Three Labour Market Insights You Might Want to Know
At times, labour market information can be overwhelming and confusing. So here are three insights on what to look out for when you’re conducting research.
TL;DR (Too long, didn’t read): When conducting labour market research, identify any gaps in knowledge, skills and experiences, learn which companies are and/or will be hiring, as well as explore employment outlooks.
Fill in the gaps
When engaging in career exploration, review job postings in your desired positions to identify if you need to learn or hone any skills. After all, sectors and industries evolve, so you need to address any shortcomings as they pop up.
From there, search for free resources and tutorials on the internet. YouTube is a great starting point.
What’s great about the Toronto Public Library (TPL) is that if you have a library card you receive free access to LinkedIn Learning for Library (that’s $34.99 you’re saving a month!). The platform has virtual courses led by experts on topics such as animation, coding, video editing and more.
The library also offers Computer & Library Training on subjects including Microsoft Excel, Canva, Python and more.
By possessing in-demand technical skills, employers will want to hire you.
But don’t forget your transferable skills! These are so valuable to an employer.
Learn which organizations are ready to hire
Job boards will never be able to show you what opportunities will be available in the future. This is why I like to follow companies on social media as well as set Google Alerts. Both allow me to track any interesting news such as whether a company has received Series C funding.
In the world of technology, this means the company will start expanding into new markets. As such, they’re likely to be hiring now or soon.
Once I know this, I like to begin conducting informational interviews if I haven’t already done so!
Explore Employment outlook
With an evolving labour market, a job that exists today may no longer be in existence in 5 years time. So staying up-to-date with the outlook of an occupation will allow you to pivot as well as upskill.
For more information on Career Cruising, read Cruise Your Way to a Great-Job and Resume.
Now with all this information, try conducting labour market research while keeping these three insights in mind!
Written by Ken Lee, 2020-2021 Career Coach in Residence with the Toronto Public Library.