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
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.
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
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?
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 Focus on developing
industries for “fungibility.” “value-add” skills and
experiences.
Monitor impact of
technology and other Think “multiple income
workplace trends. streams”
Prepare for Anchored Tier 2 Think ongoing career
and Value-Add Jobs planning and life-long
employability.
29. New Jersey Counties
Unemployment Rates - June 2012
(Preliminary, Not Seasonally Adjusted)
SUSSEX
9.4% PASSAIC
11.7%
BERGEN
WARREN 8.9%
8% MORRIS
7.8%
ESSEX
11.6% HUDSON
11.4%
UNION
10.3%
HUNTERDON
7.7% SOMERSET
8.3%
Unemployment Rates
7.7% - 8.3% MIDDLESEX
9.5%
8.8% - 9.7% MERCER
MONMOUTH
8.8%
10.3% - 10.9% 9.3%
11.2% - 11.7%
12.8% - 14.0%
BURLINGTON OCEAN
9.7% 10.5%
CAMDEN
11.3%
GLOUCESTER
10.9%
SALEM
11.2%
ATLANTIC
12.8%
CUMBERLAND
²
14%
CAPE MAY
10.3%
Data Source: Local Area Unemployment Statistics (LAUS)
Prepared by:
New Jersey Department of Labor and Workforce Development
Bureau of Labor Market Information 0 12.5 25 50 Miles
July 2012
30. New Jersey Counties
Unemployed Residents - June 2012
(Preliminary, Not Seasonally Adjusted)
SUSSEX
8,000 PASSAIC
29,000
BERGEN
WARREN 43,200
4,800 MORRIS
21,700
ESSEX
43,400 HUDSON
36,300
UNION
HUNTERDON 28,800
5,600 SOMERSET
15,100
Unemployed Residents
3,500 - 8,000 MIDDLESEX
42,400
10,200 - 15,100 MERCER
MONMOUTH
18,400
17,500 - 23,800 31,200
28,500 - 31,200
36,300 - 43,400
BURLINGTON OCEAN
23,800 28,500
CAMDEN
30,600
GLOUCESTER
17,500
SALEM
3,500
ATLANTIC
18,500
CUMBERLAND
10,200
CAPE MAY
7,000
Data Source: Local Area Unemployment Statistics (LAUS)
Prepared by:
New Jersey Department of Labor and Workforce Development
Bureau of Labor Market Information 0 12.5 25 50 Miles
June 2012
31.
32. Key Industry Clusters account for two thirds
of all employment & wages statewide
Industry Cluster Employment and Wages: 2010 Annual*
Annual Averages* Total* Percent of Total*
Industry Cluster Establishments Employment Wages Wages Employment Wages
Advanced Manufacturing 3,431 124,012 $95,925 $11,895,844,365 4.0% 6.8%
Health Care 21,307 420,862 $50,772 $21,368,037,945 13.4% 12.2%
Financial Services 12,570 185,471 $104,418 $19,366,470,513 5.9% 11.1%
Technology 25,780 313,164 $100,074 $31,339,672,580 10.0% 17.9%
Transportation, Logistics and Distribution 25,985 354,618 $64,914 $23,019,845,572 11.3% 13.2%
Leisure, Hospitality and Retail 55,677 767,518 $26,709 $20,499,694,337 24.5% 11.7%
Biopharmaceutical & Life Science 3,145 122,729 $114,765 $14,084,934,866 3.9% 8.1%
All Cluster Industries 142,992 2,083,205 $56,909 $118,553,953,666 66.5% 67.9%
All Industries, NJ 261,483 3,133,821 $55,742 $174,686,813,420 100.0% 100.0%
Note: Industry Cluster componet industries are not mutually exclusive and do not include all New Jersey industry sectors.
Therefore the sum of industy cluster annual averages will not equal statewide averages. Sum of industry cluster percentages of totals will not equal 100 percent.
Source: New Jersey Department of Labor & Workforce Development, Quarterly Census of Employment & Wages (QCEW) 2010 Annual Averages
Prepared by: NJLWD, Division of Labor Market & Demographic Research, Bureau of Labor Market Information, November 2011
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
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
51. How can you use with the
people you work with?
Notes de l'éditeur
Accuracy—many LMI resources depend on employers posting job openings, but not all job openings are posted. Increasingly, they are using online job postings, but not all employers post openings online Timeliness—pay attention to how current the LMI data is. Frequently government sources are at least a few months behind. Usability—a lot of LMI is confusing to read and understand and not particularly helpful for advising people. Look for resources that make it easier to use LMI.
Before we look at the NJ LMI trends, look at general economic and workplace trends that impact career planning and job search.
All of these are reducing or eliminating need for workers and/or profoundly changing the nature of jobs.
From McKinsey report: http://www.mckinsey.com/Insights/MGI/Research/Labor_Markets/An_economy_that_works_for_US_job_creation Companies are outsourcing work to contractors; they are hiring people to work part-time or “just-in-time”—as needed. Driven by technology improvements and costs—especially for healthcare. Employers don’t want full-time, permanent employees because of healthcare costs and also UI benefits. Their rates go up when they have to lay people off and people collect unemployment. Want a more flexible workforce.
Although illegal in NJ to advertise this way, this is the mindset of many employers—will simply screen out those people who don’t have recent work history when they are doing the resume screen.
Technology and globalization causes this
Technology and globalization causes this
What is “fungible” continues to expand as technology improves
Participation rate is the number of NJ residents, age 16-65 who are actively working or seeking work.
Unemployment rate
# of people who are unemployed
Bureau of Labor Statistics (BLS) is a good source of general occupational information. Publish the online Occupational Outlook Handbook, which provides descriptions of occupations, as well as videos. Occupational Outlook Quarterly focuses on key industries and occupations and gives more detailed information. Career Guide to Industries provides national level information on key industries—the occupations they employ, general outlook and trends for those industries, etc.
Real Time Jobs in Demand “spiders” job search sites all over the web and LWD analysts create Top 50 Occupations lists based on these results. Industry focus reports provide information on NJ’s key industries Regional Focus reports provide information on the employment landscape in NJ’s 3 key regions Contact Labor Market Field Analysts for more detailed information on your region. The Occupation Explorer lets you get some basic info on occupations, along with wage and employment projections by county.
Real Time Jobs in Demand “spiders” job search sites all over the web and LWD analysts create Top 50 Occupations lists based on these results. Industry focus reports provide information on NJ’s key industries Regional Focus reports provide information on the employment landscape in NJ’s 3 key regions Contact Labor Market Field Analysts for more detailed information on your region. The Occupation Explorer lets you get some basic info on occupations, along with wage and employment projections by county.
Through the Employability Check-up, can look at how well prepared you currently are for specific jobs in specific industries in your geographic area. Answer the questions and it will give you pluses/minuses for your situation. May have to do multiple searches, though, because information is very specific on occupations and industries.
Part of Career One Stop—helps people make career transitions—match previous occupations to potential new occupations.
Primarily for students or people who haven’t worked.
Use to create list of your skills and then match with potential occupations. Fairly general skill matching, but can be a good place to start for some people, especially those with limited work experience.
Use to create list of your skills and then match with potential occupations. Fairly general skill matching, but can be a good place to start for some people, especially those with limited work experience.