From the latest findings from the Institute of Student Employers we can see a very different situation for the graduate job market out there. The UK spends 72 million pounds per year hiring students and the past year has been one of great change for employers and recruiters in the UK. Competition for hiring grads has never been more cut throat and the numbers show even bigger problems on the horizon. Here are the latest findings on the real situation facing graduates looking for employment.
More graduates are being hired & Brexit worries are dissolving
The past year saw a steady 20,614 graduates hired for graduate positions. This was an 11% increase over the year before and shows the market recovering from all the Brexit hype that shook the jobs market last year. These numbers suggest that we are now getting over those Brexits scares and that the UK graduate jobs market is showing healthy growth, meaning if you are looking for a graduate position in the UK, you have plenty of options.
Salaries are rising, competition for graduates is growing
Another positive for jobseekers is that employers have risen their salaries compared to last year, showing the huge demand for quality employees that growing firms are facing and with the bombshell realisation that birth rates in the late 90’s and early noughties fell the figures suggest that over the near future there be no slowing to the growth in competition for candidates, as less candidates available will bring more competition and higher salaries. Great news for applicants and recruitment agencies, not good for employers!
2017 was Brexit, 2018 is Diversity
Last year the biggest challenge that graduate recruiters named was the challenge that Brexit bought. Fears that leaving the EU would create a brain drain from graduates moving towards EU companies concerned employers large and small. As we are heading into 2018 its great to see employers are now focussing on Diversity and improving social mobility through their hiring process.
What does this mean for graduates?
Tackling social mobility and diversity issues should be great news for graduates as a whole as recruitment and selection procedures with less bias on, for example, hiring from the top 10 universities or choosing people based on how organised they are poon assessment day will mean that a broader range of graduate will get positions. For example, if you are all nerves at an assessment day or have a more introverted personality the increasingly sophisticated recruitment procedures that many firms now implement, including video recordings and non time limited questionnaires help eliminate bias towards a narrow skillset. Meaning that your job applications should feel more balanced and fair for all candidates, regardless of social economic background and university you studied at.