For years, labour market information (LMI) was largely the exclusive domain of academic researchers and government statisticians. More often than not, studying LMI meant a dense, impenetrable experience with limited practical applications.
That’s history. It’s time to get ready for the future.
With dynamic new tools that deliver timely, relevant labour market information in easy-to-digest formats that are tailored to job-seekers, employers, or economic developers, Magnet is one of several organizations revolutionizing the way LMI is shared and used.
“LMI used to sit in some static report, or it was uploaded to a website,” said Ron Samson, Magnet’s Senior Manager of Research and Evaluation. “Somebody would have to seek it out to see it, and it would get old and dated fast. Now with technology and the different sources we can curate from, we can get a holistic view of what’s occurring in the labour market and we can provide LMI tools and dashboards that are explicitly defined for the needs of different users.”
Using customizable dashboards that present the up-to-date LMI a specific individual wants and needs, Magnet is seeking to empower users across the workforce development ecosystem.
“What we’re focusing on is real-time data,” Samson explained. “We’re updating our tools as soon as the data source is updated. It’s interactive, not some static report that sits and collects dust somewhere. It’s a live tool. You can go back every month and new data will be there, so you can always have the best intelligence that really points to what is happening in the labour market right now.”
Besides timeliness and relevance, Magnet’s LMI dashboards are designed so anyone can access the information they need, regardless of background or experience level.
“Our dashboards have simple filters so you don’t have to be a data analyst to easily navigate them,” Samson said. “You can basically self-serve. We’re taking data that you’d typically need an analyst to understand and presenting it in a simple manner so any user can go and manipulate it, track trends, understand changes, and become empowered.”
Jason Dias, a Senior Data Analyst at Magnet, sees LMI as more than just a tool for job seekers looking for their next opportunity. LMI, Dias said, can also be used to help answer pertinent questions posed by employers, industry associations, and employment service providers.
“They all use this data to understand things like what kind of programs or training opportunities they should be rolling out or focusing on,” Dias said, “what kind of talent they should be recruiting from other parts of the world so they don’t run into shortages, or how they should prepare for any future transitions.”
One of the projects where Magnet is putting its new suite of LMI tools to good use is the Work in Manitoba portal, a joint initiative with Economic Development Winnipeg, Invest Manitoba, and the Manitoba government.
“What we’ve been able to do is complement their efforts,” Dias said. “Whether they’re trying to recruit truck drivers or specific talent, they can use LMI to understand where skills gaps or shortages exist in their community. They’re able to tie it in and see whether there are certain skill sets they need to focus on. And then they can use the Magnet platform to help with the recruitment process.
“That kind of complementary back and forth is still in its infancy,” Dias added, “but it’s an example of how adding LMI as a tool on the Magnet platform is an asset for partners who are interested in that dynamic kind of relationship.”
Samson said Magnet still has plenty of scope to grow and develop its LMI offerings, making them more useful and applicable to broader audiences.
“These tools are becoming more ubiquitous in every sector,” he said. “We’re looking at testing these tools, evaluating these tools, and scaling these tools to make them stronger.
“Economic developers are looking for that competitive edge to help grow their communities, have businesses stay in their communities and grow in their communities, and to attract new businesses to their communities,” he said. “With good labour market information, we can work with industries, partners, and employers to give them a comprehensive picture and make sure their community has the right talent and the right skills for the right jobs.”
If you are interested in learning more about Magnet’s LMI solutions, please contact firstname.lastname@example.org.