Use Labor Market Information in a Job Search

Whether you're just starting your career or looking for a different one, you can use labor market information to develop an effective job search strategy. Many jobs are filled before they are ever advertised, but understanding labor market information can help you tap this hidden job market to find the job of your dreams. Focus your job search by learning which industries are growing and what skills you have that are currently in demand.[1]

Steps

Analyzing the Market

  1. Access government resources. Government websites are not only the most reliable source of labor market information, they also are free to use. To find labor market statistics, check the website of your government's labor or employment department.[2]
    • The more local the department or agency, the more specifically local the results will be. If your city, county, or state collects labor and employment information, their statistics can give you a more precise local picture.
    • There may be additional resources and assistance available at your nearest government employment office.[3]
  2. List your employable skills. Any employer is going to be most interested in what you can do for them. Start with a large list of every possible thing you can do that might lead to a job. Then use labor market information to identify which skills are most in demand.[4]
    • When you find particular skills you have that are in high demand, dig deeper to find out if any certificates or degrees are commonly required. If you were self-taught, you may need to find work first through an internship or mentorship program so you have the necessary references to prove your aptitude.
    • You also might identify skills that you don't have, but are interested in learning and could become proficient in fairly easily. For example, if you enjoy coding as a hobby and have built your own website, you might find it relatively easy to get an online certification for languages you use frequently.
  3. Identify major industries in your area. When you think about where you want to work, you can use labor market information to find out what companies are the largest employers in that area, and which industries are growing.[5]
    • Most employers tend to be smaller employers with fewer than 100 employees, but identifying the major industries can help you find smaller businesses that likely are hiring.
    • When you look at major employers, think about the other sectors they use or impact. For example, if a major hospital is one of your city's largest employers, other health care services that support the hospital's work may also be thriving.
  4. Compare average wages to your own budget. You should already have a good handle on the amount of money you need to pay your own bills and save for the future. Labor market information can help you identify career paths that will ensure financial health and stability in your future.[6]
    • Your wage information should be as local as possible. Wages for a particular job can vary widely across regions depending on industry growth, local demand, cost of living, and other factors.
    • Keep information from different areas separate. If you plan on searching for jobs in several different regions, get information about the services and cost of living in all of them so you can more accurately compare wages.
  5. Evaluate training and education requirements. Labor market information can tell you what training and education is expected for particular occupations, and whether additional education will be required for you to advance.[7]
    • If you're still in school or thinking about going back, you can use this information to find the write educational path to best advance the career you've chosen.
    • Information about specific occupations also alerts you to any certificates or licenses that either may be required or can enhance your value as a potential employee. Many of these licenses are relatively simple and inexpensive to obtain and can make a significant difference in your paycheck.
  6. Uncover opportunities for growth. General labor market information may reveal things you can do to position yourself more strongly as a candidate for employment. Jumping ahead of emerging trends can help you advance more quickly.[8]
    • Use labor market information to identify additional skills you may not have thought were relevant to your job search that can add value to your application.
    • For example, you might learn through your research that the second-largest employer in your area had opened a new factory in Germany. If you know how to speak German, you are potentially more valuable to the company.

Developing Your Job Search Strategy

  1. Update your resumé to highlight in-demand skills and buzzwords. As you research the labor market, you will notice certain trends and phrases that keep coming up. Including as many of these things as possible in your resumé shows employers that you stay on top of the industry.[9]
    • Before you include industry buzzwords in your resumé, make sure you understand exactly what they mean and how they are used. If you have any doubts as to whether you're using an industry term correctly, leave it out.
    • Be careful about including too many buzzwords and industry jargon in your resumé. Use direct, plain language whenever possible, especially if it would convey the information easier and more simply.
  2. Define your ideal job opportunity. You can apply labor market information to your own needs and interests to paint a picture of what the ideal job would look like for you. Comparing available jobs to this ideal allows you to make quicker decisions about which opportunities to pursue.[10]
    • You do want to be careful not to create an ideal that doesn't exist. Look at real jobs offered, even if they're already filled. They can give you a sense of what employers are looking for.
    • Look at the criteria you've laid out for your ideal job and identify which things are absolute requirements and which are more negotiable. This puts you a step ahead of the game if you get to the point where you're negotiating your salary for a prospective job.
  3. Conduct searches for skills, not job titles. Job titles may be industry-specific, but employers across many different industries employ people in much the same roles. By focusing your keywords on skills, you get more variety in your results.[11]
    • If your search leads you to an industry with which you're unfamiliar, go back and get some labor market information for that industry so you know what you're going into before you apply for a job.
  4. Read multiple job descriptions. When you run across jobs that meet your criteria, read the entire job description so you know exactly what the employer is expecting of the person who fulfills that role. Compare each job description to others in the same industry.[12]
    • Employers can have "pie in the sky" notions as well. There are some employers that simply want too much for the money they're offering – but if you don't know what that job typically entails, or what most employers pay for that job, you could end up overworked and underpaid.
    • You might run across a job where the employer requires skills that you have, and lists additional skills that are desired but that you don't have. If you're interested in acquiring those skills, you have something to talk about when negotiating with that employer. Find out if the skills they desire are common across the industry, or something unique to them.
  5. Make contacts in industries of interest. Conducting a job search is not just about combing through posted vacancies on job boards. The vast majority of jobs are filled without ever being publicly advertised.[13]
    • For example, if you know of a trade association in your area, join it and attend meetings. They will allow you to network with other people in the industry and gain additional information on the job market that may not be publicized or "official" yet. Conventions also can be good places to network.
    • You also can send letters to people you admire in the industry and request an informational interview. Don't expect to get offered a job after an informational interview, but you coulee potentially gain a wealth of helpful information to help focus your job search.
  6. Keep your knowledge of the labor market up to date. Labor market information is constantly changing, and your understanding should change with it. Nothing will sink your employment prospects faster than acting on outdated or inaccurate information.[14]
    • Bookmark sites that are updated frequently where you have found the most helpful information, and spend some time each week reading through them to update your understanding.
    • As you make contacts in your target industry, touch base with them regularly to keep abreast of the facts on the ground and employers who are looking for new employees.

Nailing Your Interview

  1. Research the specific employer. After you've used labor market information to land an interview, turn your research skills to the employer whose interest you've attracted. Do an online search to find out information about the company.[15]
    • Most medium-sized and larger businesses will have a company website, but you don't want to rely on this information alone. While it may be accurate and reliable, it also will be skewed to present a positive image of the company.
    • Look for news articles about the company to see if any major events have occurred or if the company has recently had some sort of dramatic shift or turnover. All of this information can help you prepare for your interview.
  2. Compare the job offered to others in the industry. If you've looked at other job descriptions, you'll already have a general idea of what that particular type of job is supposed to entail, as well as how much it pays.[16]
    • If there are significant differences between the job for which you're interviewing and the industry standard, these may be things you want to bring up in the interview.
    • If the pay is lower than that offered by most companies of similar size in the industry, you can use that as a bargaining chip if you get to the point of negotiating salary and benefits.
  3. Emphasize in-demand skills. Your research of the labor market may have revealed particular skills that are highly sought-after by employers in the particular industry. If you know you have skills and experience that are not common, they can give you a leg up in the interview process.[17]
    • Be prepared to remind the interviewer of what you bring to the table and how skills like yours are uncommon. People often consider it a virtue to be humble, but in a job interview, you have to sell yourself as the right person for the job. If you're exceptionally good at something, make sure the interviewer knows about it.
  4. Ask questions about trends in the labor market. Since you keep your labor market information up to date, you've probably noticed various trends that affect your interviewer's particular industry. Asking how the company is adjusting to those trends is an effective job interview question.[18]
    • For example, suppose you are interviewing for a job as a bank teller. You know from your research that demand for bank tellers is decreasing with the increased popularity of online banking. You may ask your interviewer questions about that trend and how that particular bank is organizing their division of labor to account for the decreased demand for bank tellers.

References

  1. https://alis.alberta.ca/media/1515/labourmarketinfo.pdf
  2. https://csuglobal.edu/blog/power-of-labor-market-information-professional-for-professional-future
  3. https://alis.alberta.ca/media/1515/labourmarketinfo.pdf
  4. https://csuglobal.edu/blog/power-of-labor-market-information-professional-for-professional-future
  5. http://www.jff.org/blog/2014/11/03/using-labor-market-information
  6. http://www.labormarketinfo.edd.ca.gov/customers/job-seekers.html
  7. https://alis.alberta.ca/media/1515/labourmarketinfo.pdf
  8. https://alis.alberta.ca/media/1515/labourmarketinfo.pdf
  9. https://csuglobal.edu/blog/power-of-labor-market-information-professional-for-professional-future
  10. http://careernetwork.msu.edu/jobs-internships/finding-a-job/job-search-strategy-and-research.html
  11. https://csuglobal.edu/blog/power-of-labor-market-information-professional-for-professional-future
  12. https://csuglobal.edu/blog/power-of-labor-market-information-professional-for-professional-future
  13. https://www.labor.ny.gov/careerservices/findajob/conduct.shtm
  14. https://alis.alberta.ca/media/1515/labourmarketinfo.pdf
  15. http://careernetwork.msu.edu/jobs-internships/finding-a-job/job-search-strategy-and-research.html
  16. http://careernetwork.msu.edu/jobs-internships/finding-a-job/job-search-strategy-and-research.html
  17. https://csuglobal.edu/blog/power-of-labor-market-information-professional-for-professional-future
  18. https://csuglobal.edu/blog/power-of-labor-market-information-professional-for-professional-future