LMI - Labour Market Information
What is LMI?
LMI provides statistics, research and analysis about current and future economic and job trends to inform and support career and business planning decisions
LMI includes information about
•entry requirements, earnings and future options in particular jobs or sectors
•the qualifications and skills employers are looking for
•trends in skills supply and demand; past, present and future
•school leaver and graduate destinations
•changes in learning pathways such as the growth of higher and degree apprenticeships
•progression opportunities to further and higher education
•gender, age, qualification etc distribution across jobs and employment
What affects the Labour Market ?
•An ageing workforce - demographic trends show the need for replacement labour
•Legislation - minimum wage etc
•Ways of working - gig economy
•Impact of technology - automation, demand for online services, ‘green’ agenda
“It is estimated that between 10-35% of UK jobs are at high risk of replacement in the next 20 years…”
•Higher level skills - these have grown in supply due to increasing participation and achievement in higher education
•Brexit…
•COVID-19
Why is LMI so important?
•Enables people to make more informed choices about their careers…
•what opportunities are out there
•what the future trends are likely to be in different sectors
•what qualifications and skills they will need
•how they need to prepare themselves to compete for jobs in some sectors
•Helps support the labour market – in terms of reducing skill shortages and addressing the mismatches of supply and demand