4.4 Sector Labour Market Information
This module explains sector "LMI" - what it is and
why it's important for individuals who are looking for work or changing
careers.
What is a sector?
We're defining a sector as a group of businesses that
produce related products and/or services. For our purposes, the word sector
means the same as the word industry.
Examples of economic sectors are:
- Resource Industries (e.g. agriculture, fisheries,
resource-extracting equipment)
- Information Technologies and Telecommunications
- Scientific and Technical Services
- Information and Culture Industries
- Tourism
- Transportation
There are many more sectors and sub-sectors that make up the
economy.
If you’ve looked at A Guide to the BC Economy and
Work Futures, you'll already know about sectors in our economy.
Why is sector labour market information (LMI)
important?
By increasing your knowledge about sectors in the economy,
you'll improve your chances of finding work that suits your skills and
abilities. If you look to apply your skills in growing sectors (i.e.
"sunrise" sectors), you have a much better chance of finding and
keeping work.
Of course, there's still work in "sunset" or
declining sectors. But workers in these sectors need to keep track of trends
to be prepared to find opportunities in other areas if necessary.
And if you're working in a particular sector (e.g.
information technology), it’s important that you:
- Keep up to date with the major trends in the sector.
- Know who your employer's major competitors are.
- Know what technological changes are taking place in the
sector.
Stay current on developments in your sector. It could mean
keeping your job or landing on your feet when it's time to move on! |
