Activity: External Influences

Introduction

1. Labour Market Information (LMI)

Career management involves career planning. An aspect of career planning is gathering information about the labour market. The labour market is the intersection of supply (employees) and demand (employers with jobs that need to be filled). There are factors such as demographics, technology, occupational needs, economic and industry changes, and labour market trends that influence the labour market (ALIS, 2001-2021).

An example of a demographic factor influencing the labour market could resemble a scenario like this, 

• as the aging population increases, 
• the need for healthcare services increases, 
• healthcare products and services increases, and 
• the demand for workers in this field increases,

Or

• as the world slowly adopts solar energy, 
• the need for fossil fuels decrease,
• demand for oil and gas equipment and services decrease, and 
• the demand for workers in this field decreases.

Labour market information (LMI) is:

This is a short video clip (0:58) on LMiC's WorkWords website that provides a definition of LMI (Labour Market Information Council, 2020).

“Labour market intelligence [are] interpretations of labour market information, including predictions about future trends” (Hambly, Bomford, 2008, p.164).

LMI: More Information

LMI is all around us and is reliant on our global economy which can include many aspects:

LMI Important Points

LMI Scenarios

LMI can be valuable for career management and life decision-making in a number of ways.

Here are a few scenario examples:

Scenario one:

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Julia is a single parent and requires an occupation with flexibility. Julia conducts occupational and labour market information research and learns that she can transition within the communications field as there is flexibility and many possibilities to work from home.

Scenario two:

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Samson has been working in management in the financial industry for a number of years. He is passionate about leading others, however, he has determined that he wants to work in the non-profit sector because of his value for people. After conducting research on trends and meeting with executive directors for information meetings, he is strongly considering a transition to social enterprise.

Scenario three:

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Rian is a newcomer to Canada and was interested in social justice issues prior to his move. Rian was encouraged to volunteer as a way to become settled in Canada, research occupations in this field, and acquaint himself with the labour market. He contacted a local volunteer organization about opportunities in the social justice area. In addition, he searched for social justice organizations to help with a small side project as a volunteer.

Keep in mind that people, forecasts, LMI, and careers are dynamic and change. 

• Sometimes people will commit to a direction despite a poor future outlook because they are passionate about a specific career path, and land a job right after they complete their degree. 
• Sometimes people pursue an occupation that is in high demand, land a job and hate it. 
• Some people pursue a high paying occupation, land a job and love it. 

To decrease the risk of putting all your eggs in one basket, an option to consider is freelance work, which entails combining a few contracts together to test or try out various environments and expand your skills.

While there are never any guarantees, conducting LMI research is a prudent and valuable action. Your decision-making will be more informed and you will move forward with your eyes open.

LMI Activity

Web Quest

Find information from at least three sources on the web that pertain to your situation (e.g., making a career change, new to the workforce, or wanting to advance your career) - use the CRAAP Test to discern your sources. There are some links below to get you started, or you can find other sites of your choosing.

Then jot your answers to these questions, either in the downloadable External Influences Worksheet, or in your own journal:

• From the information you found, what could inform your next steps?
• How could you use these sites to your advantage for future use?
• Did you discover any surprising information?

Cost of Living in BC Calculator 

Labour Force Survey in brief and Earnings and payroll employment in brief (interactive apps)

Explore Labour Market Information

Post-Secondary Graduate Earnings

2. Industries

3. Trends

"A trend is a general direction into which something is changing, developing, or veering toward. The term may also mean a fashion or craze, i.e., a fad. The verb ‘to trend’ means to develop or change in a general direction." - Market Business News

Trends come and go. Some have longevity, some, not so much. Trends occur all around us, in business, fashion, culture, music, and so on. 'Stories' for example, continue to be a trend in social media. Hybrid or electric cars are an incoming trend. 

From a career management perspective, how can you keep an eye on the trends in your occupation and industry so that you will be aware if your profession is flourishing or diminishing? 

ACTIVITY:

Watch this video to see the Top 20 Trends for 2021. 

Top 20 Trends in 2021 Forecast (9:40)

Jot your answers to these questions in the External Influences Worksheet, or in your own journal:

• What trends have directly or indirectly impacted you personally and professionally? 
• What trends can you foresee influencing your future? 
• How might you take a course of action to stay ahead of the game?

4. Occupational Information

Occupation is defined as "A collection of jobs sufficiently similar in the work performed to be grouped under a common label" - LMiC

Occupational information can be particularly helpful for career decision-making because of the range of information to acquaint you about an occupation you are unfamiliar with. 

Occupational profiles are a great starting point and can include: 

• wages/salaries, 
• duties, 
• future outlook,
  
• industry required credentials, and
• educational and skill requirements.

However, occupations are changing at such a rapid pace—daily, from decline to emergent—that occupational profiles may not exist yet. 

The most direct way to obtain current information such as what a typical day looks like or future trends, is talking with someone who works in this occupation through an information meeting.

ACTIVITY: 

Review an occupational profile of interest from two different sites.

Jot your answers to these questions in the External Influences Worksheet, or in your own journal:

• What are the similarities between the occupational profiles from each site, and
• what are the differences between the occupational profiles?

WorkBC

ALIS

Government of Canada: Job Bank 

Government of Canada: National Occupation Classification (NOC) 

Occupational Information Network (O*NET) United States 

5. External Factors

Activity:

Identify the factors that are priorities in your life. You will find examples of factors in the External Influences Worksheet such as lifestyle, financial earnings, work, and community involvement.

Circle or jot your important external factors in the External Influences Worksheet, or in your own journal. Some suggestions can be found on the worksheet to get you started.

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