#LMI - An increasingly valuable tool that helps enhance young people’s futures while driving economic growth
As COVID-19 spreads around the globe, sending millions of people into lockdown, schools and colleges have been given no option but to close their doors to the majority of their pupils. COVID-19 is undoubtedly changing the way we live but one thing that remains the same is for every student to have access to labour market information.
LMI is becoming an increasingly valuable tool and helps to enhance young people’s futures while driving economic growth. If students understand which jobs are widely available and most in demand then they can lay the foundations for their future career based on a fundamental reality.
How can LMI be used?
Labour market information is particularly useful for schools, colleges and universities. This can help students to better understand the labour market, career options and the demands of the local economy. Teachers can use these insights to plan curriculums which meet student career requirements to enhance future employability for young people.
LMI enables students to consider all aspects of employment with relations to the economy and how it operates. Careermap recently partnered with Education and Employers to release a study which highlighted the disconnection between young people’s career goals and the jobs available in the UK. It was reported that young people who had access to labour market information made career goals which were better connected to the UK job market.
LMI is a group of information which relates to industries and sectors. It includes the number of jobs available, salaries, projected industry growth, educational levels required for the occupation, number of job openings and workforce demographics. The Careerometer is an extremely useful tool for LMI.
What is the purpose of Labour Market Information?
LMI can be used by students for a clearer understanding of trends, structure and economic demand. It also provides a forecast for the future of specific industries based on current and previous trends and demographics. This information is invaluable for young people and can help them find a career which is right for them in a competitive job market. When used to its full potential LMI can benefit employers, students and the economy.
LMI also provides students with time for reflection when choosing their next steps after school or college. For certain occupations, going to university may be the only option to break into the industry, whereas for others, an apprenticeship may provide equal opportunities. This enables young people to fully consider their options and to make a decision based on what is right for them, connected with their career aspirations.
By closing the gap between education and career preparation, we can all work together to give young people the best chance of success.
The world of work is constantly changing
Today's job market is filled with complexity and the rapid rate of change can make it challenging for young people to fully understand their options and to reach informed decisions. Keeping with the ever growing demand and skills for the future is vital. There are a number of factors which are driving change. These include:
Emerging technologies - As new technologies emerge, so do new job roles. Although, some careers are at risk of automation over the next few decades, it’s crucial that young people also take into consideration the new job opportunities that AI will present. Even though Artificial Intelligence will eradicate the more manual roles, just remember that even robots break and there will be some tasks where robots simply can’t replace humans.
Environment - The labour market has seen an all time rise in green jobs. The world is shifting to jobs that are environmentally friendly. You might be surprised to hear that it’s not just renewable energy companies that make up the green economy. In fact, many oil and gas companies are making it their mission to reduce the carbon footprint and investing in sources of renewable energy.
Demographic - According to Age UK, the United Kingdom is an aging population. Some occupations are a particularly aging workforce and will see higher rates of retirement projections with more future job openings than others.
By exposing young people to LMI, schools, colleges and universities can equip young people with the knowledge they need to navigate their career and qualification options which will ultimately optimise their life chances.
Sharon Walpole, Director at Careermap