In this post, we give an overview of the graduate job market in 2020.
Overview of the graduate job market
Up until 1990, the number of graduate job vacancies matched the number of graduates. This meant new graduates could essentially turn their degrees into graduate careers.
However, now there is an overabundance of qualified graduates competing for a much smaller number of jobs. To put this into numbers, at any given time, there are 2.3 million graduates searching for a job, and there are only around 30 000 graduate job vacancies advertised per month.
Check out our press release on why it is so hard for graduates to find jobs nowadays. It includes an infographic that provides an accurate snapshot of the current graduate job market supported by facts and figures.
What graduate recruiters are looking for
Recruiters are looking for graduates who possess a transferable skill set and a range of work experiences.
Having a degree is no longer a differentiator. In order to stand out as being a high-quality candidate, you must show graduate recruiters that you have what they are looking for.
Graduate job applications are rigorous and demanding. The typical application process involves multiple stages including:
- An online application form
- Online tests
- A video and/or telephone interview
- An assessment centre
Throughout all stages of the application process, you must demonstrate to the recruiter that you are competent to perform highly in the job and that you genuinely want the job.
It is vital that you demonstrate the following skills:
- Organisation and planning
- Working on your own initiative
Why graduates find it hard to get a graduate job
Here are 4 key reasons why graduates are having a hard time finding a good graduate job in today’s graduate job market:
- There is an overabundance of graduates competing for too few jobs. Graduates are not just competing against candidates who graduated at the same time as them. There is competition from older graduates and international students.
- Academic success is no longer a differentiator to employers who are looking for experienced graduates who can demonstrate their skills. Many graduates do not have work experiences to convince employers that they have the required skills to excel in the role.
- The demands of the job market have drastically changed. More and more jobs require candidates to possess digital skills. However, despite this fact, the content and delivery of many degrees have remained unchanged.
- 90% of graduates have non-vocational degrees, and find it really difficult to work out what type of career would suit them best.
If you are a student or a recent graduate, we strongly recommend that you read The Student Book, as it contains everything you need to know to get the job you really want.
Thanks for taking the time to read this post. If you are finding it hard to land a good graduate-level job in this competitive graduate job market, get in touch with us. We can help you.