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Discover insights into the complexities of the UK graduate job market, including roles, salaries, skills, and industry demands for successful employment. Prepare yourself with valuable information.
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Always look on the bright side of lifeWhy employers are upbeat, but graduates might want to prepare for the worst • Tristram Hooley • Chief Research Officer
Acknowledgements • I’m drawing extensively on ISE research in this presentation. • But I’m also drawing on a range of other sources, notably analysis of DLHE, the Labour Force Survey and the Employer Perspectives Survey. • The work of Charlie Ball at HECSU is particularly important and I’m using some material from a presentation that we did together recently.
So most graduates aren’t going into graduate schemes • Graduates are also: • Being recruited ‘direct to desk’ in larger companies • Working for large companies • Working for SMEs (around 30% of all graduates) • Working in non-graduate roles • Becoming self-employed
Place also matters! • London is the most important graduate labour market. • Outside of London graduates tend to be concentrated in the big cities. • Graduates are not as mobile as they are often portrayed to be.
Grads in non-grad roles https://www.hesa.ac.uk/news/19-07-2018/DLHE-publication-201617 https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/graduatesintheuklabourmarket/2017#graduates-and-non-graduates-in-work 75.3% males in graduate roles 72.5% females in graduate roles
What do graduates do? 2017 graduates after six months Data comes from HESA Destination of Leavers of Higher Education 2016/17
Profession roles that graduates go into Most common professional level occupations for new graduates from 2017 Data comes from HESA Destination of Leavers of Higher Education 2016/17
Shortages • Highest number of hard to fill jobs • Nurses • Programmers and software development professionals • HR and recruitment • Medical practitioners • Welfare and housing associate professionals • Business sales executives • IT user support technicians • Sales accounts and business development managers • Marketing associate professionals • General and specialist engineers • Managers and directors in retail and wholesale • Design and development engineers • Web design and development professionals • Veterinarians • Chartered and certified accountants • Highest proportions of vacancies that were hard to fill • Medical practitioners 93.0% • Veterinarians 86.8% • Draughtspersons 72.6% • Nurses 72.1% • Electronics engineers 63.3% • Electrical engineers 58.8% • Civil engineers 57.9% • Quantity surveyors 56.6% • Web design and development professionals 54.1% • Design and development engineers 53.9% • Environment professionals 52.6% • Pharmacists 52.5% • Estimators, valuers and assessors 52.2% • Programmers and software development 50.0%
Graduate premium • At the age of 29… • The average male graduate earns 25% more than the average man with 5 GCSEs. • The average woman earns 50% more. • When we control for various demographic characteristics the premium is… • 8% for men • 28% for women https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/759278/The_impact_of_undergraduate_degrees_on_early-career_earnings.pdf
Employers want to increase the diversity of their workforce • Current hires are not representative of the population. those who have attended state schools, women, first generation graduates and disabled people are the most under-represented groups. • Almost all employers are prioritising diversity. With some very focused on multiple diversity strands. • 77% are changing attraction and marketing. • 67% are changing recruitment and selection.
What skills do employers report that hires lack? • Where do graduates out perform apprentices? • x4 dressing appropriately • x2 presentation skills • x2 data analysis skills • x2 IT skills • x2 interpersonal skills • x2 writing skills • x2 problem-solving skills
How are skills acquired? • 87% of employers agreed that students who had completed a placement or internship had better skills. • 19% of employers agreed that students who had completed a postgraduate degree came with better skills. • 12% report that postgraduate qualified hires progress more quickly in terms of salary.
The UK economy since 2008 • The economy took five years to get back to the size it was before 2008. • Unemployment has been falling since the recession. And is now at its lowest point ever. • But earnings haven’t kept up with prices (as we have already seen with the graduates). • Productivity has also been stagnant. • See https://www.ons.gov.uk/economy/grossdomesticproductgdp/articles/the2008recession10yearson/2018-04-30
The global economy • The global economy is not in great shape at the moment. • The IMF is predicting slow but stable growth in the global economy over the next couple of years. But this will be particularly weak in advanced economies. • But, Brexit, the US/China trade war and other forms of political and economic instability mean that there is quite a lot of risk in predictions.
Economic vulnerability • “We are in danger of sleepwalking into a future crisis… There is going to have to be a severe awakening to the escalation of risks, but we are in a leaderless world… In an interconnected world there is an escalation of risks. We have had a decade of stagnation and we are now about to have a decade of vulnerability.” • Gordon Brown
Are you concerned about finding the talent you need after Brexit?
What are you concerned about? • Filling general entry level roles 17% • Finding general experienced hires 17% • Filling specialist roles at the entry level 32% • Finding specialist experienced hires 38%
Lessons from the past: Changes in the size of the graduate labour market as reported by ISE members
What can graduates do? • Good career management makes sense in every labour market. • Learn how to read the labour market. • Think carefully about their sectoral and geographical positioning. • Avoid responsibilising ‘failure’. You didn’t cause a global economic meltdown! • Remember that a successful career is about more than just money (or even paid employment). • Recognise the inter-relationship between individual careers and politics and economics. • Try and do something about the world in which we live.
What can careers services do? • Work to improve career support and develop career management skills. • Provide access to, and interpretation of labour market data. You should be both a source of expertise and responsible for developing labour market literacy. • Be careful with how you message ‘success’ and create a norm of a graduate career. • Reassure graduates that failure to achieve a particular outcome may not be their fault. • Help students and graduates to understand what is going on in the labour market. • Encourage them to engage collectively and politically as well as personally.
5 signposts to socially just and contextually aware careers work
About me • Tristram Hooley • tristram@ise.org.uk • Blog: http://adventuresincareerdevelopment.wordpress.com • Twitter: @pigironjoe
References • HECSU https://hecsu.ac.uk/. • High Peak Data https://highpeakdata.wordpress.com/. • Hooley, T., Sultana, R.G. and Thomsen, R. (2018). Career guidance for social justice: Contesting neoliberalism. London: Routledge. • Hooley, T. Sultana, R.G. & Thomsen, R. (2019). Career guidance for emancipation: Reclaiming justice for the multitude. London: Routledge. • International Monetary Fund. (2019). World economic outlook. Washington: IMF. • Institute of Student Employers. (2018). ISE Annual student recruitment survey. London: ISE. • Institute of Student Employers. (2019). Pulse Survey 2019. London: ISE. • Institute of Student Employers. (2019). Student development survey. London: ISE. • Office for National Statistics https://www.ons.gov.uk/. • World Bank Group. (2019). Global economic prospects. Washington: World Bank.
