The modern business market is getting significantly competitive and with that the job market is facing the impact of that as well. The industries are observed to change their requirements depending on the references of their customers. The need of change reflected from the economy and changing workplaces is making the employment insecure as well. It is observed that the modern day graduates are facing it significantly difficult to get a job and the retention of the job is getting even tougher for them (Bach and Stroleny 2013). With the significant rise in the population of the U.K., the employees are facing the absolute need to have the general and advanced competencies that are significantly required for the employees to survive in the workplaces. Hence it is also making such a scenario where the pay scale for the employees are getting significantly reduced as the bargaining power of the employers is observed to be high (de Linde Leonard, Stanley and Doucouliagos 2014). This also significant in forcing the qualified and degree holder employees to choose such jobs in which the degree might not be needed as well. The percentage of such job holders are observed to increase to 47% in the year 2013. The paper is focused in specifying the employment and labour markets in U.K. with a precise focus on the rise in the number of the graduates.
The number of graduates in the mentioned nation is observed to increase in a significant manner. The nation observed 12 million graduates in the year 2013. But that increased significantly and the sectors like the health care, education and public administration were observed to generate maximum employment for the nation. The mentioned sectors were observed to generate at least 41% of the total employment in U.K (Noon, Blyton and Morrell 2013). The employment is observed to be distributed in such a manner that the male candidates got more jobs which needed the application of the skills compared to the female candidates. On the other hand, it is observed that the skilled graduates got a significant rise in their annual earnings as compared to the non-graduates. Several surveys in the year 2013 claimed that the graduates in the dentistry or the medicine will get the maximum job opportunities with higher salary. The percentage of the possibility to get a job undertaking a particular course in U.K. is observed to be 95% for medicine and along with that it is also observed that 92% of the students with the degree of media and information have the possibility to get the jobs (Salvatori 2018). On the other hand the graduates of the nation were able to observe a variation in the pay scale and that became visible with the statistics that the graduates with science were able to get an annual salary of 45604 Euros compared to the average annual salary of the graduates of Media of 21008 Euros (Dolton, Bondibene and Stops 2015).
With the significant rise in the number of students passing out from the universities of Britain, the competition among the graduates is becoming fiercer. It is observed that in the year 2015, more than 350000 numbers of graduates passed out from the Britain universities and the vacancy in the nation was half of that (Kelly, McNicoll and White 2014). Hence as a result majority of the graduates were subjected to jobs which did not require the skills and competencies that they inherited during their graduation. Many researchers of the U.K. labour market are able to comment on the buyers and the seller relationship where they claimed that the time of vacancies is the prime time of unemployment. This was a significant comment from their part which portrays that there is considerable amount of conflict and gaps in the requirements of the buyer and the skills of a seller in the labour market which cannot get resolved immediately. This alignment can be achieved after a significantly lengthy process of searching which is costly as well.
The modern job market is significantly focused towards the online job searching and the U.K. market is not behind in it as well. There are considerable number of graduates who are considering the online job search approaches for jobs where they are observed to be subjected to the choice of the thick and the thin market for the job opportunities. The U.K. graduates are observed to be focused towards the thick market where the job opportunities are significantly high (James, S., Warhurst, Tholen and Commander 2013). In addition to this, the graduates of U.K. market got the chance to portray their qualities and capabilities in the online search process which helped the employers be able to get an idea of the skills that the graduates hold. The sudden increase in the graduation fees became a significant obstacle for the students of U.K. in completing their studies for the jobs which had the potential to offer very limited compared to the sum that the students were investing. However many researchers of the U.K. job sectors and the employment are able to pass a pleasing news for the graduates where they commented that the U.K. job industry is expected to have a significant rise which would be exceeding all the record of the last 10 years. The comment has significant base as well which became visible with the expression of the intent of hiring employees from the multiple multinational organizations like the Rolls Royce or Jaguar Land Rover.
Many large manufacturing firms, retailers and technological companies also prolonged the list as well. Apart from this, a new trend in the British job market came with the linking up process for the talent acquisition. The competition for the job was observed to increase in such a manner that the organizations felt the need to make sure that the services of the best candidates are achieved by them. In order to do so, the organizations are observed to tie up with the top level institutions of the nation so that they get the direct chance to acquire talent (Oliver 2015). Hence is significantly shifted the focus of the graduates and the institutions towards the internships and the trainings. As the probable companies for the placement are known to the institutions, the institutions are focused in making sure that the skills and the competencies of the students get aligned with the requirement of the organizations. This was significant in creating the base for the internships for the graduates. The process of recruitment in this model was not only dependent on the final year records of the student rather it was a process which usually gets initiated from first and second years of the student’s education. The organizations or more specifically the recruiters monitor the progress of the individuals so that they are able to assess which student has the potential to be the future recruits for the organization.
The U.K. government from the early phase of 1960 was able to restructure their system of higher education in such a manner that it be easier for the students to match the requirements of the employers (Sanderson 2018). The modes of the education were observed to get a significant expansion which later in the early phase of the 20th century got an abrupt increment. The restructuring process of the relationship between the labour market dynamics and the graduates was observed to gain a major momentum. Earlier the labour market dynamic was such where the graduates were not able to do justice to their education, but the modern job market and the business industry is restructured in such a manner where the employees are getting the worth of their education in term of salary and in terms of non-financial benefits. The growth in the salary of the graduates is observed to increase in a significant manner in the last few years. This is a significant proof of the fact that the modern business market is able to acknowledge the importance of the education, skills and competencies required for the jobs.
Apart from this, a major absence in the capabilities of the graduates of U.K. is observed in the form of their differences in culture with the people of other cultures. As the labour market of the mentioned country is subjected to a significant rise and along with the evolution of considerable number of multinational organizations in the country, the labour market of U.K. is observed to have great presence of the people belonging to different cultures. The effectiveness of the operations of the graduates of the local universities will be subjected to significant improvement with the introduction of the sessions where the students will be able to acquire the skills and qualities to reduce the cultural and societal differences with the people who are considered as outsiders of the British culture. The modern organizations are significantly focused in improving the quality of the operations in the collective manner and in that case, they cannot afford to reduce the effectiveness of the team work. This is a major reason for the education institutions to consider the possibility of including such cultural bond enhancement sessions which has great potential in improving the quality of the team performances and will be able to improve the individual’s career as well. The concept of internships in their student life needed to incorporate the intense training programs which will help the graduates of U.K. in becoming quality professionals.
The evolution of the career paths was also a concern for many critics. In the U.K. market, it is observed that many individuals settled in with their jobs in a rapid speed but on the other hand there are some who take considerable amount of time for the same. The evolution of the modern business market has taken such a shape that the individuals who are employed in many of the organization with a certain qualification is facing the need of additional study so that they cane be able to survive in their posts for a longer period of time (Sarkar et al. 2016). However there is not any specific rule for producing quality graduates and none of the institutions can guarantee the fact that there will be 100% generation of quality graduates as the existence of the impurity is significant.
Conclusion:
On a concluding note, it can be stated that the U.K. government is in a significant need to improve the education sector with strong and effective planning which needs to have a particular vision and proper strategy. The planning needs to be viable in achieving the short term goals as well. The process of monitoring the education of the students need to be in alignment with the requirements of the organizations from the very primitive stage so that the presence gap in the seller and buyer’s requirements gets minimized as much possible. This will be significant for the graduates of the U.K. in having a good career.
References:
Bach, S. and Stroleny, A., 2013. Public service employment restructuring in the crisis in the UK and Ireland: social partnership in retreat. European Journal of Industrial Relations, 19(4), pp.341-357.
de Linde Leonard, M., Stanley, T.D. and Doucouliagos, H., 2014. Does the UK minimum wage reduce employment? A meta?regression analysis. British Journal of Industrial Relations, 52(3), pp.499-520.
Dolton, P., Bondibene, C.R. and Stops, M., 2015. Identifying the employment effect of invoking and changing the minimum wage: A spatial analysis of the UK. Labour Economics, 37, pp.54-76.
James, S., Warhurst, C., Tholen, G. and Commander, J., 2013. What we know and what we need to know about graduate skills. Work, employment and society, 27(6), pp.952-963.
Kelly, U., McNicoll, I. and White, J., 2014. The impact of universities on the UK economy.
Noon, M., Blyton, P. and Morrell, K., 2013. The realities of work: Experiencing work and employment in contemporary society. Macmillan International Higher Education.
Oliver, B., 2015. Redefining graduate employability and work-integrated learning: Proposals for effective higher education in disrupted economies. Journal of Teaching and Learning for Graduate Employability, 6(1), p.56.
Salvatori, A., 2018. The anatomy of job polarisation in the UK. Journal for labour market research, 52(1), p.8.
Sanderson, M., 2018. The universities and British industry: 1850-1970. Routledge.
Sarkar, M., Overton, T., Thompson, C. and Rayner, G., 2016. Graduate employability: Views of recent science graduates and employers. International Journal of Innovation in Science and Mathematics Education (formerly CAL-laborate International), 24(3).
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