780 313,164 $100,074 $31,339,672,580 10.0% 17.9%Transportation, Logistics and Distribution 25,985 354,618 $64,914 $23,019,845,572 11.3% 13.2%Leisure, Hospitality and Retail 55,677 767,518 $26,709 $20,499,694,337 24.5% 11.7%Biopharmaceutical & Life Science 3,145 122,729 $114,765 $14,084,934,866 3.9% 8.1%All Cluster Industries 142,992 2,083,205 $56,909 $118,553,953,666 66.5% 67.9%
All Industries, NJ 261,483 3,133,821 $55,742 $174,686,813,420 100.0% 100.0%
Note: Industry Cluster componet industries are not mutually exclusive and do not include all New Jersey industry sectors. Therefore the sum of industy cluster annual averages will not equal statewide averages. Sum of industry cluster percentages of totals will not equal 100 percent.
Source: New Jersey Department of Labor & Workforce Development, Quarterly Census of Employment & Wages (QCEW) 2010 Annual Averages
Prepared by: NJLWD, Division of Labor Market & Demographic Research, Bureau of Labor Market Information, November 2011
Annual Averages* Percent of Total*
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Established to focus on the specific needs of key industries in the state
Purpose: Connect all stakeholders (job seekers, employers, service
providers, educational institutions). Focus skill development and job search resources Help employers find workers with requisite skills/experience
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Key Industry SectorsLife Sciences (Biotechnology/Pharmaceutical)
Transportation/Logistics/Distribution
Finance Services
Advanced Manufacturing
Health Care
Entertainment, Arts, Retail, Leisure and Hospitality
Technology/Entrepreneurship
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2010 Employment and Projected Growth By Industry Sector
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Industry Sectors with the Largest Projected Employment Growth
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Occupations with the Largest Projected Employment Growth
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Implications for the people you work with?
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LMI Resources and Tools
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Sources of LMIBureau of Labor Statistics (BLS)---www.bls.gov
Career One Stop—www.careeronestop.org
NJ Department of Labor and Workforce Development--http://lwd.dol.state.nj.us/
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BLS National information
Occupational Outlook Handbook --http://bls.gov/ooh/
Occupational Outlook Quarterly--http://bls.gov/opub/ooq/
Career Guide to Industries--http://bls.gov/ooh/about/career-guide-to-industries.htm
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Career One StopNational site for One Stop Career Center
system
Can explore careers, wage and salary info, connect to education and training, etc.
Job search resources
Connect to local One Stop Career Centers
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NJ LWDReal Time Jobs in Demand
Industry/Regional Focus Reports
Labor Market Field Analysts
Occupation Explorer
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Careeronestop.org
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Employability Check-Up
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Myskillsmyfuture.org
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Mynextmove.org
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Skills Profiler
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NJ Next Stop
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NJCAN
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How can you use with the people you work with?