Understanding the Labour Market
Information is gathered on labour market (job market) activity in order to provide job seekers, employers, decision makers, and all levels of government with the information needed to make policy decisions at the national, provincial and local level. To provide employers with statistical data, demographics and other information on the current and future availability of workers.
What is The Local Labour Market?
The Local Labour Market is simply the types and demand for specific jobs found in the area, information will be categorized by; field of work, increase or decline in demand, typical wages and skill requirement. For employers it will advise of availability of workers, types of skills, demographics, and many other areas that employers or job seekers may be interested in learning.
Why do Labour Market Research?
In order to strategically and effectively conduct a job search or determine if additional training is required it is important to research, analyze and understand the Labour Market in your job search field. This is particularly important if you are considering paying for a course that is expensive and/or of a long duration.
How do you know if you have done your research well?
If you have conducted a really effective labour market search as a job seeker or if you are considering long term or high cost training you will have researched many areas
- You will have gone online and researched government sites
- You will analyze this data and understand what it means, consider how current the information is, and if it is from a relevant arms length source (the company providing the information will not directly profit)
- You will have analyzed if the growth is a small growth or a large growth that workers without prior experience may be successful when applying.
- You will have looked on line for job descriptions in the field you are seeking to determine the skills required and the years of experience employers demand
- You were careful to explore all avenues and assistance available
- You have spoken to people working in the field
- If you are not sure you have gone to one of the Employment Sites and asked for help – its free please see the section on ‘Assistance Available in the Job Search
How will it impact you if you have not taken the time to do the research well?
- You may have enrolled in a course that there are very few successful graduates always remember stats can be misleading - a good question is did the graduates need the degree/ diploma to get the job they are currently in
- You may have used up all your savings and future opportunities that might have been more successful had you done your research really well.
- You will put greater stress on yourself and your family.