Introduction toLabor MarketInformation (LMI)Trends, Tools and Resources
What is Labor MarketInformation? 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?
Why Should We Care AboutLMI? 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.
Types of LMI General LMI Labor force information Unemployment rate Industry Information Occupational Information
General TrendsWorkplace/Economic Trends and Implications for Career Planning and Job Search
Technology Changes Smart Systems and digitized work Automation/Self Service “Just-in-Time” scheduling software Artificial intelligence Virtual Reality The “Internet of Things”
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.
ImplicationsFor Career Planning and Job Search
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
Traditional LMI Questions Demand Wages Working Conditions Preparation Advancement
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
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?
Understand Jobs Differently Fungible Jobs Anchored Jobs Value-Add Jobs
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.
Fungible jobs will be. . . Automated Self-service Outsourced to a country where labor is cheaper
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!
“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
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.
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
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 7,000Data 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
Key Industry Clusters account for two thirds of all employment & wages statewideIndustry Cluster Employment and Wages: 2010 Annual* Annual Averages* Total* Percent of Total*Industry Cluster Establishments Employment Wages Wages Employment WagesAdvanced 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 AveragesPrepared by: NJLWD, Division of Labor Market & Demographic Research, Bureau of Labor Market Information, November 2011
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
Key Industry SectorsLife Sciences (Biotechnology/Pharmaceutical)Transportation/Logistics/DistributionFinance ServicesAdvanced ManufacturingHealth CareEntertainment, Arts, Retail, Leisure and HospitalityTechnology/Entrepreneurship
2010 Employment and ProjectedGrowth By Industry Sector
Industry Sectors with the LargestProjected Employment Growth
Occupations with the LargestProjected Employment Growth
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/
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
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
NJ LWD Real Time Jobs in Demand Industry/Regional Focus Reports Labor Market Field Analysts Occupation Explorer