How to Use Labor Market Information in Your Job Search November 16, 2010 How to Use Labor Market Information in Your Job Search Rachel Vilsack Regional Labor Market Analyst Labor market information (LMI) • Each state produces employment and economic statistics in cooperation with the U.S. Department of Labor’s Bureau of Labor Statistics. • LMI includes employment statistics, unemployment rates, wages and salaries, job projections and more. • LMI is the foundation for informed, market-responsive planning. MN Department of Employment & Economic Development 1 How to Use Labor Market Information in Your Job Search November 16, 2010 What is labor market information? Labor market information is any information about people, work and the job market: Geographic area – where people work Industry or business – who people work for Occupation – what people do Wages – how much they earn Better industry prospects right now in the Twin Cities • Leisure and Hospitality • Professional and Business Services: management of companies, employment services • Health Care: hospitals, nursing and residential care facilities, social assistance • Financial Services: insurance carriers • Manufacturing: fabricated metal products mfg., medical equipment and supplies mfg., food mfg. Source: MN Dept of Employment & Economic Development MN Department of Employment & Economic Development 2 How to Use Labor Market Information in Your Job Search November 16, 2010 Occupations with the most openings in the Twin Cities • Retail salespersons • Delivery truck drivers • Home health aides • Personal financial advisors • Combined food prep and serving workers • Cashiers • • Accountants and auditors Executive secretaries and administrative assistants • Registered nurses • Freight, stock and material movers • Customer service representatives • Elementary school teachers • Nursing aides • Sales representatives – services • Computer systems analysts • Advertising sales agents • Office clerks • Computer software engineers • Waiters and waitresses • Receptionists and information clerks Source: MN Dept of Employment & Economic Development Three LMI resources you should know about • Occupations in Demand – Currently available career opportunities in a region determined by local labor market data • Job Skills Transfer Assessment Tool (JobSTAT) – See where your skills transfer to other occupations • Minnesota Salary Survey – Current regional wage rates paid to workers in 800 different occupations MN Department of Employment & Economic Development 3 How to Use Labor Market Information in Your Job Search November 16, 2010 Occupations in demand • Occupations in Demand (OID) lists current career opportunities in a region as determined by regularly updated local labor market data. • The OID list for a region is the group of occupations that rank highest on a Current Demand Indicator, which measures short-term demand for jobs locally. • OID lists are updated twice a year for 13 regions of the state. www.PositivelyMinnesota.com/OID Job Skills Transfer Assessment Tool (JobSTAT) • On-line data tool created to help job seekers explore occupations that are a good match to their previous work experience. • JobSTAT identifies where gaps exist, offers a career profile, training information, and provides links to job postings on MinnesotaWorks. www.PositivelyMinnesota.com/JobSTAT MN Department of Employment & Economic Development 4 How to Use Labor Market Information in Your Job Search November 16, 2010 MinnesotaWorks.net • Minnesota’s free, on-line job bank • Create and upload up to 5 resumes • Match your resume to current openings • Employers search for job candidates here too, so make sure your objective is clear www.MySkillsMyFuture.org MN Department of Employment & Economic Development 5 How to Use Labor Market Information in Your Job Search November 16, 2010 Minnesota salary survey • On-line data tool created to help job seekers and employers explore current employment and regional wage rates by occupation. • Wage statistics are updated quarterly, and include average wages and wage distributions for 10th, 25th, 50th, 75th, and 90th percentiles for about 800 nationally-defined job titles. www.PositivelyMinnesota.com/OES Researching Businesses or Industries MN Department of Employment & Economic Development 6 How to Use Labor Market Information in Your Job Search November 16, 2010 Why target companies or industries? • Identify the hidden job market – a majority of jobs are found through networking • Find top companies in your industry • Identify top companies for your profession • Conduct an informational interview to learn more about an industry • Narrow the possibilities Tips for researching businesses and industries • Explore the business web site • Use business directories to find background information on firms • Access business rankings to learn about businesses or top firms in an industry • Find articles about a business or industry • Search for business listings on networking sites MN Department of Employment & Economic Development 7 How to Use Labor Market Information in Your Job Search November 16, 2010 1. Explore business website • Search for company information on “About Us” pages • Look for organizational charts or company directories to find individual/employee contacts • Look for links to corporate sites or investor information • More information likely to be available for larger companies on their websites • Information for smaller companies may require additional research or networking 2. Business and industry directories • Online directories – ReferenceUSA – Career One Stop Employer Locator • Many print directories available at the library, such as: – Fact Book: The Directory of Business in Minnesota – Harris Minnesota Directory of Manufacturers – Minneapolis-St. Paul Business Journal Book of Lists – Minnesota Manufacturers Register MN Department of Employment & Economic Development 8 How to Use Labor Market Information in Your Job Search November 16, 2010 3. Access business rankings • Twin Cities Business B.I.G. Book (Directory of Business) – www.tcbmag.com/factfinder/bigbook/index.aspx • Minneapolis-St. Paul Business Journal – www.bizjournals.com/twincities – “Book of Lists” print edition – Check your local library 4. Find articles on business or industry • Many databases available through the local library: – NewsBank – Proquest Newspapers – Regional Business News • Google News Alerts – www.google.com/alerts – Follow a topic or industry – Follow a business MN Department of Employment & Economic Development 9 How to Use Labor Market Information in Your Job Search November 16, 2010 Google news alerts • Enter a topic to monitor – News – Company – Industry • Select criteria • View sample results • Set up alert www.google.com/alerts Google news alert example Green jobs, green industry, renewable energy, sustainability MN Department of Employment & Economic Development Hallmark Business Connections 10 How to Use Labor Market Information in Your Job Search November 16, 2010 5. Search for business listing on social networking sites • LinkedIn – www.linkedin.com – Search for jobs, find employers, join groups, and more • Facebook – www.facebook.com – “Like” companies, organizations, join groups, and more • Twitter – http://twitter.com – Follow companies, industry leaders, news sources, and more Career Connection • Bi-monthly newsletter of the Metro WorkForce Centers – Career planning and development series – Networking tips – Informative articles • Available at your local WorkForce Center or on-line http://tinyurl.com/CareerConnection MN Department of Employment & Economic Development 11 How to Use Labor Market Information in Your Job Search November 16, 2010 Networking • Professional organizations Comprehensive listing of Minnesota business and professional associations from the James J. Hill Reference Library www.jjhill.org/resources/guides/Associations2008.pdf ASAE Gateway to Associations Directory www.asaecenter.org/Directories/AssociationSearch.cfm • Job clubs and networking groups List of regional groups maintained by the WorkForce Center System www.positivelyminnesota.com/hennepinsouth Meet-Up Groups www.meetup.com Online resources for career and skills identification • I*SEEK – www.iseek.org • Career OneStop – www.CareerOneStop.org • O*Net – http://online.onetcenter.org • Occupational Outlook Handbook – www.bls.gov/oco MN Department of Employment & Economic Development 12 How to Use Labor Market Information in Your Job Search November 16, 2010 Minnesota-produced Labor Market Information is online at: www.positivelyminnesota.com Rachel Vilsack Regional Labor Market Analyst St. Paul WorkForce Center Phone: 651-642-0728 rachel.vilsack@state.mn.us For a copy of this presentation, please visit: http://rachelvilsack.com Follow Twin Cities labor market data – through me – on Twitter at: http://twitter.com/rachelvilsack MN Department of Employment & Economic Development 13