16 Nov Ways To Keep Up-To-Date With Local Labor Markets (Around The World)

Local labor markets go through many changes over time, sparked by population, innovative industries arising, and more. You can make informed career decisions and find employment and business opportunities by analyzing local labor market information. This article shares how to keep up-to-date with local labor markets, no matter where you are in the world.

In This Article

What Is The Labor Market?

What Makes Up The Labor Market

What Influences The Labor Market?

Labor Market Information (LMI) Explained

How To Use LMI

Best Sources To Keep Up-To-Date With Local Labor Markets

Wrapping Up: Using LMI

With the Covid-19 pandemic impacting the entire globe, local labor markets were unfortunately hit hard with widespread business closures and job losses. This, coupled with the negative effects of a global recession, is enough to leave one worried about the possibility of employment in their local labor market.

The International Labour Organization (ILO) forecasts that by the end of 2022 global unemployment will stand at 207 million people. This is a massive increase of about 21 million unemployed people since 2019. Complete recovery of labor markets in all regions remains elusive for now – so what do we do about it?

Thankfully, there are still employment opportunities available in local labor markets across the globe. You just need to know how to find or create these employment opportunities. You can make informed career decisions irrespective of whether you are new to the labor market, changing locations, or wanting to change jobs.

In this article, we will share all you need to know about how the local labor market works, what it is influenced by, and how to stay up to date with new innovations and opportunities.

What Is The Labor Market?

The labor or job market refers to the basic supply of labor by employees and the demand for labor by employers. Put simply, it is the supply and demand of the workforce.

Employees offer their services for agreed benefits and remuneration like salaries or wages paid by an Employer. Specialized jobs or tasks may require employees to have work experience, specific qualifications, or skills. Employers require employees to perform or complete a specific job or task for them.

Employees with work experience or specific skills and qualifications will often shift their location depending on where the demand is. Businesses might also make decisions about the locations of their companies based on the demographics of the local labor force.

Employees need to continuously improve their skills or qualifications and gain work experience to succeed in a competitive labor market. Employers also need to ensure that they offer attractive worker’s compensation and benefits for labor and suitable work conditions to secure the best-suited employees.

The labor market impacts the capital in an economy and the goods and services available on the market. The labor market is a crucial part of any economy.

What Makes Up The Labor Market

The labor market is made up of the following four components:

Labor Force Population

Labor force population refers to the number of people who offer skills and services for employment. It’s the collective grouping of all individuals, irrespective of what field of work or industry they’re in, who are capable of being employed in a labor market.

Applicant Population

This term is more narrow, describing the number of individuals who are suitably qualified and could apply for a specific job position or who fall into a specific employment field. This would be according to certain skills, qualifications, or expertise. For example, individuals in the medical field.

Applicant Pool

The applicant pool is made up of individuals who have applied for a specific advertised job. Individuals in the applicant pool undergo a screening process so that the best-suited candidates advance to a further stage or are offered the job.

Selected Applicants

The selected applicants are essentially the candidates who have applied for a particular job and successfully been offered the position of employment.

What Influences The Labor Market?

The labor market can be influenced negatively or positively by many factors.

It’s essential to understand and analyze the factors that influence the labor market to determine which skills, qualifications, or specific jobs will be required in the labor market.

You can then align your capabilities and employee profile with current and future demand in a particular location.

Here are some of the factors that influence the labor market:

• Local, Provincial & National Economic Situation

The economic situation in a particular region (local, provincial, or national), influences the labor market. Focusing on how industry, money, and trade are organized in a particular location’s economy will tell you a lot about the labor market in that area.

You can tell if the labor market in general or in a particular industry is oversaturated or whether there is a demand for workers. You are also able to gauge changes in employment rates by analyzing the economic situation in the area.

• Industry Activity

Look at which industries dominate the labor market in a particular area. Growth in specific industries can heavily influence the labor market. Take note of emerging industries to see where possible employment opportunities lie.

• Demographics

The traits and qualities of a population group influence the labor market. These include aspects like the average age of the population, the size of the group, the highest level of education, talented individuals, and the growth rate of the population in a particular area. This gives employers information on how to access certain markets by offering phased retirements, remote or flexible working positions, and more.

• Occupational Needs & Job Requirements

The labor market is heavily influenced by the type of jobs in demand in a particular area. This is coupled with the expertise, qualifications, and skills needed to perform the jobs in demand.

• Technology Inventions & Advancements

The digital and technological era has brought new fields of work and employment opportunities to the labor market. The labor market is also influenced by specific jobs and human skills becoming redundant due to innovation in artificial intelligence and robotics. Technological advancements have also resulted in increased competition in the labor market.

• Minimum Wage Policies

In specific industries where the minimum wage is set too high, fewer jobs are available, with organizations being unable to afford a larger workforce. Minimum wage policies are necessary for some industries, however, to protect low-income households.

• Individual Choice

The internet has made it easier to search for jobs online in various fields and locations. This has led to increased flexibility and moving more freely between jobs. The ability to regularly change career paths has led to the younger generation seeking to enhance their employability through acquiring new skills.

• Globalization

As technology, transport ability, and communication expand, the entire world becomes more accessible in the labor market. The ability to hire workers and provide products and services globally increases competition in the labor market and global employment opportunities.

Labor Market Information (LMI) Explained

Labor Market Information (LMI) refers to the collective quantitative and qualitative data about a specific labor market.

LMI can be used to develop employment strategies and for making employment decisions. LMI guides job seekers to adequately plan for a specific career. LMI also guides organizations on what education programs and training may be required in the labor market.

LMI includes information on the following:

• Occupations, locations of jobs, and wage or salary rates.
• Employment statistics relating to specific locations.
• Which areas require specific workers.
• Education, expertise, and skills required and searched for.
• Particular industries with or without employment opportunities.
• Analysis of which jobs are or will be in demand.
• Trends in the labor market.

How To Use LMI

Use LMI to keep up-to-date with your local labor market or to find a sustainable job. LMI assists you in understanding what employment opportunities are available and what requirements are in demand in certain industries. With the ability to determine demand, you can adjust and align your employment profile to meet labor demands in your chosen location.

LMI will provide facts and stats about emerging, dominating, and challenging or failing employment industries. LMI can also be used to understand remuneration expectations for particular occupations. This helps to consider the longevity of different jobs and to follow education and training trends in the labor market.

There are always occupations emerging, and tapping into these opportunities early can go a long way to help you succeed professionally.

Analyze LMI throughout your hiring journey to find qualified professionals or to make adequate changes to your hiring strategy when necessary.

Best Sources To Keep Up-To-Date With Local Labor Markets

There are various sources you can use to find LMI and to keep up-to-date with your local labor market.

For starters, the internet is a brilliant tool for searching for LMI and info on local labor market trends. You will find data on industry activity in certain areas, which occupations are in demand in specific locations, and more. Use keywords related to the LMI you need when searching online through search engines.

The volume of LMI that can be retrieved online, even when looking at a specific labor market area, can be overwhelming. To sift through the volume of data, ensure that the data you are browsing is reliable and relevant to the local labor market you are researching. Limit your online searches to specific geographical areas.

You should consider using a virtual private network (VPN) to change your location in instances where you wish to search the net for LMI and employment opportunities in locations that might otherwise be blocked by your current location’s search results. Try choosing a VPN that fits your device, for example, if you use Windows, then choose VPN for it, just like with any other OS.

Other sources to keep up-to-date with your local labor market include referring to the news media and institutional and governmental policy publications. Financial institutions also provide economic and financial data regarding the economy and labor market in various areas.

Networking, whether online or in person, can often also provide you with access to LMI through organizations and individuals in the loop in your local labor market.

Wrapping Up: Using LMI

Ultimately, it’s up to you to decide whether you wish to make informed decisions about your future career path or improve your company’s hiring process. This also applies to making the necessary adjustments in your employment profile or hiring strategy to respond adequately to changes in your local labor market.

Using LMI is one way to ensure that you can keep up-to-date with your local labor market. Try to stay prepared for changes in your local labor market as far as you can.

May you secure that dream job you are striving for, have a long, successful career, or operate your business successfully for many years in your local labor market.