C1 Labour Market Analyses
Labour market analysis is the process of investigating the supply and demand of labour in different markets and regions. A labour market analysis may include;
Investigating demographic trends such as population growth and ageing population
Assessing the skills of the population and comparing to organisation roles
Predicting economic trends to inform predictions of demand for goods and services
Comparing salaries and packages for different job roles across the sector.
Forecasting Labour Demand
Forecasting labour demand involves making predictions about future staffing requirements to ensure that the business has the right amount of staff with the right skills at the right time. In order to forecast demand, the HR team may consider
The future direction of the firm
Changes to products and services. Will different skills be required for different products and services?
Changes to production processes. Will changes such as automation require different skills and numbers of staff?
Demand for goods and services. Is it increasing or decreasing?
Turnover rates. How often do staff need to be replaced?
Sources of Information to Conduct Labour Analyses
UK Government Statistics
https://www.gov.uk/search/research-and-statistics?content_store_document_type=upcoming_statistics
HK Government Statistics
https://www.censtatd.gov.hk/hkstat/sub/so30.jsp
