Big Data is revolutionizing the labour market sector
Labour market, including the need for closer links between the Labor market and education and training provision, the rapid emergence of new and changed occupations and the speed of changes in skills demands. It also results from the growth of private sector employment agencies and consultancies and the trend towards advertising job vacancies online.
Big data and analytics are helping to improve and transform a multitude of sectors. The most impactful is real-time job market data is to provide quick and fast insights into the labour market field.
In the European labour market, this very thing is playing out as we speak.
With the increased digitisation of the labour market and education and training processes, there are more and more big data sources that contain information on occupations, knowledge, skills and competences. One of the data source is The ESCO multilingual classification of European Skills, Competences, Qualifications and Occupations identifies and categorises skills, competences, qualifications and occupations relevant for the EU labour market and education and training, in 26 European languages.
Real-time job market data can offer quick and fast insights into labour market supply, employment rates or wages. The analysis of labour market information (LMI) helps policy-makers, education providers, employers and career counsellors make more effective decisions concerning employment policies, curriculum planning, business development, and careers advice.
More closer, the Dutch government has launched a real time data collection published via their web portal https://data.overheid.nl/data/dataset/uwv-beroepenkaart-data.
Exploring the Dutch data portal can provide useful information for designing and realizing new models and tools for innovating Labor market services. We believe that the data driven approach allows the early detection of emerging skill needs in certain occupations and sectors.
Showcase: project Big data analysis of online UVW vacancies for labour market intellingence
We aim to gather and analyse vacancies from UVW website. The low participation of new migrants can be related to the skill mismatch between employers and job seekers or incomplete information in the labour market. This data driven approach allows us to detect at early stage emerging skill needs in certain occupations and sectors.
The beauty is using the Dutch Data portal for market data mining purposes is that Confurius Big Data Analyst can also access updated labour market information. Moreover Confurius Big Data Analyst can then use predictive modeling techniques for forecasts/ trends in job vacancies.
Source : http://www.lmiforall.org.uk/2018/04/big-data-and-real-time-labour-market-information/