In the event you’re a departing Warwick Finalist at present in search of your first graduate job, here’s a temporary replace on the present UK labour market. With thanks as ever, to Charlie Ball, Senior Marketing consultant: Labour Market at JISC, for offering this info sizzling off the press.
- The general employment price could be very excessive, however fewer persons are in work as many older employees (notably professionals) left the roles market throughout COVID
- There are at present extra jobs than individuals obtainable to fill them
- Demand is excessive for extra skilled graduates- however that is prone to feed all the way down to entry degree graduate jobs
What occurred to the Class of 2019/20?
That is probably the most just lately obtainable information on graduate locations. Graduates have been surveyed in summer season 2021. These graduates left Uni at arguably the worst potential time, because the pandemic meant many areas of the nation have been in lockdown. Regardless of this, 89% of graduates who responded to the 2019/20 survey have been in some type of work or additional research. 86% of survey respondents agreed that their present exercise was significant, 77% mentioned that it match with their future plans, and 71% agreed that they have been utilizing what that they had realized throughout their research.
How have employers responded?
- All recruitment shifted on-line through the pandemic- and is prone to stay so.
- In 2020 employers made a terrific many cuts to graduate programmes although few suspended all their recruitment. As distant working clearly turned extra viable, recruitment resumed with solely delicate disruption.
- By 2021, companies have been beginning to report labour shortages. Mockingly at the moment fewer graduates/finalists have been making use of for jobs, anticipating (incorrectly) there have been much less alternatives.
Hybrid working is right here to remain
The world of labor has shifted, with employers providing a spread of versatile working preparations. 4% of the inhabitants say they’ve modified jobs the place recruiters have been unwilling to supply versatile working and 9% have switched profession. Opposite to standard opinion, the graduate labour market has grown steadily and considerably during the last 50 years. This development has been on the expense of non-graduate jobs which have steadily declined.
How do individuals really feel in regards to the high quality of their jobs?
The CIPD have produced a report, Good Work on the standard of labor and the way individuals really feel about their jobs. There are some attention-grabbing insights right here, with employees in skilled occupations (i.e. graduates) most definitely to be glad.
Will robots steal our jobs?
This report by PwC outlines the potential results of AI on future employment. Whereas this may have a major influence in lots of sectors, AI may also create many roles, most of which might be at graduate degree.
Recession? What recession?
Nonetheless, there’s a just lately reported slight downturn with a potential recession on its manner. Trying to the final recession, nevertheless, the graduate labour market was the phase least impacted. That is partially as a result of graduate recruiters have learnt the arduous manner that reducing graduate schemes causes ache and shortages when restoration does come. Curiously this coincides at a time when the UK has been experiencing labour shortages.
Regardless of the present international and financial challenges, the UK labour market is holding up. There could also be some turbulence forward, however of all teams within the labour market graduates are the least prone to be impacted. Warwick is the 6th most focused college by graduate recruiters, so our message: be optimistic and press on together with your functions. Bear in mind the Careers Group is right here to help you each as college students and when you’ve graduated. Test Careers Assist for graduates right here.
For Charlie Ball’s common UK labour market insights go to Luminate Prospects