UK Graduates show realism in light of economy
10 DECEMBER 2008: Generation Y has bucked trends to date in response to the worsening economic situation, with high levels of confidence about getting and keeping a job. Now, new research conducted by TMP Worldwide called ‘Graduates into Employment’, shows that at last there is some realism creeping into the views of Generation Y as they leave university and enter the job market.
Students are responding to the economic climate in one of several ways. 43% still hope to take a short break and then start their first graduate job, with only 8% wanting to escape the recession by travelling. 10% have changed their plans and hope to ride out the recession by continuing their studies to improve their CV. A small percentage (3%) is optimistic and assumes the worst will be over by the time they graduate in June.
Final year students are being far more realistic and are taking a proactive approach with 18% making more applications, applying earlier and exaggerating their achievements. 15% on the other hand are concentrating on achieving a 2:1 degree to secure their employment future.
Neil Harrison, Director of Research and Planning for TMP Worldwide, comments: “We should not be quick to criticise finalists for either having their heads in the sand or by ignoring a fast-worsening economic situation. This is a generation which has only known buoyant times and suddenly they are thrust into an economy declining at its fastest rate for several generations.”
Working life does come as a shock to the system for those who have entered the job market. Nearly a quarter of graduates (22%) who have recently started in jobs say that universities fail to prepare graduates for working life. In fact the reality of working takes many by surprise:
- 18% were surprised by how competitive working life is and 15% said it was more tiring than they thought it would be.
- 11% were unprepared for how boring work can be.
In terms of proffering advice to finalists, 49% urged them to do more research into what their job actively involves. A further 27% strongly suggested finalists look at career progression offered by potential employers.
The role of University Careers Advisory Services was also criticised by graduates. 58% said they are not providing much response at all around the credit crunch. Those that had responded were only urging graduates to apply for jobs more quickly.
Neil Harrison comments: “University Careers Advisory Services are an important bridge between academia and employment. There are some that do it very well and really provide insight and advice during the current crisis. However, it is not just up to Career Advisory Services. Employers and agencies should be doing more to help and provide further insight into the current economic situation for students.”
Perhaps this lack of advice has contributed to a drop in graduate confidence levels about finding a new job. Graduate confidence levels have fallen by approximately 30% since TMP’s last research in April. 53% are either not very or not at all confident about finding a job. There is still a degree of optimism for 37% of graduates who feel quite confident about securing a job when they graduate.
- However, the headline figure varies – men are comfortably more confident than women (53% as opposed to 42%).
- And those attending independent schools are 10% more confident about securing a good graduate job than those from state schools.
However, generally there is far more sense of realism about the economy and what it means for graduate jobs than seen in past surveys.
Ends
For more information:
Rebecca Dunstan, Flagship Consulting
Tel: 0207 886 8440
rebecca.dunstan@flagshipconsulting.co.uk
About the research
TMP Worldwide conducted the research with 1,047 final year students and early career professionals on the GTI database. The respondents are 40% male and 60% female. 32% are from an ethnic minority background. 45% are aged 21 and under. 34% have up to 300 UCAS points. 26% come from an independent school background.
About TMP Worldwide (www.tmpw.co.uk)
TMP Worldwide in the UK & Ireland provides recruitment advertising and manages the process of hiring from everyday roles through to senior positions. Its end-to-end solutions provide a pain free way to get the best candidates onboard, designing and delivering everything critical for the hiring process from job profiling to candidate management and executive search.
TMP Worldwide is one of the largest organisations of its kind, with ten offices across the UK & Ireland and it works as part of a global network which enables it to provide a tailored service on both a local, national and global level. Its creative approach to recruitment communications means it has won multiple-awards for its campaigns across the private and public sector.