MDB Insight Blog

keyboard with real time economic data labour market information

(R)evolution in Labour Market Information – Real-Time Data Matters!

Early adopters of new ideas are often seen as risk takers, and not always rewarded for their belief in the potential of something new. In the realm of economic and workforce development, where the speed of change can be slow, breakthrough opportunities don’t come along every day. So we are especially proud of our longstanding partnership with Strac Ivanov and Vicinity Jobs. Strac’s efforts over the past 15 years have helped to change the landscape for economic developers and workforce development professionals in communities across Canada.

As a result of our early investment and work with Vicinity Jobs, MDB Insight has been able to provide real-time, local data to inform policy and decision-making for our clients (watch for more about our newest Vicinity Jobs data offering coming soon, elevating LMI insights in ways never before possible).

Vicinity Jobs Inc. is a Canadian Big Data analytics and Internet search technologies company, and a recognized Canadian leader in the delivery of real-time labour market information technology solutions.

A recent cover article in The Economist ("Instant Economics: The Real-Time Revolution", October 23, 2021) tells the story of data as a key factor in economics. It reinforces what we have known for many years – data reveals vital information, and the level of detail matters a great deal.

 

Vicinity Jobs was at the forefront of the emerging technologies that disrupted how economic data was gathered and analyzed. While the field was largely slow to embrace this new approach to labour market data, it proved nonetheless revolutionary. It stood to reason that labour market information would follow the lead of job seekers and employers, moving to online sources of connection. Recognizing this, Strac Ivanov was soon collecting data that revealed valuable (and previously invisible) details about labour supply and demand in specific geographic areas. MDB Insight saw the incredible potential for this data to help our clients, and by putting it in the hands of our savvy analysts would soon make available unparalleled insights about priorities, trends, gaps, and predictions at national, provincial, regional, and local levels.

 

Since formally partnering with Vicinity Jobs in 2013, MDB Insight has collaborated with other labour market specialists and thought leaders to keep the field moving forward in progressive ways. Our work with the Labour Market Information Council (LMIC), Ontario Tourism Education Corporation (OTEC), the Intergovernmental Committee for Economic and Labour Force Development (ICE), Workforce Central Canada, among others, continues to emphasize innovative approaches in utilizing LMI for the benefit of workers, employers, educators, and communities.

 

Enhancing Canada’s Labour Market Information access, usability, relevance, and local content has been on many agendas for decades. In 2006 the Government of Canada, working through the Forum of Labour Market Ministers, commissioned a report, Working Together to Build a Better Labour Market Information System for Canada. Findings reiterated the critical value that local LMI can provide to inform and influence career planning, employment, and alignment of labour supply and demand. This report reiterated the longstanding importance of answering such questions as, “where are the jobs?”, “what are the jobs?”, and “what skills are employers demanding?”. Providing evidence-based intel to address these and other questions has remained a goal for Vicinity Jobs, MDB Insight, and our many collaborators, supporters, and partners.

 

The next exciting step in the evolution of LMI is just around the corner – enhanced Vicinity Jobs data giving even more granular detail and insight will be available from MDB Insight in coming days. Watch for the release of this powerful new information or reach out to us to talk about how this new data could benefit your community.

 

What will the next innovation in workforce and economic development be? Well, we’re working on that too. And in the meantime, we tip our hats to pioneers like Strac Ivanov and the workforce and economic development professionals who joined us as early adopters of the detailed-data-is-vital approach. On any given day, the inspired evolution of LMI makes a difference in communities of all sizes. As we look to support post-pandemic resilience and recovery it becomes even more integral and valuable to our collective efforts.


Talk to us about putting this data to work in your community.

Contact Trudy Parsons, Executive Vice-President.

Related Posts