What is Labour Market Information (LMI)?
Labour Market Information is useful data and facts about current and future job trends. This data can be local, regional, or national. It tells you about the local or national demand there is for different skills and from different industries.
Labour Market Information tells you…
- What a job involves on a day-to-day basis
- Which jobs are growing or declining in a local, regional, or national area
- What qualifications or skills you might need to do a job
- How much you might earn
- How your interests and skills are relevant to particular jobs
- What jobs there are in your region.
Why is LMI Important?
It is important to have knowledge or jobs in your local area, 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 LMI while still at school can help narrow 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, Engineering or Maths 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.
Fourth Industrial Revolution
As we enter the Fourth Industrial Revolution, a wave of technological innovation is creating new industries, disrupting existing ones and transforming the way things are made. New products, services and business models are emerging that don’t fit existing regulatory systems.
This movement toward Artificial Intelligence, Robots, Virtual/Augmented Reality and Biotechnics will mean a decrease in some jobs and industries (e.g., robots being used in manufacturing) but a huge opportunity and increase in other jobs and industries.
For more information about different careers, their requirements and the routes to get there, visit Unifrog.
Unifrog has a huge Careers Library which is tailored to our local area, if you select a particular career and scroll down, each profile has a dedicated LMI section.
e.g. Aerospace Engineer (Correct as of August 2022)
LMI for All & Careerometer
LMI for All is an online data portal funded by the Department for Education. It brings together existing national sources of high-quality labour market information (LMI) that can inform people’s choices about their careers.
You can also use the Careerometer widget to explore and compare key information about jobs, such as pay, weekly hours of work, and future employment prospects for different jobs.
Simply type in the title of the job you are interested in and the widget provides a series of options from which you can select the most relevant to you. You can then look up other occupations and compare the LMI.