Labour Market Information (LMI) is information about what is happening in a labour market. LMI tends to focus on the industries that are growing and declining. It provides information about the types and levels of jobs and the skills required and whether they are increasing or decreasing.
We get asked a lot from schools and businesses what LMI is. There is plenty of jargon out there to navigate.
LMI stands for Labour Market Information and is used to enable people to make decisions about education, jobs or training. LMI will impact which career, training, skills or education you wish to take. It is all in the information and the planning.
Keep reading on for further information about Cornwall and the Isles of Scilly’s LMI. There are links to sector guides and lots of other useful websites and resources.
LMI provides information related to:
The sector guides below provide you with some great information such as that listed above.
Cornwall and the Isles of Scilly has a thriving labour market and there are ten growth sectors. Growth sectors predict the types of jobs and skills in the future. There will be a greater need of more skilled workers to fulfil more jobs within a growth sector. Most jobs will require higher level skills that can be developed in a number of ways.
Technology has affected the job market and employer demands have increased much more. Employers need staff who can undertake a wide range of tasks rather than focus on a single trade or skill area. The Federation of Small Business (FSB) have been chosen to lead on the ‘Local Skills Improvement Plan’ (LSIP). The Local Skills Improvement Plan (LSIP) is an initiative funded by the Department for Education. LSIPs are a key part of achieving the aim set out initially in the Skills for Jobs whitepaper, which looked to put employers more firmly at the heart of the skills system. The goal is to ensure businesses and people have the skills they need to thrive and progress
There are various skills assessments and support available for all people. The skills assessment on National Careers Service is a great tool. Understanding your skills will help when you apply for jobs, or update your CV. Work experience though, is what can really make a difference and to help you stand out.
The Skillsbuilder framework is a website that provides an overview of the essential skills employers are looking for.
Recent research has shown that skills play a critical role within our workforce. There is a close alignment with four or more skills linked to higher wages.
The Cornwall and Isles of Scilly Local Enterprise Partnership have created some LMI sector guides. They provide valuable information and insights into the ten sectors which are:
Our Careers Hub help schools and colleges meet essential requirements for their students. The Careers and Enterprise Company (CEC) have lots of resources available on their website.
We have developed more resources for schools and colleges that you can access here. Included are presentations and quizzes for lessons or other careers activities.
We have created a page on our site with some recommended websites for further research.
Hopefully, you are now able to answer the question; ‘What is career and labour market information?’
Why not try the LMI Careerometer below or return to the main LMI page.