What is Labour Market Information System (LMIS)
According to some definitions 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.
Labour Market Information System (LMIS), developed by CGSC, will help analyse the current manpower requirements in the capital goods sector, identify shortfall in numbers, review the supply of skilled personnel and skill sets due to change in technology or process or demand etc, 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 and updating the current occupational standards.