The Four Labour Market Components are:
- Occupational Information
- Industrial Information
- Social Trends
- Economic and Political Trends
Occupational Information
- National Occupational Code (NOC) 4 digit number, 10 Major Occupational Groups
- Terms of Employment - hours of work
- Educational requirements
- Physical requirements
- Geographical location
- Occupational demands
- Job duties
- Wage / Income
- Benefits/Compensation
- Work environment
- Supply and demand
Industrial Information
- Is the industry growing or on the decline?
- Where is this industry more prevalent, in terms of geography?
- Who are some of the local employers in the area that are in this industry?
- What is known about these companies?
- What trends are happening within that industry that will affect its growth, its restructure and its overall business plan?
- What is produced?
- How is it produced?
- North American Industry Classification Systems (NAICS) 9 digit number, 20 Major industrial sectors
Social Trends
- Technological Changes
- Demographics - the Aging Population
- Leisure, Lifestyle and Well-being
- Occupational or Work Changes
- Industrial or Organizational Changes
Economic and Political Trends
- The Global Market
- European Monetary Union (EMU)
- North American Free Trade Agreement (NAFTA)
- World Trade Organization
- Organization of Petroleum Exporting Countries (OPEC)
- Current World Events
