Graduates to face 'worst job market in two decades'
A new study has found that youngsters graduating this year will face a 28 per cent reduction in the jobs on offer.
The survey of the top 100 graduate recruiters by High Fliers Research showed that firms intended to offer 20,000 graduate jobs this year however, 5,500 of those jobs have either been left unfilled or simply cut altogether.
In total, Britain's top employers have recruited 14,370 graduates to start work later this year, compared to an original target of 19,951. The final figure compares to 16,614 hired in 2008.
Tens of thousands of graduates will be disappointed in their quest to find a job and with it career development this autumn.
Worst hit is the banking sector, which has seen a 56 per cent fall. The only growth area is the armed forces with recruitment increasing by ten per cent this year.
David Lammy, minister for higher education, said: "These are tough times, but a degree is a strong investment."
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This is a blessing in disguise.
Instead of being sucked up by the milk round and commoditised by corporate training propaganda programmes graduates will now have to work out what they want to do in the world and they are going to fuel their enterprising souls.
Good result all around.
Perhaps the educators will start equipping them for life beyond 'employment'?
Mike Chitty
They say that 40,000 graduates will be unemployed altogether this year, now more doom and gloom!
I think graduates will be fine so long as the went to a good university as the very smart will always be in demand. It will be those with degrees from poor universities that will suffer. It's a natural consequence of the daft strategy from the government to get 50% of us into university, which will naturally produce many graduates with poor degrees from poor universities.
Its almost ironic that for the past 3 years - large employers such as KPMG and Unilever have been practically hawking university students and grooming them for recruitment, and have built them into an 'employability' mindset - but now they have no need for them. No wonder students are drifting straight onto a masters course or other qualification.
Your point is a good one Simon. Universities have to be confident enough to focus more on the enterprise agenda and less on preparing students for the promise of employment that can no longer be kept by employers. DBIS also needs to wake up to htis!
Thanks Mike. Its almost like the huge employability push was like a 'bubble' - an unsustainable bubble. With SO many graduate being prepared for interviews etc - in this zero sum game of employment, where graduates far outnumber job positions - there was always going to be disapointment.
Like so many things the government do it is all designed to put off todays issues. The hearding of more and more people into longer education was always going to create a bubble at the other end.
Unfortunately it isn't just about the quality of the Uni that you wnet to for your degree. Many that offer degrees in more practical based work such as metalwork and jewellery so not offer any training or guidance as to how they can make a living when they leave.
A friend of mine is in the jewellery industry and meets of lots of graduates at their end of year show. He will often ask them about their work. Then he will pick an item, say to them he has a few shops and would like to buy 20 or 30 of these. How much will it cost and when can he have them. Most of them haven't got a clue about the costing and couldn't make them in any reasonable time - answers like, well it took me 2 weeks to make that one but I think I could do it a bit quicker (even though it may only be a small piece).
So Uni's are failing students in preparing them to be entrepreneurs and survive when they leave the comfort of the classroom!