World of Work

The world of work is ever changing, therefore the more you know and understand about the labour market the better prepared you will be when planning your career, which includes deciding what subjects to take at school/academy/sixth form or college, what degree to take in Higher Education and what job role to aspire to.

This section of the website has been put together to help you understand more about more about the world of work and the labour market, and therefore help you to plan your future.

Within this section we will be looking at information on the general world of work in relation to the job trends within the West Midlands. We will also look at the different sectors that are available within the World of Work, providing information on each of these sectors and to provide you with a indication of the national and the labour markets.

What is the Labour Market?

This is also known as the job market, like a real market it is made up of a number of employers from different sectors offering work. It also includes employees that are providing their time, skills and experience. The labour market is greatly effected by the state of the economy, for example in the last 7 years the UK has been in what is known as a recession, this means that unemployment has increased and money being spent has decreased. The state of our economy, the cost of wages, the rate of unemployment, skill levels and technology have huge impacts on the labour market, and the number of jobs that are available.

Labour Market Information (LMI)

This is to do with what is happening in the world of work right now and can be presented in a number of ways, if you watch the news they will often talk about LMI using not only verbal communication, but they may also use charts and graphs to help give a picture of what is going on.

LMI provides us with information on:

How many vacancies are available within each sector of the economy
What type of vacancies these are, i.e. are they full time, part time, temporary or permanent?
The general trends in the labour market—for example are certain types of business doing well and others failing.
What new businesses are opening and what businesses are closing down.
What skills the employers are looking for.
The qualifications and subjects that individuals have obtained within certain areas.
Provides a prediction of where job opportunities will likely lie in the future.

Where will I find LMI?

The Labour Market Information is all around us, you probably hear it all day without even realising it. It often will take the form of facts, figures and statistics and is likely to be something you watch on TV or overhear on the radio. Examples of where to find LMI are listed below:

Newspaper articles on the number of young people going to a specific university.
A chart that depicts the number of people unemployed within the West Midlands.
A leaflet outlining that a new shop is opening on the High Street.
Job advertisements on a Thursday in The Mail.
Advertisements offering training in Care.
A conversation between members of your family about people they know losing their jobs due to redundancy etc.
Website with information on job sectors
Your own observations relating to a company

Although this is a great list, and it could be added to over and over again, you also need to remember that not all information relating to LMI is equally reliable, ,so make sure you check the facts and get the information from more than one source. An example would include a conversation between your friends or family, this is likely to involve many of their own personal opinions, in comparison a report in the Financial Times is likely to be based on research that has been conducted, and should also be cited within the article.

How does knowing about LMI help?

Well to begin with it provides a clear view of what is happening in the world of work right now, and can also provide you with a good idea of what is happening within the near future. This means that you are able to make realistic plans about your future.

If you are aware of the number of vacancies that are available within a certain area, the type of work that is becoming more sought after and can identify what employers are looking for from new employees, then you can plan what your next step with a lot more ease, clarity and confidence.

You will be able to identify the qualifications and the employability skills that are needed for you to successfully go into the career you are interested in. Therefore below is a list of the ways and situations you can use LMI:

While studying - this can provide you with an idea of the current job market, this could making a choice of subjects a little clearer or at least make you aware of what possible difficulties you face if you are looking to go into a career that is oversubscribed in the future.
Looking for Work - it will help you understand the job sector that you are interested in working within, this in turn will help to make you more prepared for your job search, the completion of application forms and the interview/assessment process. Employers will value that you have some knowledge in relation to their sector as well as goals for your career in mind.

Also LMI could help you to answer the following questions, plus many more:

Is my career plan realistic?
Are there jobs available in the sector I want to go into?
Are there any Apprenticeships within the sector I want to work within?
What are the qualifications that I need to go into the sector I’m interested in?
Would it be better to remain in education?
If I should stay in education what are the best subjects to take?
When I finish my education what jobs are likely to be available?