Introduction to Labor Market Information (LMI)

1. Introduction to Labor Market Information (LMI) Trends, Tools and Resources

2. What is Labor Market Information? • Interaction between individuals competing for jobs and employers competing for workers, usually in a particular geographic region. • Describes how a particular labor market is functioning: • What jobs are available? • People with requisite skills/experience to fill those jobs?

3. Why Should We Care About LMI? Helps staff and job seekers make better decisions about career preparation. Helps job seekers and job developers identify industries/occupations to target in the job search. Job developers need to become “industry experts” in order to work effectively with employers.

4. Types of LMI • General LMI • Labor force information • Unemployment rate • Industry Information • Occupational Information

5. Potential LMI Issues Accuracy Timeliness Usability

6. General Trends Workplace/Economic Trends and Implications for Career Planning and Job Search

7. Technology Changes Smart Systems and digitized work Automation/Self Service “Just-in-Time” scheduling software Artificial intelligence Virtual Reality The “Internet of Things”

8. Global Labor Market Companies moving jobs to where labor is cheapest. Average Chinese factory workers works 12 hours/day and makes $1.36/hour. Between 2000 and 2005, 150 million educated workers joined global workforce—same as entire US workforce.

11. Promoting from Within

13. Implications For Career Planning and Job Search

14. Traditional View of LMI • Industries/occupations are reasonably linear, stable and predictable • Pace of change is slow, so we can anticipate and respond to changes • We can predict: • Available work • Required skills • Career paths • Focus on FT, permanent jobs

15. Traditional LMI Questions Demand Wages Working Conditions Preparation Advancement

16. New Normal for LMI Industries/occupations are more chaotic, less linear and stable. Pace of change is rapid—requires ongoing learning and re-tooling. More focus on demand “skills,” rather than demand occupations Career lattices rather than career ladders/paths “Advancement” through lateral moves, skill development and new combos of skills Micro-enterprise opportunities

17. New LMI Questions • How will technology impact this occupation? • Automate the job? • Change skill requirements? • Make it cheaper to outsource to another country? • What skills are in demand? • How can skills be re-combined to add new value? • How do I keep learning and adapting to stay ahead of changes? • How can I create multiple income streams?

18. Understand Jobs Differently Fungible Jobs Anchored Jobs Value-Add Jobs

19. Fungible Jobs Easily digitized Don’t require face-to-face interaction or human intervention Rely on “rules” and minimal independent decision-making Can be partially or completely automated through smart systems, RFID technology, artificial intelligence etc.

20. Fungible jobs will be. . . Automated Self-service Outsourced to a country where labor is cheaper

21. Anchored Jobs • Must be performed in particular geographic location • Anchored 1—Low skill/low wage • Bus driver • Daycare worker • Anchored 2—Higher skill/higher wage • Nurse • There can be fungible parts of anchored jobs!

22. “Value-Add” Jobs Depth/breadth of skill—Super Generalists and Super Specialists Constant change High levels of interaction, creativity and non-rules-based decision-making. High technological proficiency

23. Career Planning for the New Normal • Evaluate occupations and industries for “fungibility.” • Monitor impact of technology and other workplace trends. • Prepare for Anchored Tier 2 and Value-Add Jobs • Focus on developing “value-add” skills and experiences. • Think “multiple income streams” • Think ongoing career planning and life-long employability.

24. Implications for the people you work with?

25. NJ LMI Latest Data from June 2012

32. Key Industry Clusters account for two thirds of all employment & wages statewide

33. Established to focus on the specific needs of key industries in the state • Purpose: • Connect all stakeholders (job seekers, employers, service providers, educational institutions). • Focus skill development and job search resources • Help employers find workers with requisite skills/experience

34. Key Industry Sectors • Life Sciences (Biotechnology/Pharmaceutical) • Transportation/Logistics/Distribution • Finance Services • Advanced Manufacturing • Health Care • Entertainment, Arts, Retail, Leisure and Hospitality • Technology/Entrepreneurship

35. 2010 Employment and Projected Growth By Industry Sector

36. Industry Sectors with the Largest Projected Employment Growth

37. Occupations with the Largest Projected Employment Growth

38. Implications for the people you work with?

39. LMI Resources and Tools

40. Sources of LMI • Bureau of Labor Statistics (BLS)---www.bls.gov • Career One Stop—www.careeronestop.org • NJ Department of Labor and Workforce Development--http://lwd.dol.state.nj.us/

41. BLS National information Occupational Outlook Handbook --http://bls.gov/ooh/ Occupational Outlook Quarterly--http://bls.gov/opub/ooq/ Career Guide to Industries--http://bls.gov/ooh/about/career-guide-to-industries.htm

42. Career One Stop National site for One Stop Career Center system Can explore careers, wage and salary info, connect to education and training, etc. Job search resources Connect to local One Stop Career Centers

43. NJ LWD Real Time Jobs in Demand Industry/Regional Focus Reports Labor Market Field Analysts Occupation Explorer

44. Careeronestop.org

45. Employability Check-Up

46. Myskillsmyfuture.org

47. Mynextmove.org

48. Skills Profiler

49. NJ Next Stop

50. NJCAN