MDB Insight Blog

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The Importance of Labour Market Information for Alberta Communities

The competitiveness of your Alberta community’s job market requires informed workforce planning and development. When weighing the importance of labour market information, consider these three qualities.

  1. Validity: Is this data relevant to your community? Key economic and workforce decisions require real-time community-specific intelligence. If the data is from years ago, and not specific to your community, it may be of no use to you. StatsCan provides excellent data, but it is often not timely, and not always specific enough to your area to rely upon as your only data source.

  2. Credibility: Where did this data come from? What are the sources? As any good journalist knows, sources are incredibly important. Does the source of the information have some sort of stake in the outcome? Credible data from credible sources is of vital importance to any workforce developer. As you well know, there’s a lot riding on this data.

  3. Accuracy: What is the scope of this information? Just because the source is reliable doesn’t mean that the data will always be accurate and specific to your needs. Understanding the unemployment rate for a community might not be enough without knowing which specific kinds of workers are out of work. Or knowing the provincial or national trends may not help you sort out the unique trends of your community, especially if your area doesn’t fall in line with larger trends.

Knowing the workforce trends in your area can help inform your development strategies for Alberta labour and workforce development, and knowing which kinds of workers and businesses you’d like to attract can boost the way your community develops. For example, Alberta communities know (from data collected by MDB Insight’s research) that the top five in-demand skills in the first four months of 2018 were communication skills (47%), teamwork skills (39%), customer service skills (35%), leadership skills (25%), and interpersonal skills (22%).

This data is valid, credible and accurate, because of the specificity in how it was collected.

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Through its partnership with Vicinity Jobs, MDB Insight provides a clear vantage point for looking into regional labour market hiring trends in its Jobs Demand Report™. You get crucial information, based on these metrics:

  • Employer Industry (NAICS)
  • Occupational Category (NOCS)
  • Job Source
  • Salary Range
  • Job Qualifications
  • Required Education
  • Type of Job (full-time/part-time, contract/permanent)

Along with the Regional Labour Demand Report™, MDB Insight and Vicinity Jobs also offer access to the Regional Labour Supply Report™, which delivers data on the industrial, educational, and occupational backgrounds of the workers in your area. This data cuts through generalizations about your local workforce, and shows you the actual strengths and weaknesses of local workers, to help you bolster the strengths, and address the weaknesses.

Curious to learn more about labour market information important to your Alberta community and where to get it?

Download this free infographic for more.

How to Build A Workforce Development Plan in Your Community  button

References:
https://alis.alberta.ca/look-for-work/do-you-have-the-skills-employers-want/

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