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The Best Sources of Labour Market Information

The Best Sources of Labour Market Information

The labour market is a major variable of economic development. One major change in technology and the resulting skills gap can render a significant portion of an industry’s workforce redundant or even obsolete.

In the years to come, the skills gap is expected to widen even further due to the impending 4th Industrial Revolution.

The RBC Future Skills Report estimates that robotics and automated technology will cause disruptions in more than 25% of all jobs in Canada.

But you can help prepare your communities for this long-term change, as well as for more minor short-term fluctuations, by using the right sources of labour market information.

3 Sources of Labour Market Information

The right tools for getting reliable labour market information to influence your community’s workforce development strategy will:

  • Give real-time insight into the present state of the labour market in your region

  • Provide insight into the economic health of your community

  • Be updated regularly

  • Provide regional and community-specific data

With this information EDOs and workforce development managers will be able to develop a sound workforce development strategy to play to their community’s economic strengths and to develop complementary strategies to attract new talent and investors to the region.

These 3 sources of labour market information, in combination, will give you this data.

1. Statistics Canada

Statistics Canada is a go-to source for high-quality, accurate data. StatsCan’s data, currently obtained from the national census, more than 300 surveys, and from administrative data collected by government agencies and private sector companies, is reliable and useful. But StatsCan is not without its limitations:

  • StatsCan data is not updated in real time. By the time the new data is made available, it may no longer be relevant.Stakeholders may lose valuable planning time in their bids to help their communities stay competitive.

  • StatsCan provides comprehensive national and regional data but this information is not always relevant to local communities, which may have niche workforce issues that require a micro, rather than macro, data collection apparatus.

Real-time tools, discussed below, will complement and supplement StatsCan data to give you the best labour market information for your community.

2. Labour Reports

Demand and supply labour reports will provide more community-specific data that may be useful for workforce development strategies by providing information about:

  • Regional trends in hiring

  • What jobs are available in the region

  • What pockets of labour are available and where these are located

  • The skills employers are looking for

  • The skills and education members of the workforce (including those currently looking for work) already have

This information will allow you to plan strategically to recruit new talent, or to liaise with educational institutions to offer training or retraining options to meet the projected labour needs of your community.

But not all labour reporting systems are the same. MDB Insight and Vicinity Jobs’ Demand and Supply Labour Reporting SystemsTM :

  • Deliver real-time information, so you can stay on top of workforce trends as soon as they emerge

  • Are community specific, so the data is relevant to your community

  • Are accessible regularly. Unlike StatsCan, which provides an annual report, you want a reporting system that delivers monthly or quarterly results — because the labour market can change in the blink of an eye, especially in the coming age of automation.
3 Sources of Labour Market Information
3. BR+E

Business Retention and Expansion tools also give you community-specific labour market information to help you tailor your workforce development strategies.

A BR+E tool should give you community-specific insight into:

  • Which businesses are prospering

  • Which businesses are floundering

  • What the projected labour needs of these businesses are

  • Strategies to provide assistance to local businesses facing challenges

Use a BR+E tool with real-time reporting capability — MDB Insight’s Triage BR+ETM — so your data is always relevant and up to date.

Upgrade Your Sources of Labour Market Information

The 4th Industrial Revolution does not have to catch you off guard. Real-time labour reports and BR+E, along with StatsCan, will provide a well-rounded compendium of data that will be useful for developing an effective workforce development strategy for your community.

For more information on how MDB Insight’s tools can help you prepare sound workforce development strategies, download this infographic.

How to Build A Workforce Development Plan in Your Community  buttonReferences:

https://www.rbc.com/dms/enterprise/futurelaunch/_assets-custom/pdf/RBC-Future-Skills-Report-FINAL-Singles.pdf

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