What is Labour Market Information header-banner1

Labour Market Information (LMI) can help you to navigate your way through the mysterious, confusing and wonderful world of work. Let’s face it, unless you plan on winning Lotto you’ve got to do something! You can use LMI to understand things like:

  • pathways into and between jobs
  • jobs and skills in demand
  • likely pay and conditions
  • characteristics of the workforce

Let’s analyse labour market information

What is Labour Market Information? post image

Use Labour Market Information (LMI) as a reality check

It’s great to dream big and to aim high (don’t stop that!). But the more you know about different occupation options, the better. LMI can be a reality check, helping you to find answers to questions like:

You can research job vacancy trends where you live and look at the location of workers in the job.

Consider the qualifications of workers in the job you’re interested in. If most people have a uni Degree, then you may also need one to improve your job prospects. That might mean doing some extra study.

Look at the average earnings for workers in the job. Remember that you might be on a lower salary when starting out (but that’s OK, you’re learning the job).

You might want to work full-time or even part-time hours. LMI can tell you things like how many people work full-time, shift work, overtime and on weekends (it’s handy to know this stuff upfront).

Will it be hard to get a job?

One of the most obvious, but most difficult questions to answer is “Will it be hard to get a job?”. There’s also another question ‘How much do you want one? (only you can answer that).

When you drill down into the labour market analysis, you can find all sorts of useful info:

There may be more job opportunities in large employing occupations. But then it can still be tricky to find work if there’s a large number of applicants competing for jobs.

If the number of workers has been growing, then this might show that there’ll be demand for workers. That’s demand now and in the future, this is a great situation by the way.

If the unemployment rate is high in a certain occupations, then there may be lots of workers competing for a limited number of positions (this can make it tough).

What is Labour Market Information? post image

Remember that job prospects are influenced by two factors. The first is the demand for workers. The second is the supply of suitable applicants competing for jobs.

You’ll find some cool online resources you can use to access Labour Market Analysis (LMI). The Australian government publishes a heap of labour market data and insights. You can find this on the Job Outlook website . Also try Labour Market Information Portal. You can use these resources to stay updated on jobs and sectors in demand. Especially as the labour market continues to change in response to COVID-19.

Key Takeaway

Key Takeaway

With change comes opportunities! Labour market conditions can change quickly. Even the experts find it hard to predict what the jobs market will look like in the future. Like anything though, the harder you work at something the luckier you’ll get.

Scroll to Top