Labour Market Information

Definition:  A labour market is the place where workers and employees interact with each other.  In the labour market, employers complete to hire the best, and the workers compete for the best satisfying job.

Why do I Need Job Market Information?

When pursuing a career, it's important to have realistic expectations of how much you'll be paid, where you'll be based and how competitive it is to find a job in that industry.

Looking at labour market information while you’re still at school can help you narrow down your career options.  For example, you might rule out a job because you realise there aren’t many opportunities in your local area, or because you don’t want to work the hours it requires.  Alternatively, you might decide to reconsider a career in science, technology or engineering when you find out that STEM graduates can earn 25% more than graduates from other subjects!

In the next five to ten years the job market will change – there will be many more jobs in some industries than others. Labour market information can help you to make sure you have the right skills for the jobs of the future.

Researching the labour market can also help you make decisions if you want to change jobs or move to a new location.

Useful links

Labour Market Information – Jan-March 2019

Labour Market Information – April-June 2019

Chartered Institute of Personnel and Development

Every quarter, the CIPD publishes a Labour Market Outlook report, which looks at labour market trends and provides indicators of what might change in the labour market in the future. The report looks at factors such as recruitment, redundancy and employers' pay intentions. This website is particularly useful if you want to find out how 'secure' a career might be https://www.cipd.co.uk/knowledge/work/trends/labour-market-outlook
 

Local Enterprise Partnership

This website includes information about new employers who might be moving into the area, or companies that are planning to grow and will need to employ new people as a result https://www.lepnetwork.net/about-leps/location-map