Labour Market Information

Did you know that the most generous salaries in 2019 are those on offer from the investment banks (median of £47,000), law firms (median of £45,000), consultancies (median of £45,000) and oil & energy companies (median of £38,500)?

Are you aware that over a third of the recruiters who took part in the Highfliers Research repeated their warnings from previous years that graduates who have had no previous work experience at all are unlikely to be successful during the selection process and have little or no chance of receiving a job offer for their organisations’ graduate programmes?

By building your industry knowledge and your commercial awareness, you can equip yourself with relevant information and facts like these to help you plan and prepare all aspects of your career. 

So what is Labour Market Information?

Labour Market Information (LMI) is a set of data that has been collated to provide an overview of the current economic and employment situation. It can include the latest information on current trends including factors that might have an impact on recruitment or industry growth. This could include aspects such as environmental factors, financial impact and more recently the impact of Brexit. It can also provide current figures for average starting salaries for graduates, what jobs are sought after with high recruitment demands and what sectors have a shortage of skills. This is all useful information, particularly when deciding what career path you would like to follow. See some examples below on where and how you can use LMI.

Shine at Careers fairs!

When starting up conversations with employers, for example at careers fairs, you can use LMI to highlight your ability to discuss competitors and be able to maintain intelligent business based conversations with employers which, will help you to shine and make an impression!

Plan your Career Options

You can also use this knowledge to help you decide on your career options. Building your commercial awareness of industry sectors can support you to understand the factors that are important to you including things like travel opportunities, whether companies are local/national/global, which sectors are more competitive to get into, how industries are growing and which roles offer better career progression and opportunities based on your own skills and interests.

Be Better Prepared for Interviews

Preparing for interviews involves research and planning and so having an understanding of the sector, trends in the industry as well keeping up with new technology can help you to stand out from your peers at interviews. Employers will more than likely ask a question related to your knowledge of either the company or in relation to the industry so doing your research is key to excelling in interviews.

What is Everyone Else Doing?

You can also use the information to see what roles other graduates have gone into, what their careers prospects are, and what opportunities there might be for development within the sector. Some industries and job markets may also require you to do further training, develop a portfolio of work experience or demonstrate flexibility and adaptability to work in different roles and geographical locations. Knowing this information can help you decide on your suitability for the industry and the roles you are interested in. For example;

Are you open to travel? Do you want to work locally or further afield? Is this role one that you would enjoy working in long term? Will it require further training or qualifications?

These are all key questions that can be answered by doing your research and keeping up to date with graduate labour market information.

How Can You Find Out More?

There is, of course, a lot of information out there and drilling down to information that is meaningful and reliable can be all the more baffling. So where do you start? Firstly have a look at employer websites which will provide an overview of what they do and some also have further news about industry trends. For a broad view of graduate recruitment, there are a number of reliable sources of information collated from across the UK via various graduate and university surveys. Some of the most relevant and publicised sources are signposted below.

Higher Education Careers Service Unit (HECSU) - Leads on research into graduate careers. Use this resource to find out about various research studies and publications on graduate careers and use it to keep up to date with where graduates go and what careers they typically go into.

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What Do Graduates Do? 2019 (Regional Edition) - Use this annual publication to find out what graduates are doing 6 months after they graduate. Data collated in this report is taken from the Destinations of Leavers from Higher Education survey (DLHE) which is a survey every graduate will be asked to complete by their university 6 months after they have graduated from their first degree. The latest version looks at graduate mobility and specific occupational shortages in particular areas of the UK.

The Graduate Market 2019 - The latest review of the graduate employment market in Britain, including vacancies and salaries at leading UK employers. Data is produced by High Fliers Research a leading research agency in graduate recruitment within the UK. This annual publication can help give you an idea of trends in recruitment such as what skills graduate employers are mostly recruiting in, typical graduate starting salaries, the top 100 recruiters and much more within the graduate employment market.

The Times Top 100 Graduate Employers 2019-20 - The annual careers directory and website that showcases Britain's most sought-after graduate employers. This is also produced from the results of High Fliers and can offer lots of advice, case studies and articles on graduate careers.

Careers Connect - What do Sheffield Graduates Do? - Destinations of SHU graduates from each faculty. This can provide some ideas of what SHU graduates from each course go into and can be used to identify potential career options.

Futuretrack - An academic research study that explores the relationship between higher education, career decision-making and labour market opportunities.

Prospects Job Sectors - An overview of industry sectors, including news and trends, career prospects, typical graduate roles and employers in the sector. The career planner here is particularly useful if you are unsure of what you want to do after graduating.

What do Graduates Earn? - A comparison of graduate and non-graduate salaries across industry sectors, produced by The Complete University Guide.

Guardian Careers - (part of The Guardian newspaper online) Articles, news and useful resources on careers, and preparing for the world of work.

Last modified: 
Thursday, February 27, 2020 - 16:34