Our Top 5 Ways To Leverage LMI
Labor Market Information (or LMI, for short) is possibly the most underrated resource tool available for Candidates and Hiring Managers, alike. Since our early days, Ann Wyatt Recruiting has advocated and encouraged the use of Labor Market Information and we have continued to leverage LMI as an integrated part of our own talent acquisition strategy. However, there is a lot of information out there to be filtered through, so we wanted to share “Our Top 5 Ways To Leverage LMI.”
FAQ: What is Labor Market Information and Where Does It Come From?
Labor Market Information is occupational employment data collected by the US Department of Labor (DOL) and published by the US Bureau of Labor Statistics. Published on a monthly, quarterly and annual basis, LMI data provides outlooks into employment trends, wage information and demographics across our national workforce. Utilizing Labor Market Information can provide key insights into your next opportunity, if you know how to use it. For example, we always use LMI for understanding Job Titles and Skillsets, analyzing Salary and Benefits, researching Location and Cost of Living, gaining insights for Industry and Employment Projections and understanding Market Competition. We break all of these objectives down further and provide the right resource for each subject below.
1. Understanding Job Titles and Skillsets:
The most basic use of Labor Market Info, researching a Job Title and accompanying skillsets. This information is usually given to entry level jobseekers that are fresh grads and used as a way to understand the Education Requirements and “career readiness” skills. They are also used to assess the individual aptitude and interests that can be applied to the position for career sustainability and longevity. So for example, if you have a high aptitude in math or science and you enjoy critical thinking, you may be a future Engineer!
While that is the foundational use of this particular information, we do offer a pretty sweet resume hack for our more seasoned and well established professionals out there- take advantage of this particular resource for updating your resume by grabbing those coveted “key words” that every employer is looking for. Incorporating a few of those sweet phrases throughout your resume will almost always get you past most automated Applicant Tracking Systems. Our best resource for job title and skill set references? Head over to ONET to give this one a try for yourself!
2. Analyzing Salary and Benefits:
For Ann Wyatt Recruiting, one of our most frequently asked questions from both Candidates and Hiring Managers is related to salary expectations for a particular job title, or role. We understand how hard it is for companies to gauge what a competitive compensation may look like for their current and future workforce. We also know how tricky it is for a Candidate to provide a knowledgable (and comfortable) answer to this common interview question. So we want to empower you with this great resource link to the US Bureau of Labor Statistics (BLS). Find answers on compensation by local area with “Wages by Occupation and Area,” or get insightful information on your current industry with “Earnings By Industry.”
While most Candidates that we assess are still, by and large, “all about the benjamins,” employee benefits continues to be on a steady rise. Vacation Pay, Holiday Pay and Retirement Benefits are also analyzed by the DOL. This information is a wonderful resource for Hiring Managers interested in seeing where they stand in offering competitive employee benefits. It serves as a solid reference for Candidates interested in making a move, too. There is even a breakdown of information by state, so you can even stay ahead of which states are progressively moving forward on providing benefits to their overall workforce. Check out the “Employee Benefits” tab here.
3. Researching Location and Cost of Living:
Thinking of a change of scenery? Leveraging LMI will leave you more prepared and ready to make a move. Analyze salary data by zip code with ONET’s interactive salary tool that let’s you quickly find the low, median and high salary ranges for your current or future location. or check the BLS website for a more detailed report.
Watch how to find the Salary LMI by State and Zip Code via ONET below:
Other resources to review pertaining to location include your targeted area’s local Chamber of Commerce website, or your targeted states Workforce Development website. Both of these resources should offer a wealth of information on the business and industrial landscape of the state and local area that you’re considering for your next relocation. Find a full directory for US Chamber of Commerce locations here. Check out the state-by-state directory of Workforce Development websites here.
Last, but not least, be sure to analyze the Cost of Living for your future destination. Ensure your next move makes sense and take advantage of this free Cost of Living calculator that we found. Compare your current location with your targeted location and gain key insights into what you can expect when choosing to relocate.
4. Gaining Insights For Industry and Employment Projections
Established industry professionals can utilize LMI to keep a pulse on the current and future status of industry production and gain key insights into common operational issues such as earnings and hours, product prices and industry productivity by accessing the BLS’ “Industries At A Glance” tab. This list offers a full alphabetical list of all industries reported, or a separate column offers the option to search the major industry sectors. If you want to view productivity reports by industry, check out the “Industry Output” data to stay ahead of future employment trends.
5. Understanding Your Competition:
Understanding your competition doesn’t always mean that you have to know them. We encourage Candidates that are actively seeking an opportunity change and a relocation to be sure to consider leveraging LMI to get a snapshot of what they can expect in that job market by geographical location and industry. For a solid reference on occupational employment statistics by location and industry, we encourage you to check out this guide from the BLS here. This is a crucial resource to see how many people are employed and filling your desired role, as well as salary ranges for that occupation.
Additionally, you can leverage LMI to access employment information based on industry and geographic location by checking out a neat interactive map via BLS. The QCEW keeps track of current employment trends on a quarterly basis and includes the option to search an industry sector by state and county. The results provide feedback on established private businesses, employment changes and additional wage information.
In the United States, the economy will always be an ever-changing landscape of fluctuations in growth and reductions. The best way that we can prepare for these natural transitions is to always be ready to step up to the challenge of moving forward. However, sometimes the right tools, or informative resources can make that transition way less stressful. That is why we encourage you to consider researching Labor Market Information and utilizing that research prepare you for your next big move on your journey of career success!
Have you utilized Labor Market Information in a current or previous job search? Share your favorite resources in the comments!