Demystifying Labour Market Information

Feeling overwhelmed? There are so many resources about labour market information and how it is crucial to your job search or how it will help you make better decisions. Yet, knowing what it is, how to use it, and what to make of the numbers and charts can be very overwhelming. So, this month, our blog posts are breaking it down and really getting behind the numbers so you can use this information to your benefit.

What is Labour Market Information?

Labour market information is just about anything related to the labour market meaning data about employment, wages, businesses, employees and industry sectors as well as occupational trends in and even future employment forecasts. It can also include details regarding specific job duties, the role and impact of emerging technologies, and how working conditions are changing over time.

All this information contributes to a large picture of what the labour market is doing, how it is changing, and what effects it has on people today and in the future. The best research and insights provide government, non-profits, and economic development organizations with the information needed to make positive labour market changes which can benefit everybody. It also helps individuals make the best choices for their careers and their livelihoods.

Knowing what information to seek out

As you can imagine, this level of detail can be very informative and also very overwhelming. Before delving into the available labour market information, be sure to narrow your focus to better navigate. Think about where you want to build your career, each province has their own labour market information sources), what skills you have, and if they are transferrable. Try OpportuNext, which is a great tool for better understanding your skills. Furthermore, think about what industry you’d like to work in and what wages you’d like to earn. Answering these questions are a good place to start.

How do I know what’s real?

With so much information to comb through, how do you know what’s real and what’s not? Where labour marketing information can be anything from statistics and graphs to news segments, it is very important to find reliable, timely, and legitimate sources. We recommend using sources such as federal, provincial, and municipal government websites as well as local economic development organizations, specialized organizations such as Future Skills Center or the Labour Market Information Council. Make sure that you don’t just believe everything you see or hear – double check the facts with trusted sources first!

This also counts when you are having conversations with colleagues, friends, or relatives too. It is all well and good to have open conversations about where you can go in your career and what others have seen or experienced within the current labour market. Before you make decisions based on others’ experiences, dive into the labour market information to determine if you can confirm the topics discussed and that the information is correct.

Conclusion

So, we know what it is, and some great sources to find it – but now what do we do with this labour market information anyways? Our next blog will focus on the details of using the information you find to take your career to the next level. Stay tuned!