Types of labour market information
You may see the term labour market information (LMI) used to describe the kinds of information that is provided in this careers section. Sometime a distinction is made between labour market information (the raw data) and labour market intelligence (as interpretation of the data for career purposes). Typically LMI includes the following types of data:
- Occupational information
- Information about sectors
- Information about pay and conditions
- Trends within the labour market e.g. which sectors are recruiting
By its very nature, LMI tends to be slightly backward-looking and, at times of economic volatility, can become overtaken by events. However, it can also be a very powerful and evidence-rich source of guidance information and can play an important role in making career decisions.
Other people prefer a broader range of information for career development. This is sometimes referred to as career and labour market information (CLMI). This might include information about:
- your self e.g. discovering what kinds of things you are interested in, what skills you have and what you should definitely avoid
- opportunities e.g. what jobs and courses are available and their relative merits and prospects
- transition e.g. how do you go about moving from where you are now to where you want to be. This might include things like understanding of relevant recruitment processes
- the environment relating to your career. This might include everything from information about bus timetables and house prices in the areas where you want, to work to much broader social, political and environmental factors.
This kind of information can be very rich and tailored to individuals, as it involves significant reflection on personal circumstances. However, it may be difficult for individuals, who are unsure about their career directions or feel they have insufficient information, to make the most from this approach.
The aim of this resource is to provide some of the key information needed to make informed career decisions and therefore assist the career development process.
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