What is Labour Market Information (LMI)?
Labour Market Information includes facts about employers and people working or looking for work. This information could be about jobs, occupations, trades, job skills required for various trades or occupations, industries, education and training programs, or apprenticeships. It could also include data from surveys conducted by various organizations, or research about trends in the job market.
Basically, LMI is information about jobs and the people who do those jobs. This includes people who are available for work, training for work, hiring people, or otherwise involved in training or employment. Like other markets, the "labour market" involves both supply and demand:
Demand-side LMI - includes businesses, organizations and employers that need people to work for them in order to run their operations.
Supply-side LMI - includes people who work for these employers or who are training or available to work. They supply their skills, talent, and labour.
Labour Market Information can tell you:
- Where the jobs are now;
- Where the jobs are likely going to be in the future;
- What skills are in demand; and
- Which occupations may present more, or fewer, opportunities for work in the future.
Employers create a demand for labour based on economic activity, consumer demand for their products, and other factors. The labour market also evolves over time. LMI can tell us what has happened in the past, what is happening now, and what is likely to happen in the years ahead.