What is labour market information?
In a nutshell, labour market information tells you about the local or national demand there is for different skills and from different industries. Labour market information tells you:
All of these factors can help you make a more informed decision about what career path to take. For example, if you’re considering a career in the fashion industry, research into the labour market might tell you that most jobs in fashion are based in London. Depending on where you live, and whether you’re willing to move, that might mean you need to adjust your career plans.
What’s the difference between the national and local labour market?
National labour market information tells you about jobs and industries in the UK as a whole, whereas local labour market information focuses on one particular area, e.g. Shropshire. When researching the labour market for specific careers, both local and national information can be helpful.
Looking at national labour market information will give you a good overall picture of the opportunities open to you in each career area.
However, some parts of the UK are better known for certain types of jobs than others. If you’re dead set on a certain career then researching local labour markets can help you find out whether you’re likely to have more success in certain locations. Generally speaking, there tend to be more employment opportunities in cities, so you might find that your preferred career will require you to move to another place.
If you know you don’t want to move very far to get a job, you’ll need to make sure you consider local labour market information when you choose your qualifications, so that you are getting the skills that employers want in your local area.
Why do I Need Job Market Information?
When pursuing a career, it’s important to have realistic expectations of how much you’ll be paid, where you’ll be based and how competitive it is to find a job in that industry.
Looking at labour market information while you’re still at school can help you narrow down your career options. For example, you might rule out a job because you realise there aren’t many opportunities in your local area, or because you don’t want to work the hours it requires. Alternatively, you might decide to reconsider a career in science, technology or engineering when you find out that STEM graduates can earn 25% more than graduates from other subjects!
In the next five to ten years the job market will change – there will be many more jobs in some industries than others. Labour market information can help you to make sure you have the right skills for the jobs of the future.
Researching the labour market can also help you make decisions if you want to change jobs or move to a new location.
You can find information about the Shropshire Local Labour Market here