The Dynamic Benchmarking of Labour Markets

Jones M. K. (2004) The dynamic benchmarking of labour markets, Reg. Studies 38, 495-506. This paper investigates the potential role of benchmarking labour market performance at the regional level. It focuses on how labour market comparison can be simplified, using a single, composite measure of performance, whilst capturing the multi-dimensional nature of labour market performance. The issues that surround the development of a composite measure are discussed, including the selection of domains, indicators, an appropriate benchmark and weights. The possibilities of dynamic benchmarking for monitoring labour market performance are illustrated through a benchmark of the Welsh Labour Market and the localities currently receiving Objective 1 funding.