Having access to a comprehensive and detailed view of the labour market on a local, regional and national level is vital for universities wishing to gain a competitive advantage. No longer just the preserve of careers departments, Labour Market Information is used extensively by business development, marketing and employer engagement teams to underpin strategic planning, and promote universities as centres of excellence. Claims can be substantiated by data, often going back several years.
1. Curriculum alignment
Granular LMI can be used to track emerging skills, technologies and occupations. This insight is then used to monitor the relevance of the existing course portfolio and adjust it to reflect skills and employer demands; and to make predictions based on recent growth patterns.
2. Promoting graduate outcomes
Universities should be able to show that the courses they are offering are relevant to current demand. Job vacancy and employer data can be used to promote courses to prospective students, illustrating likelihood of finding work within specific sectors, and what level of pay they can expect to earn after graduating.
3. Business planning
It’s important to provide an evidence base that is current. Quality LMI enables Universities to understand the differences between local, regional and national labour market demands, as well as being able to highlight the uniqueness of the institution, enabling better strategic planning and successful funding bid applications.
4. Employer engagement
Local employer hiring activity is used to identify potential partners with which to cultivate work placements, Higher Apprenticeships, research, training etc – and to identify emerging industries to strengthen links with.
Sources of LMI for Higher Education
Free sources of Government LMI data are available, which give a broad view of labour market trends on a regional and national level. However, the data sources may not be current.
For an accurate view it’s recommended that real-time job vacancy data is used, to enable understanding of employment demands and to highlight gaps in skills provision. Tools such as Labour Insight – which provides LMI on a much more granular level – is based on job vacancy information, available to view within 48 hours, and going back to 2012. Data is gleaned from thousands of sources such as employer websites and public agencies; including the National Apprenticeship Service, Indeed.com and LinkedIn.
To see for yourself how Labour Insight works, or to find out more about how LMI can benefit your college or university – get in touch with us here >>