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Understanding the market: Using LMI Hilary Stevens, Researcher Marchmont Observatory

Marchmont Observatory. Understanding the market: Using LMI Hilary Stevens, Researcher Marchmont Observatory. www.marchmont.ac.uk. What is Labour Market Information?.

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Understanding the market: Using LMI Hilary Stevens, Researcher Marchmont Observatory

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  1. Marchmont Observatory Understanding the market: Using LMI Hilary Stevens, Researcher Marchmont Observatory www.marchmont.ac.uk

  2. What is Labour Market Information? “LMI is any quantitative or qualitative facts, analysis or interpretation about the past, present or future structure and workings of the labour market and the factors that influence it.” Source: The Scottish Government Topics include: economic and labour market conditions; education, qualifications, training and skills; current and future demand and supply of labour and jobs; and vacancies and recruitment. LMI includes both labour market information (descriptive data such as statistics or survey results) and labour market intelligence (analysis, interpretation, conclusions and policy recommendations).

  3. Sources of LMI • “Intelligent Networking” - obtained directly from employers • Official statistics - Surveys undertaken by the Office for National Statistics or administrative data from Government departments (e.g. Jobcentre Plus) • Other surveys or administrative sources – e.g. policy or academic research, client information • Projections and forecasting – e.g. “Working Futures” • Other research and evaluation reports • Policy and strategy documents

  4. Using LMI in employer engagement • Understanding the business or organisation • ‘Speaking the same language’ • Building credibility and trust • Clear idea about what the institution can do to help and the benefits

  5. Other uses for LMI Employer engagement Other uses: Aid strategic planning processes and decisions Informing operational and business planning Inform and evaluate new initiatives Inform provision of careers advice to students Aid strategic marketing and promotion and targeting of services • Aid benchmarking • Monitor and evaluate employer engagement strategies • Demonstrating justification for bids for external funding

  6. Challenges of using LMI • Sharing information from “Intelligent Networking” • Short shelf-life and fast moving agendas • Validity and reliability of survey data • Accessing information • Capacity and capability to create intelligence • Generalisability of broad trends for employers

  7. Project Resources • LMI and Employer Engagement Report • Template for gathering information from employers • Guidance on developing and using Customer Relationship Management (CRM) systems • Guidance on using LMI to support employer engagement • LMI Handbook

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