The shifting tides are clear: graduate job opportunities are dwindling, and the hoops graduates have to leap through are rising higher. Despite the reassuring echoes from universities and official bodies that a solid degree opens doors, the actual landscape appears somewhat less welcoming. An alarming discovery reveals that only a slim portion of graduates find themselves in graduate-level positions.
This blog post is inspired by our Autumn ‘23 newsletter, which explains how and why the outlook for graduates looking for jobs has become tougher. Here are some tips for graduates, university finalists and international students hoping to secure a role in the UK.
Reading Between the Lines
Here at Graduate Coach, we have been collecting data about the grad job market for 10+ years now, catching out the many bodies who continuously peddle the myth that a good degree will give you automatic entry to a good job. This summer, our Founder Chris Davies undertook research to assess the state of the graduate job market.
The Head of Statistics at the Higher Education Statistics Agency (HESA) admitted to him that, although their data showed that 65% of recent grads were in employment after only 18 months, only 30% of these graduates were on salaries exceeding £27K.
In other words, only 22% of graduates were in graduate-level employment.
Most graduates were on Weatherspoon salaries of about £22K. With one in four pub workers being graduates nowadays. It’s so sad that so many (86% of 18-year-olds) still believe that going to university is in and of itself the only thing they need to do to land a great job. Schools, Universities and Governments continue to peddle this myth, of course.
We, for many years, assumed that about 50% of grads eventually landed a good job.
A more recent look at the numbers paints a revealing picture. Data from Adzuna, a large recruitment website (that the government purchases data from) shows that available graduate positions have shrunk, from a robust 25,000 to a scant 18,000 per month over the past five years. Pair this with an influx of graduates flooding the market, and we’re witnessing an arena, where competition is fierce, and the battle for opportunities is relentless. This year alone an additional 800,000 graduates and international students have entered the graduate job market.
We now estimate that there are over 2,900,000 grads chasing that elusive first job.
The Supply of Graduates Overshadows the Demand of the Graduate Job Market
The balance between supply and demand is becoming increasingly misaligned. The stories emerging from the industry paint a picture of caution and restraint, with many companies reportedly either scaling back their graduate recruitment programmes or, in some cases, cancelling them outright. Just this week, a striking piece by the accountants, BDO, in ‘The Times’ further underscored this trend, highlighting a noticeable slowdown in recruitment activities across various levels within organisations.
A consequential impact of this shifting dynamic is a heightened struggle for graduates in securing suitable employment, as they navigate through a market that appears increasingly saturated and challenging. Thus, this presents a compelling backdrop to reevaluate and recalibrate traditional approaches and expectations within the graduate job market.
Adopting a strategic approach for searching for a graduate job
So, where does this leave us? Knowledge, adaptability and a resilient strategy seem to be our allies in these uncertain times. Applying for jobs with little forward planning is extremely unlikely to end in you getting employed.
You need to know what specific job title you want, create a CV and cover letter specifically targeted for that role and ensure you have the necessary skills and experience to stand out from the other candidates.
If possible, you should also use networking to your advantage. Use contacts in the industry you want to work in to find job openings that have not been advertised yet.
Experience is Your Friend
Work experience has emerged as a formidable asset. A significant majority of graduates now boast impressive classifications, making hands-on experience a powerful differentiator when stepping into the job market.
A degree is no longer enough to get a job on its own. Employers want evidence of genuine workplace experience, and value experience over someone with a degree and no experience. Universities are not educating their students about this, leaving many graduates struggling to find a job after they graduate.
Broadening the Horizon
When exploring job opportunities, casting a wider net beyond the traditional graduate schemes appears a prudent strategy. With high-profile employers offering a limited number of roles, diversifying the job search becomes not just sensible, but essential.
You should be job hunting on as many websites as you can, not relying on just one. Apply for as many relevant jobs as you can find to increase your odds of being invited to an interview. It is also wrong to limit yourself to applying for one job title in particular if you have the skills and experience to perform multiple roles in the same sort of industry.
Precision in Application
The job application process demands careful attention and precision. Crafting CVs that are concise, engaging, and tailored to the role, enhancing their visibility and appeal, is more critical than ever.
Double-check your CV and cover letter every time before you send off a job application to ensure that they display and emphasise the skills highlighted in the job description. This may be time-consuming but it will ensure that it will show employers that you have an attention to detail and that you possess the exact set of skills they are looking for, increasing your chances of being invited to a job interview.
Confidence in Interviews
Walking into interviews with confidence and readiness is indispensable. In a climate where employers seek immediate value, being equipped to hit the ground running is a significant advantage.
You can ensure confidence in interviews by preparing answers to common questions beforehand and practicing using the STAR method. You should also review the job description, note down what qualities are expected in a successful candidate, and ensure that you emphasise how you have previously displayed these qualities in your answers.
Embracing a Practical Mantra
In navigating these tumultuous waters, a balanced and practical approach seems to be a beacon of guidance. “Earn and Learn” resonates as a mantra, encouraging graduates to cultivate experience, enrich their skills and navigate their career paths with a blend of realism and optimism. Getting your foot in the door is difficult, but once you’ve got some experience under your belt, navigating your graduate career will become easier.
If you cannot get your dream job immediately, you can plan stepping stones that will give you the relevant skills and experience to make you an ideal candidate for your target job.
A Helping Hand
These times may be challenging, but rest assured, you’re not navigating them alone. Support, guidance, and a wealth of experience are within reach. Here at Graduate Coach, we are ready to assist you in navigating your journey towards a rewarding graduate position. If you need a helping hand, get in touch with us today.
This year alone, our grads have been poached by or landed jobs with the following (All had interned or had first jobs with much smaller firms):
The career coaching services we offer will give you the skills necessary for every modern job, and then help you find a job that suits you. We also ensure you have an excellent CV and cover letter that will make you stand out from other potential candidates for the same role.
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