Labour Market Information System (LMIS), will help analyse the current manpower requirements in the furniture and fitting sector, identify shortfall in numbers, review the supply of skilled personnel and skill sets, identify trends and future requirements, and benchmark international practices. This will essentially form the basis for conducting the skill gap analysis as well as for formulating the skill development plan.
LMIS can be defined as statistical and non-statistical information concerning labour market actors and their environment collected through the application of accepted methodologies and practice [EY]. LMIS is “any information concerning the size and composition of the labour market, the way it or any of its part functions, its problems, the opportunities that maybe available to it, and the employment-related intentions or aspirations of those who are a part of it.” [ILO] It highlights both the opportunities and market failure which subsequently enable the planning of effective labour market interventions to drive innovation and productivity in a knowledge economy.
The main stakeholders of this study would be:
- Employers.
- Government.
- Job Seekers/Employed.
- Educational & Training Institutions.
- Industry Associations & NGOs .
Fast access to labour market data.
Helps monitor social and economic impact of globalization.
Aides companies in key decision making processes such as,
- Hiring Practices.
- Expansion Strategies.
- Training and Development.
Connects employers with job seekers.
The system will allow generation of customised reports beneficial for forecasting and trend analysis.
