As an employer, it’s important that you have up-to-date information about the labor market. We know you want to pay your staff what you can afford – while also being competitive and offering them what they deserve for their level of experience. Yet, our job market and economy is ever changing. What you pay your employees is not solely dependent on their skills and experience. You also need to factor in the competition, job vacancies, the unemployment rate, the commute, the gig-economy, the cost of housing, a living wage and many other factors. All of this is wrapped up in the term: Labor Market Information, or LMI.
We teach our job seekers to use LMI to determine which occupations are growing, what their career path might be, what training they may need and what they can expect to be paid. As an employer, you can use LMI to make decisions on recruiting, training & skill development, and compensation – among other things. Of course, the LMI data that you need to make those decisions isn’t in one place, but in many.
You might start by cruising through job search sites such as ours to determine what other companies are seeking in their employees. To the left, there is a link to a PDF for our job seekers that will give you a list of the most popular sites. Also included below are links to resources that can help in your research. Included are Tip Sheets, as well a links to local, regional, state and nation information.
Of course, we’d be happy to help as well. Give Sharon Schuyler a call or email for more information.