What is Labour Market Information (LMI) and why do we need to know about it?
LMI is the data collected using facts, analysis and interpretation about the employment areas, workers and working. The data represents both past and present conditions of the labour market, as well as projections for the future. LMI provides information on which occupational opportunities are increasing or decreasing, the wages that can be earnt in the career, work patterns, what qualifications are needed for the occupation etc.
We need to know about LMI to make decisions on future career paths. It allows questions such as; will I need to go to sixth form or college? What would the job involve? How much will I earn? Where are the jobs located?
By 2030, 75 million to 375 million workers (3 to 14 percent of the global workforce) will need to switch occupational categories.
Suffolk Work and Skills Third Edition Booklet:
The booklet provides information on the LMI in Suffolk.
Information from the booklet includes:
- ‘By 2023 it’s predicted there will be 24,450 new jobs in the East of England construction industry and 158,000 across the UK.
- Bio Tech is a priority sector within Suffolk. Suffolk is home to an increasing amount of companies who work in equine and animal health, agri-tech, pharmaceuticals and medical technologies.
- In Suffolk, the ports and logistics industry employs around 16,000 workers and more than one in ten jobs in Suffolk Coastal is in logistics.
- Retail is still one of the largest sectors in Suffolk even though more shopping is done online. It’s a sector with many opportunities for young people to work part time or to progress quickly into management roles.
- Suffolk is home to one of the largest finance and insurance sectors in the UK outside London with hundreds of businesses offering a range of roles. Some companies in Ipswich employ over 1,000 people.
- The East of England is the second largest centre for energy in the UK which includes oil and gas, offshore and onshore wind energy, solar, nuclear and biomass-fired power generation.
- Almost one third of creative jobs in Suffolk are in Ipswich. Many people work freelance (over 90% in film) which can mean less job security.
- Health and social care is one of the largest employment sectors across Suffolk and Norfolk with over 103,000 jobs. An increasing number of disabled younger adults are living longer and a growing number of older people are needing care which means adult social care is growing and the number of social care jobs will increase by 21% (350,000 jobs) by 2030.’
Will robots take my job? Have a look at how likely it is for a robot to take your job by clicking on the website link. An example from this is will teachers be replaced by AI and robots? The website indicates teachers’ jobs are totally safe with only a 1% probability of automation.