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Labour Market Information and External Forces of Change
Transcript of Labour Market Information and External Forces of Change
Career Education Department
Labour Market Information and External Forces of Change
Services for students: one-on-ones with students, work search action plans, workshops, resume/cover letter assistance, interviewing, job postings, computer access, printing, co-op program, special events (Job Fair, Networking 411)
STUDENT EMPLOYMENT CENTRE
1712 Old Main Building
Direct Email: Susan Forseille, email@example.com
By the end of workshop you will know:
What Labour Market Information (LMI) is
External forces influencing the labour market and discussion on what this means for your work
Why you need it
How to find it
What to do with it
What this means for your career development?
Observe the images used for this presentation - they are a metaphor for.... ?
BY Karl Fisch
Excellent overview of some of the changes we are experiencing…
Be prepared to discuss
Did You Know…
Career Development in an Unpredictable World With an Uncertain Labour Market
Hard to predict changes (stay adaptable/flexible)
Full of ambiguity and uncertainty
Luck / happenstance – will play a role
Multiple job/career shifts
Uncertainty in immediate youth employment
Your Career Development
Will be Characterized By:
In This ‘Climate’ Understanding the Labour Market is Imperative!
Records SUPPLY of and DEMAND for workers – which is always changing
LMI also encompasses a variety of topics and issues related to the workforce and social aspects of our society
Current and future trends
Local news and events
Definition - LMI
Gives knowledge on what may/will impact your career
Helps you target your job search
Helps you know what skills and qualifications are needed for different jobs
Provides information on upcoming opportunities
For employers, it assists in recruiting and selecting staff
HELPS YOU MAKE INFORMED DECISIONS AND TAKE SMART RISKS
Why do we need LMI?
In your team discuss…
Where do you find LMI?
Career Education Department
Websites – some of my favourites
Media (newspapers, magazines and television)
Businesses (reports, brochures, google)
Professional and trade associations
Chamber of Commerce
Clubs, associations, conferences, networking sessions
Where do I find LMI?
A change in any of these indicators can lead to more or less employment, and/or different employment
More informed consumer, increase in required skills/training
Global competition, multinational corporations, (language/culture)
Recession, wars, natural disasters
What Can Impact the Labour Market?
Health, education, green consumers, non-traditional work
New mine, closing of Agriculture Canada Office, etc.
New hotels, large employer layoff, etc.
Demand for trades, people “crisis” – “Jobs without people, people without jobs”
Number of persons aged 15 to 24 years for each person aged 55 to 64 years in Canada, 1956 to 2056
Baby boomers, low birth rate, gender, education, etc.
Five Levels of
Each level has own trends
Increasing geographic clusters of specialization
Strong LM in one level doesn’t mean strong LM in another level
Crisis in America and Europe
Emerging markets (China, Brazil, Eastern Europe)
Global labour markets in the New Normal will display increasing complexity
Many workers, with limited skills and education, will face long-term unemployment or underemployment
Rampant youth unemployment and underemployment
Individuals possessing specialized skills in high-growth, high-technology industries will again become objects of the “global war for talent”.
Average unemployment rate is 6.9%
Youth unemployment rate is 13%
Youth underemployment is over 25%
Ontario, Manitoba, Saskatchewan saw biggest gains in employment last few months... although
Alberta has the fastest job growth in the country
15% youth unemployment rate in April 2014
5.8% general unemployment rate in April 2014
Excellent information on regional labour market, extensive information http://www.bcstats.gov.bc.ca and http://www.hrsdc.gc.ca/eng/jobs/lmi/publications/bulletins/bc/oct2013.shtml
Work BC – a new website from the province with excellent labour market links: www.workbc.ca
By 2019 B.C. will have about 1.1 million available jobs AND current forecasts show we won’t have the skilled labour to fill them.
BC Job Trend Tracker: http://www.bcjobtrendtracker.ca/lmf/forecast
Labour Market Statistics
2013 Population (15+ years)1 437,700
2013 Employment by Industry (major industries)
Agriculture - 23%
Utilities - 22%
Health Care & Social Assistance - 13%
Accommodation & Food Services - 12%
Wholesale & Retail - 12%
April 2014 unemployment rate 7.3% general
Thompson - Okanagan
Personal considerations in the importance of the labour market including:
Work you want to do and why
Values you hold
CBC Doc Zone, interesting discussion on employment and youth with post-secondary education
http://www.cbc.ca/news/yourcommunity/2013/01/youth-for-hire-employing-generation-jobless.html?cmp=rss (3 minutes)
http://www.cbc.ca/doczone/episode/generation-jobless.html (45 minutes)
The Canadian economy, although not officially in a recession, is still not ‘robust’ and for the near future is highly uncertain
Youth seem to be struggling more than in previous years with securing meaningful work (un and under employment)
We are living in an extremely unpredictable labour market
What level of LMI does it refer to? (International, National, Provincial, Local, Personal)
What type of work is available
Who is offering it
What skills, education, experience need
Local economic activity and news
Growing and declining sectors
Enhanced education to consider
Must analyze critically to make informed career and job search decisions
What to Do With Labour Market Information
Job opportunities will still exist (retirement will account for 60% of job openings) even in lower-growth industries
The job search may take a little longer and job seekers will not be able to simply rely on responding to job postings to find employment
In Canada in 2016 there will be 1.5 million vacancies for high skilled employees!
Job Searching Tips for
Imperative you know the skills you are developing, who hires these skills, and how to market/leverage your skills
A sense of who is or may be hiring (LMI)
A networking and/or leads list of companies and/or individuals you would like to contact and keep building on this list (it will be useful throughout your entire career)
Work Search in a Competitive Market
Network, network, network!
84% of job seekers find work through networking or informational interviews
An invaluable way to tap into the hidden job market
Sample questions during networking:
Do you have any work search advice for a recent grad interested in this field/position?
What are the best settings/situations to get great networking opportunities?
How is the economy affecting this industry?
How did you secure your employment?
Who else do you suggest I speak with
Importance of Networking!
Develop an action plan for applying for work, this may include:
Making a list of 10 employers or organizations you are very interested in working with
Researching these organizations for positions using your network, internet, etc
Apply to other positions (word of mouth, postings, etc.)
Ensure a customized approach (ie targeted cover letter, resume and career portfolio)
Follow-up on all contact made
And More Work Search Strategies
Avoid inertia by creating an “action plan” and listing what you want to accomplish each day.
Example: “Contact HR manager for City of Kamloops and request informational interview.”
To better position yourself in this uncertain labour market and new career development patterns considers the following:
Learn about yourself (goals, values, skills, interests, aptitudes, etc.)
Know what you want, and recognize this will change with age and experience
Recognize the complex connections with career
culture, goals, values, family, economy, luck, demographics, technology, globalization, politics, etc. all have to be considered
The more you understand the labour market and how it impacts YOU the better prepared you will be to have a ‘successful career”
Take Away’s From This Session….
Student Employment Centre Links: www.tru.ca/careereducation
Service Canada: http://www1.servicecanada.gc.ca
What’s Key in Labour Market Information: http://whatskey.org/
A Guide to the BC Economy and Labour Market: www.guidetobceconomy.org
BC Stats: www.bcstats.gov.bc.ca
Statistics Canada: http://www.statcan.gc.ca/start-debut-eng.html
Pay Scale Canada: http://wwwpayscale.com
Conference Board of Canada: http://www.conferenceboard.ca
A Few Additional Resources
What statistics surprised you?
What did you think of the number of career changes?
Why did I show this video?