How to Influence Your Community's Labour Market
A free labour market is subject to the ebb and flow of demand and supply. When one sector in your community automates production and now requires fewer workers to meet its needs, demand for skilled and unskilled labour in that sector will decrease. The opposite is true for other sectors experiencing economic growth.
But even through labour market vacillations you can prepare your community for continued prosperity, growth, and national and international competition.
Table of Contents (3 minute read)
- How to Influence Your Community's Labour Market
- Use Real-Time Data for Valuable Insight into Labour Market Trends
- Recruit, Retain, (Re)Train: How to Get the Workers Your Community Needs
- Make Your Workforce Development Plan Work for Your Community
Real-time demand and supply labour reports give you insight into how the labour market is changing over time. Real-time data can help you pinpoint exactly what employers in your community are looking for, gain a deeper understanding of hiring trends in your region, and work with education and training institutions to align programs with the needs of local industry.
With this information, you can develop competitive talent acquisition strategies that make your community attractive to potential residents and help prepare your community to meet ever-evolving labour market needs.
Use Real-Time Data for Valuable Insight into Labour Market Trends
Data is critical for understanding your local labour market trends. But just having lots of data isn’t necessarily the answer. In order to have meaningful data, you need to be able to connect it to your regional industries and labour market. Sometimes it's easier for an external consultant to find and illustrate those connections. Getting reliable local data when you need it means that you can:
- plan ahead
- plan based on evidence, not guesswork
- have a greater chance of reaching your goal
- streamline your labour market initiatives to sync with local needs
One of the top sources of labour market information is Statistics Canada. They are data collection experts with a long history of collecting, analyzing, and producing insightful and accurate reports. They continue to provide high-quality, accurate data that can assist EDOs and workforce development managers in their labour market initiatives. But StatsCan data is not without its challenges. For example:
- It takes time to access StatsCan data, and in that time crucial planning could be lost, and the labour market will evolve further
- StatsCan data is not always relevant to local labour market scenarios
Real-time labour reports, used along with StatsCan data, can fill these gaps. Real-time labour reports, such as MDB Insight and Vicinity Jobs’ Regional Labour Demand and Supply Reporting Systems™, combine the quality of StatsCan data with local data relevant to your specific region. And unlike StatsCan, which delivers an annual report, you can access your data via monthly or quarterly reports.
A few of the advantages real-time demand and supply reports will give you include:
- Insight into regional hiring trends
- The location of pools of qualified workers
- Information on education and skill levels of workers currently in the workforce
- What qualifications and skills employers are actively looking for
With this labour market information, you will be able to determine if there are current gaps in the workforce, or if there will likely be gaps in the near future. And this is where your strategic planning will be most effective. You’ll also be able to develop your strategies to deal with the future automation of jobs in your community. This will help your community meet current and future labour market demand.
Recruit, Retain, (Re)Train: How to Get the Workers Your Community Needs
Once you know what types of workers your region will need, you can develop a talent strategy. Your strategy will be most effective if it includes communication plans for multiple recruiting platforms, including social media. A strong strategy should feature plans to “recruit, retain and (re)train” people to help your community meet its labour market needs.
- Recruit: use targeted advertising to attract the appropriate workers or students to your region. A high chance of a job now or after graduation will incentivize them. Millennials make up a significant portion of the current workforce, and most of them can’t afford to job-hop. They’re looking for employers and communities that they can develop and grow in.
- Retain: partner with businesses to offer worker-incentive packages, including top-up skills programs, to keep your existing workers and prepare them for changes that may be on the horizon.
- (Re)Train: partner with businesses and education institutions to offer programs and incentives for current or future workers to (re)train in high priority areas. Talent development means your workforce has better qualifications to meet evolving industry demands, and a better chance of getting a job — or keeping the one they already have.
The right labour market intelligence will give you the insight you need to prepare your community to remain competitive.