A research by a group of employers concluded that this year is the worst time to graduate. Graduating students gearing for their Finals will definitely be spooked by this research. Here are the key issues touched by the gloomy finding.
Is it really the worst year for UK graduates?
Graduate level employment has seen some long term growth trends. However, there were hiccups and bad spells experienced at some point.
For the past 30 years, employment rates for graduates have grown. Difficulties manifested in the early 1980s, the entire 90s, and in 2002 and 2003. This analysis was made by Graduate Prospects, a commercial think-tank of UK’s Higher Education Careers Services Unit (HECSU)
For this year, the employment target of the top 100 UK companies has been cut by 17%. This was pegged by High Fliers Research.
HECSU said that it is not time fro graduates to panic because there are still plenty of jobs to get. However, HECSU also cautioned that jobs may be difficult to get because more graduates will be aiming for them.
HECSU is comparing the current situation to the dot com collapse of 2002-2003. The agency said that graduates in those generations have already prospered in the technology sector while others have ventured into different sectors.
What could be the Hardest Hit Sector?
The collapse of the financial sector has a definite impact on employment that sector, according High Fliers.
The financial sector has been a key employment sector in the past several years but ot would change according to High Flyers.
High Flier sees a growth in public sector employment which is a key area in times of recession.
What are the Future Prospects of Students Worried about Jobs?
According to Mike Hill, the CEO of HECSU, students are advised to widen their career prospects and take professions that are more related to their fields of expertise. Hill also said that it would be best for students to seek employment advice and counseling.
So the best recourse of students is to seek advice from their University career advisors and to broaden their horizons in getting the right jobs.
What are the Steps of the Government to Help New UK Graduates?
There is an ongoing talk between top government Ministers and executives of top four companies in UK. Included in these companies are Microsoft and Barclays. The talks center on the issue of paid internship for those students who will fail to find work.
An action plan is being prepared by Universities Secretary John Denham. The goal is to improve the skills of graduates through internship and give them the necessary experience needed for full time work.
January 14 2009
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