Strategies for graduating in a recession

1. Strategies for graduating in a recession Emily Huns Head of QM Careers Jan 2009

2. The current situation • What does it mean for you? • Strategies 1-7 • Support from QM Careers • Your questions

3. Current situation – the bad • The UK’s 100 larger graduate employers have reduced their recruitment targets for 2009 by 17% (on average) • Higher cuts in investment banks • 13% of these 100 employers predict further cuts in 2010 • 20% reduction in number of vacancies on The Careers Group’s JobOnline compared to this time last year

4. Current situation – the good • Increase in graduate entry jobs in the public sector (and armed forces) • Some companies excelling in current conditions • The 3 universities most often targeted by the larger employers are Manchester, London and Warwick • 75% of these 100 larger employers expect to maintain or grow 2009 figures in 2010

5. Consider crisis in context • “I feel some perspective is needed over the plight of UK graduates. Graduate unemployment is currently around 3%, while that of non-graduates is over 8% … and for some time demand for graduates has been rising faster than supply.” Jonathan WadsworthCentre for Economic Performance, LSE

6. Don’t believe all the rumours • “Despite cutbacks, careers advisers around the country will confirm that many employers are still in touch with universities around the country, advertising the opportunities they do have to a wide range of institutions.” Margaret DaneChief executive, Association of Graduate Careers Advisory Services

7. There are still jobs out there • 411 vacancies on JobOnline • (Highest number still under ‘Finance’ category, then ‘advertising/ promotion/marketing’, ‘education’, ‘NGOs/charities’, ‘engineering’, ‘IT’) • Employers are still calling us with vacancies

8. Where? • “I cannot see much contraction in some of the established professional areas such as accountancy, law and teaching. Energy firms should continue to be attractive prospects along with businesses involved in transport and the environment. Technologists should have little to fear in the current climate.” Carl Gilleard, chief executive of the Association of Graduate Recruiters

9. An ever changing landscape • Many recruiters awaiting news of their budget for the new financial year • Fewer stats available from small and medium firms • Global recession is unprecedented

10. How will this affect you? With more graduates going for each job, you may need to … • perform better at selection • make more applications • be flexible about the first job you take • be more creative about how you build your career over the next year or two

11. Remember… • Those who graduated in the last recession have successful careers • Taking a year or two to establish a graduate career is increasingly normal and accepted by employers • QM Careers will support you

12. Strategy no. 1 • Think from the recruiters’ point of view

13. What’s on recruiters’ minds right now? • Securing graduates with future potential • Reducing cost of recruitment • Generating return on investment quickly • Achieving “best fit” to minimise risk you’ll leave

14. Employers still predict shortfalls in soft skills

15. Employers still predict shortfalls in hard skills

16. Strategy No. 2 • Part 1: Reflect NOW on what you’re likely to be good at and enjoy • Part 2: Build evidence of this for employers (We can help you with this.)

17. Strategy No. 3 • Be commercially aware • Which industries or organisations will do best out of the recession? • Read a decent paper (for your chosen sector or the business or finance pages) • Read the executive summary of an organisation’s annual report • Look beyond the obvious and the rumours

18. Strategy No. 4 • Get training and practice in selection methods – it’s free whilst you’re at QM

19. Strategy No. 5 • Take medium term view, balancing need for income with need to build career • If the ideal job’s not available, can you combine short or part-time contracts, volunteering, work-shadowing, further study, constructive travel? • Make every step a constructive one.

20. Strategy No. 6 • Finalists – think about joining GradClub for careers support after July (Sept for postgrads)

21. Strategy No. 7 • Take control of your own future and don’t panic… “It is quite normal for fresh graduates not to enter a career (as opposed to a job) for a year or two after graduation. Few employers reject applications from graduates a couple or more years out of university even for a graduate programme and indeed many welcome them as they have more life experience to offer.” Carl Gilleard, chief executive of the Association of Graduate Recruiters

22. Support from QM Careers • Master classes in exploring options, job-hunting, networking, application writing, interview skills and assessment centre tests • Professional panel events to help you research career areas • CV clinics and final checking service • One-to-one support on career decision-making • One-to-one practice interviews

23. Make a plan – start now Talk to a careers adviser about options Use careers library and events to research options Attend 2+ master classes & a CV clinic Get first application checked by Careers Book mock interview before first real one Take full advantage of first career step whatever it is (and join GradClub?)

24. Career planning online • You can also work through your career planning online at: www.mindthegap.qmul.ac.uk

25. Contact us • www.careers.qmul.ac.uk (for events listing, presentations & JobOnline) • WG3 Queens Building, Mile End (near the Octagon) • careers@qmul.ac.u.k • 020 7882 8533

26. “The recession is unlikely to change the need for skills and so people with skills - graduates included - will be in a much better position than those without.” Jonathan WadsworthCentre for Economic Performance, LSE, Jan 2009