MDB Insight Blog

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Why Alberta Needs Labour Market Information

When making economic decisions that could affect a region far into the future, it’s necessary to back up those decisions with solid labour market data. EDOs and workforce development managers already understand that. What is harder is finding that accurate data. Sources like StatsCan can always be relied upon for accurate data, but that data isn’t always timely or specific enough to be relied upon exclusively.

Without a framework showing what jobs are being filled and need to be filled in the rest of Alberta, you might have an incomplete idea of what industries to develop, which to encourage, and what training to provide in your community. For a province with jobs that require high skills, but which also attracts out-of-province workers, it is helpful to track the skills employers are looking for and the skills that employees are bringing to the table.

What are the signs of the beginnings of a recovery as opposed to a continuation of a recession or similar event? Economists may consider certain criteria in labelling a phase as part of a process of recovery but what happens when the data shows recovery but the people aren’t experiencing the same kind of prosperity they had before? Is it really a recovery? The jobs may have come back, but they aren’t the same oil and gas sector jobs.

In the near future, workers with the best transferable skills and the most versatility will be the most employable. As jobs are lost to automation, skills that provide mobility in the workforce will be the most in demand. You can help workers prepare for these inevitabilities by developing training for transferable skills, and by following workforce trends to help prepare for sector fluctuations. If done right, this economic prosperity will ultimately result in people living more fulfilling lives.

But, to follow workforce trends closely, you need data you can thoroughly rely upon.

For Solid Labour Market Information, Choose Vicinity Reporting Systems

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In the Alberta labour market, there’s a trend of healthy growth for both labour supply and demand. Demand growth was recently much stronger than in British Columbia and Ontario, but the demand growth in Alberta was mostly for educated, highly skilled positions, while the supply growth was strongest among less-educated candidates.

Analytics informs us about trends, and helps us see connections or misconnections in our workforce data. Albertan community leaders can use community intelligence to make informed predictions about growth and future policies.

MDB Insight, in partnership with Vicinity Jobs, offers workforce analytics to municipal leaders and economic developers in Alberta. The Regional Labour Supply and Demand Report™ delivers information about regional hiring trends, informs training decisions to help local training align with hiring trends, and allows for regional comparisons, so you can compare the trends in your area with nearby competitors.

Using this kind of labour market data gives you the details about how your economy is actually recovering, not how it should, in theory, be recovering. You see the jobs that are actually prospering and the jobs that are failing — without the guesswork — which informs a better strategy for all.

Want to learn more about the ways Albertan communities can benefit from excellent labour market information?

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

https://www.cbc.ca/news/canada/calgary/alberta-job-growth-1.4646027

https://www.cbc.ca/news/canada/calgary/alberta-jobs-earnings-top-10-industries-comparison-1.4517148

https://www.cbc.ca/news/canada/calgary/alberta-oil-layoffs-jobs-recovery-harsh-reality-1.4474862

https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/where-machines-could-replace-humans-and-where-they-cant-yet

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