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The labor market is where workers and employees interact with each other. There, employers compete to hire the best talents, while talents compete for the best satisfying job. The labor market refers to the supply and demand for labor. Employees provide the supply, and employers create the demand.
Labor market information (LMI) is any quantitative or qualitative information on the labor market. It assists students, professionals, and jobseekers in making wise career plans, choices, and decisions. LMI provides information on the demands of the industry (for example, in-demand, hard-to-fill, and emerging jobs) within a given period to help talents decide what training or degree program to pursue.
| Philippines | Jan. 2021ᴾ | Feb 2021ᴾ | Mar. 2021ᴾ | Apr. 2021ᴾ | May 2021ᴾ | June 2021ᴾ | Jul. /¹ 2021ᴾ | Aug. 2021ᴾ | Sept. 2021ᴾ | Oct. 2021ᴾ | Nov. 2021ᴾ | Dec. 2021ᴾ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Labor Force Participation Rate (%) | 60.5 | 63.0 | 63.2 | 63.2 | 64.6 | 65.0 | 59.8 | 63.6 | 63.3 | 62.6 | 64.2 | 65.1 |
| Employment Rate (%) | 91.3 | 91.2 | 92.9 | 91.3 | 92.3 | 92.3 | 93.1 | 91.9 | 91.1 | 92.6 | 93.5 | 93.4 |
| Underemployment Rate (%) | 16.0 | 18.2 | 16.2 | 17.2 | 12.3 | 14.2 | 20.9 | 14.7 | 14.2 | 16.1 | 16.7 | 14.7 |
| Underemployment Rate (%) | 8.7 | 8.8 | 7.1 | 8.7 | 7.7 | 7.7 | 6.9 | 8.1 | 8.9 | 7.4 | 6.5 | 6.6 |
Awareness of the overall labor-market condition gives individuals an idea of how the economy is doing and how easy or difficult it will be to find a job. LMI gives individuals an idea of the relevant skills required by employers in the labor market. It provides guidance on which training workers can avail themselves of to boost their chances of being employed.
This module focuses on the following key questions:
- How do we stay competitive in a VUCA (short for volatility, uncertainty, complexity, and ambiguity) or in an RUPT (short for rapid, unpredictable, paradoxical, and tangled) world?
- What is a labor market?
- Why do I need to know about the labor market?
- What factors usually affect the labor market?
- What information you should know about your industry or profession of choice?
- Where you can get credible and up-to-date information?
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Life skills refer to the personal attributes, personality traits, inherent social cues, and communication abilities needed for success on the job. These skills are not acquired through academic knowledge or technical acumen. These are sometimes referred to as “soft skills” or “21st century skills.” These skills are essential in the promotion of well-being and competence.
As defined by the World Health Organization, life skills are the abilities for adaptive and positive behavior that enable individuals to deal with the demands and challenges of everyday life effectively.
This module focuses on the following key questions:
- What competencies are required in a VUCA (short for volatility, uncertainty, complexity, and ambiguity) or in an RUPT (short for rapid, unpredictable, paradoxical, and tangled) world? world?
- How can these competencies be developed?
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Frequently Asked Questions about Career Planning
It is possible to validate your impression of whether or not you are compensated enough for the work that you do. Various reliable sources of information can help you determine the average salary range for your job or profession. Read more about the data you need by accessing Module 1: Labor Market Information.
Career wellness is dependent on the alignment between your life mission and vision and your career goals. Since average working adults spend most of their time at work, happiness in the workplace has an impact on their quality of life. During challenging times, it is important to reflect on your long-term goals to make sense of these experiences. For personal resilience, it helps to have short-term goals that you can monitor to garner a sense of achievement and fulfillment. To help you draft out these goals, access these downloadable career-planning worksheets.
Honesty is the best policy. It is important to be transparent about your personal challenges and priorities. Your current priorities should guide you in defining your life vision and mission, which must shape your career goals and priorities. This way, you are in a better position to make wise career choices and decisions that will not compromise your personal obligations.
In the interviews, be open about these challenges so you and your potential employer can decide where you can meet halfway or if you are better off in another organization that can accomodate your personal needs. To help you define your career goals, access these downloadable career-planning worksheets.
Embrace the new normal. Organizations have embraced ways to adapt to the challenges of the current situation. Keep abreast of the competencies that will help you thrive in a world of uncertainty and allow you to be more competitive in the labor market. Read more about the new-normal competencies by accessing Module 2: Life Skills for the New Normal.