A Brief Look At Labour Market Information (LMI)
Labour Market Information is simply information about the supply and demand of labour. It is the arena in which the exchange of needs between the workers who are offering their skills, and the employers who are in demand of those skills meet.
Though this sounds like a very simple trade, there are many factors that influence this market and therefore it is kept in a state of constant flux.
It becomes very important to be aware of these influences in order to be able to have a better understanding of the world of work. AND, more importantly, keep you informed so that you are able to make better decisions.
Some common factors that affect the labour market include:
- The economic and political climate or situation
- Social issues
- Demographic characteristics
Collecting and analyzing information over time is the method used to obtain the information needed to get a better picture of the current labour market as well as predict which trends will influence future labour markets.
Researching this information when you are considering an occupation, whether it is your first job, or you are changing careers, will provide you with the needed facts you will require to make a good decision.
The amount of Labour Market Information available today is overwhelming and very complex. It is because of this that LMI is typically divided into four (4) manageable sections, or components.