Introduction to Labor Market Information (LMI) Trends, Tools and Resources

What is Labor Market Information?  Interaction between individuals competing for jobs and employers competing for workers, usually in a particular geographic region.  Describes how a particular labor market is functioning:  What jobs are available?  People with requisite skills/experience to fill those jobs?

Why Should We Care About LMI?  Helps staff and job seekers make better decisions about career preparation.  Helps job seekers and job developers identify industries/occupations to target in the job search.  Job developers need to become “industry experts” in order to work effectively with employers.

Types of LMI  General LMI  Labor force information  Unemployment rate  Industry Information  Occupational Information

Potential LMI Issues  Accuracy  Timeliness  Usability

General Trends Workplace/Economic Trends and Implications for Career Planning and Job Search

Technology Changes  Smart Systems and digitized work  Automation/Self Service  “Just-in-Time” scheduling software  Artificial intelligence  Virtual Reality  The “Internet of Things”

Global Labor Market  Companies moving jobs to where labor is cheapest.  Average Chinese factory workers works 12 hours/day and makes $1.36/hour.  Between 2000 and 2005, 150 million educated workers joined global workforce—same as entire US workforce.

Promoting from Within

Implications For Career Planning and Job Search

Traditional View of LMI  Industries/occupations are reasonably linear, stable and predictable  Pace of change is slow, so we can anticipate and respond to changes  We can predict:  Available work  Required skills  Career paths  Focus on FT, permanent jobs

Traditional LMI Questions  Demand  Wages  Working Conditions  Preparation  Advancement

New Normal for LMI  Industries/occupations are more chaotic, less linear and stable.  Pace of change is rapid—requires ongoing learning and re-tooling.  More focus on demand “skills,” rather than demand occupations  Career lattices rather than career ladders/paths  “Advancement” through lateral moves, skill development and new combos of skills  Micro-enterprise opportunities

New LMI Questions  How will technology impact this occupation?  Automate the job?  Change skill requirements?  Make it cheaper to outsource to another country?  What skills are in demand?  How can skills be re-combined to add new value?  How do I keep learning and adapting to stay ahead of changes?  How can I create multiple income streams?

Understand Jobs Differently  Fungible Jobs  Anchored Jobs  Value-Add Jobs

Fungible Jobs  Easily digitized  Don’t require face-to-face interaction or human intervention  Rely on “rules” and minimal independent decision-making  Can be partially or completely automated through smart systems, RFID technology, artificial intelligence etc.

Fungible jobs will be...  Automated  Self-service  Outsourced to a country where labor is cheaper

Anchored Jobs  Must be performed in particular geographic location  Anchored 1—Low skill/low wage  Bus driver  Daycare worker  Anchored 2—Higher skill/higher wage  Nurse  There can be fungible parts of anchored jobs!

“Value-Add” Jobs  Depth/breadth of skill—Super Generalists and Super Specialists  Constant change  High levels of interaction, creativity and non- rules-based decision-making.  High technological proficiency

Career Planning for the New Normal  Evaluate occupations and industries for “fungibility.”  Monitor impact of technology and other workplace trends.  Prepare for Anchored Tier 2 and Value-Add Jobs  Focus on developing “value-add” skills and experiences.  Think “multiple income streams”  Think ongoing career planning and life-long employability.

Implications for the people you work with?

NJ LMI Latest Data from June 2012

Key Industry Clusters account for two thirds of all employment & wages statewide

 Established to focus on the specific needs of key industries in the state  Purpose:  Connect all stakeholders (job seekers, employers, service providers, educational institutions).  Focus skill development and job search resources  Help employers find workers with requisite skills/experience

Key Industry Sectors  Life Sciences (Biotechnology/Pharmaceutical)  Transportation/Logistics/Distribution  Finance Services  Advanced Manufacturing  Health Care  Entertainment, Arts, Retail, Leisure and Hospitality  Technology/Entrepreneurship

2010 Employment and Projected Growth By Industry Sector

Industry Sectors with the Largest Projected Employment Growth

Occupations with the Largest Projected Employment Growth

Implications for the people you work with?

LMI Resources and Tools

Sources of LMI  Bureau of Labor Statistics (BLS)---  Career One Stop—  NJ Department of Labor and Workforce Development--

BLS  National information  Occupational Outlook Handbook --  Occupational Outlook Quarterly--  Career Guide to Industries-- industries.htm

Career One Stop  National site for One Stop Career Center system  Can explore careers, wage and salary info, connect to education and training, etc.  Job search resources  Connect to local One Stop Career Centers

NJ LWD  Real Time Jobs in Demand  Industry/Regional Focus Reports  Labor Market Field Analysts  Occupation Explorer

Careeronestop.org

Employability Check-Up

Myskillsmyfuture.org

Mynextmove.org

Skills Profiler

NJ Next Stop

NJCAN

How can you use with the people you work with?