Tapping Into the Power of Labor Market Information

Transcription

1 Tapping Into the Power of Labor Market Information Melodee Lane Labor Market Information Center South Dakota Department of Labor & Regulation dlr.sd.gov/lmic

2 What is LMI? Any information that relates to the labor market, where workers and employers meet.

3 What is LMI? Labor market data from LMIC is: Comprehensive data and analysis related to businesses and workers Collected using standardized terminology and categorization Compiled according to standard statistical procedures governed by state and federal regulations Unbiased

4 Ways businesses can tap into the power Employee Recruitment Reducing Turnover and Keeping Workers Setting Compensation Levels Relocating to or Expanding in a New Area Downsizing or Closing Knowing Where to Market Products General Labor Economics Awareness

5 Employee Recruitment Labor supply estimates Labor force data (the employed and unemployed) Number of workers by occupation Occupational wage data Candidate data

6 Turnover Issues and Keeping Workers How does my turnover compare to my industry on average? Occupational wage data helps answer the question if pay is the issue O*Net Interest and Work Importance Profilers can help determine if potential employees are a good fit for jobs

7 Setting Compensation Levels Consumer Price Index Occupational wage data for comparison to what you pay U.S. Bureau of Labor Statistics (BLS) occupational wage data for all states for comparison with competing states Fringe Benefits Survey national data sources

8 Relocating to or Expanding in a New Area Candidate data Labor supply data Labor force data employed and unemployed by place of residence Occupational wage data number of people in the same or similar occupations and what they earn Local Employment Dynamics (LED) shows commuting patterns to identify recruitment area

9 Downsizing or Closing Quarterly Census of Employment & Wages Employment levels in same industry for possible job placement Occupational staffing patterns Identifies other industries where same occupations are employed Career planning data to assist dislocated workers in search of new employment

10 Where to Market Products Population data Variety of population demographics to identify target market areas Quarterly Census of Employment & Wages Helps find location and types of businesses (customers) in a target market Local Employment Dynamics Identifies workforce by age, gender and ethnic group. Helps identify areas with high numbers of groups in the target market.

11 Categories of labor market data Demographics Population Characteristics Workforce Characteristics Commuting Patterns Career Planning Data Occupational interests, skills, abilities Training/Education Requirements Projected Employment & Demand Wages Labor Supply & Labor Force Employed & Unemployed Underemployed Discouraged Workers Unemployment Rate Employment Characteristics Workers by Occupation Workers by Industry Wage Data By Industry By Occupation

12 Where do I find LMI? dlr.sd.gov/lmic

13 dlr.sd.gov/lmic

14 Other LMIC Services of Noteworthy Value to Businesses Overview of Labor Market Economic Snapshot Subscription to the South Dakota e-labor Bulletin LMI e-learning Series Virtual labor market data system Links to Related Sites for labor market data Staff of information specialists and economic analysts at your disposal! ( )

15 LMIC staff can assist with use of other reputable sources of LMI U.S. Bureau of Labor Statistics U.S. Census Bureau Data & Tools Longitudinal Employer-Household Dynamics (LEHD) OnTheMap Quarterly Workforce Indicators (QWI) Explorer

16 U.S. Bureau of Labor Statistics The Bureau of Labor Statistics (BLS) website provides information for all states and often metro area or even county level data, including: Wages by area and occupation Labor force data Location Quotient calculator

17 U.S. Census Bureau website & tools The U.S. Census Bureau website includes such data as: Population, along with corresponding demographic and economic data Economic data and indicators, from national to zip code levels in some cases

18 Longitudinal Employer-Household Dynamics Longitudinal Employer-Household Dynamics (LEHD), combines census data with unemployment insurance data to provide: Updated commuting patterns Demographic breakdown of working population Workforce characteristics Maps and reports through OnTheMap Job to job flows

19 OnTheMap OnTheMap generates reports and maps that show where workers are employed and where they live, as well as some worker characteristics and demographics.

20 OnTheMap Example What are the characteristics of workers who commute to, out and within Yankton County? 10,507 people with a primary job worked in Yankton County 4,071 commuted into Yankton County for work 6,436 lived & worked in Yankton County 9,913 people with a primary job lived in Yankton County 3,477 worked outside the county 6,436 lived & worked in Yankton County

21 OnTheMap Example, continued What are the characteristics of workers who commute to, out and within Yankton County? The Detailed Report provides broad age, earnings and industry data for each type of job flow.

22 QWI Explorer QWI Explorer combines employment data and worker characteristics across time and geographies.

23 QWI Explorer Example What is the employment mix by gender for the Aberdeen Micropolitan Statistical Area (MiSA) during the last 10 years? Slightly more women than men were employed in South Dakota during the last ten years.

24 QWI Explorer Example of Turnover Data What is the turnover rate in Retail Trade at the state and county level? The turnover rate in South Dakota s Retail Trade industry is 10.8 percent. A quick sort of the rate column shows Jones and Custer counties had the highest turnover rates in 2015.

25 Feeling overloaded? Let us help!

26 Let us help you use the power of labor market information! Labor Market Information Center South Dakota Department of Labor & Regulation dlr.sd.gov/lmic

27 Melodee Lane Information & Communications Manager Labor Market Information Center SD Department of Labor and Regulation dlr.sd.gov/lmic Presented in cooperation with the South Dakota Retailers Association