The report focuses on the employment prospects for the UK graduates in the labor market. In today’s world, employment is not secure owing to changing requirements of employer and changing economy. It is vital for the graduates to build employment skills and professionally qualified in order to attain employment, retain their position in workplace and improve their career. The study provides an overview on the employment performance of UK graduates over the last few years. Recent evidences reflect that there has been steady rise in total number of graduates in UK over the past few years. It has been seen from few studies that most graduates in UK are employed in such jobs in which the degree is not needed due to rising number of graduates in the UK population. The total number of these graduates have increased over the years as less percentage of UK population are pursuing graduation from top universities. For instance, one of the top ranked UK universities such as the Russell Group have near about 31% of graduates holding bachelor’s degree (Abreu, Faggian and McCann 2014) The surveys also reflect that the graduates from top UK universities are earning more than the graduates from other UK universities. This study also discusses about the way to improve the employment level and increase service opportunities for the graduates.
The graduates refers to the individuals who have completed their education along with qualifications to A level standards. This involves the individuals with degrees and higher education. Recent facts highlights that there are near about 12 million graduates in this nation. Moreover, it has been seen that the non- graduates who are aged between 21 to 30 years have higher unemployment rates and inactivity rates as compared to the graduates. Almost 40% of the UK graduates have been working in education, health industry and public administration. Over the last few years, the graduates worked in the high skilled posts as compared to non – graduates. In fact, the annual earnings of graduates have also reached higher peak with respect to the annual earnings of non- graduates. Furthermore, the studies also highlights that the male graduates in UK have higher skilled job as compared to female graduates. The rate of employment for the female graduates have been slightly lower than the male graduates as they tries to move out of labor force for looking after their family. Thus, the yearly earnings of the male graduates have been at higher peak than the yearly earnings of female graduates during the past few years.
The surveys also reflect that the graduates are more employed and less likely searches for work as compared to those who have left education at lower qualification. In the year 2013, the employment rate of graduate was near about 87%, which was quite higher than employment rate of those individuals with lower qualifications. Even the rate of inactivity for graduates were about 9%, in the year 2013, which was lower than those who have education to A level standard or those with less qualification. According to the data gathered by Higher Education statistics agency, employment ratio of individuals leaving university is around 92%, which reflects that it increased at a higher rate from previous year (Sánchez-Sánchez and McGuinness 2015).
Over the past 3 to 5 years, the employment performance of the UK graduates have increased at a steady rate in the labor market. As the rate of employment is related to individual’s age, the older graduate as well as non- graduate have higher employment rate than the recent graduates as well as non- graduates. However, the recent graduates who are aged between 21- 30 years have lower rate of unemployment than the recent non- graduates. Even though near about 350,000 graduates churned out from the UK university during the year 2015, most of the graduates managed to find those jobs where degree is not mandatory. This in turn caused several challenges for the employers as they faced shortage of skills. Furthermore, all the recent evidences reflects that the employers have continued to provide premium pay to the degree- holders but their earnings as well as career development varied based on the industry, gender, age and employment region. Several researches have highlighted that gender pay gap between the women’s and men’s earnings have been apparent mainly among the graduates with high qualifications (de Vries 2014). The facts also highlights that almost three- quarters of graduates have been satisfied with their job and stayed for longer term career plans.
During the past five years, higher percentage of graduates worked in education, health industry and public administration as compared to non- graduates. These sectors have been common for the graduates from different backgrounds that might be because of huge range of availability of jobs. Apart from these sectors, higher rate of the employed graduates also have been working in banking and finance sector as compared to employed non- graduates (Sage, Evandrou and Falkingham 2012). Besides this, near about half of recent employed graduates have been working in non- graduates role over the years. The percentage of such graduates also increased more than double from the year 2001 to 2017. The competition among the graduates in getting job have increased over the past few years as most of the UK enterprises focuses on recruiting skilled and talented graduates. Owing to huge competition in the UK labor market, recent graduates and non- graduates faces difficulty in finding job in different industry (Durrani and Tariq 2012).
One of the vital characteristics of UK graduates in the labor market is the extent in which the employers uses possession of degree specifically, for those who enters the administrative, creative and managerial careers. Since the UK graduate supply of labor has become highly diverse, it has led to several problems about the degree as well as opportunities it provides mainly for non- traditional graduates. The recent annual survey from Institute of the Student Employers has revealed that job market for the graduate is predicted to grow in the following year, with near around 11% increase in vacancies.
These evidences reflects that this classification of the graduate occupations describes the number of vital characteristics of varying nature of job. It shows that degree is an important prerequisite for traditional occupation. It differentiates two different occupations groups where the total proportion of graduates increased rapidly during the last five years. This classification depicts different employment areas, which graduates have entered over the last few years. The performance trend of UK graduates in the labor market has been positive (Branine and Avramenko 2015). Concentrating on employed graduates, it can been observed that men generally earned an average of $3 more per hour than women. However, the employment performance trend for men graduates has been higher than women graduates. On the other hand, the female graduates have been engaged in doing part- time work, which in turn impacts their progression in career. This also explains the divergence in salary for the female and male graduates (Nachmias and Walmsley, 2015). This highlights that the performance trend of female graduates have been lower than that of male graduates. The basic trends for the UK graduates are given below-
The rate of employment for the graduates residing in various areas of UK are more or less similar but the region with lowest graduate rate of employment is Outer part of UK in which near about 84% of the graduates are employed. Moreover, six in every ten individuals in inner UK are employed graduates. Overall, it reflects that the performance trends of UK graduates have improved irrespective of gender, age and qualification (Helyer and Lee 2014).
The above evidences reflects that obtaining college degree exceeds the costs in UK labor market. The reason behind this is that getting genuine degree helps the individual to attain better job and improve their career in future. This facilitates the UK graduates in the long-term career plan and earn higher pay with respect to those who having lower qualification (Brooks, Waters and Pimlott?Wilson 2012). The recent facts in UK labor market highlights that the graduates earn more by having higher package offerings as compared to non- graduates. In fact, the UK graduates are treated in better way and provided with better positions in every organizations. Thus, they are undoubtedly better settled in life with respect to those who lacks the degree. As a result, a graduate bearing the total cost of education becomes less than their total earning from job. This highlights that the UK graduates have benefits of obtaining higher degree as it exceeds the total cost of attaining education (Sarkar et al. 2016).
Conclusion
From the above discussion, it can be concluded that the graduates in UK labor market have better performance as compared to that of non- graduates or graduates with lower qualifications. Over the last few years, the UK government has been adopting several measures to expand their higher education as well as enhance the access to huge UK population for providing degrees to entrants in the labor market. However, such growth has increased over the last three to five years. Although the non- graduates have been facing difficulty in finding jobs in UK labor market, they gets employment in such jobs in which degree does not matter. This in turn creates several issues for the employers of the organization as the non- graduates lacks skill as well as knowledge. In addition to this, oversupply of graduates also causes many issues in the UK labor market. In fact, the UK labor market has been changing with response to rise in supply of graduates. Nevertheless, the career path of employed UK graduates has become better in last few years in comparison with previous years before recession. Hence, it can be evident from the facts that the UK government needs to focus on their education structure in order to improve the employment performance of all people.
References
Abreu, M., Faggian, A. and McCann, P., 2014. Migration and inter-industry mobility of UK graduates. Journal of Economic Geography, 15(2), pp.353-385.
Branine, M. and Avramenko, A., 2015. A comparative analysis of graduate Employment prospects in european labour markets: A study of graduate recruitment in four countries. Higher Education Quarterly, 69(4), pp.342-365.
Brooks, R., Waters, J. and Pimlott?Wilson, H., 2012. International education and the employability of UK students. British Educational Research Journal, 38(2), pp.281-298.
de Vries, R., 2014. Earning by Degrees: Differences in the career outcomes of UK graduates.
Durrani, N. and Tariq, V.N., 2012. The role of numeracy skills in graduate employability. Education+ Training, 54(5), pp.419-434.
Helyer, R. and Lee, D., 2014. The role of work experience in the future employability of higher education graduates. Higher Education Quarterly, 68(3), pp.348-372.
Nachmias, S. and Walmsley, A., 2015. Making career decisions in a changing graduate labour market: A hospitality perspective. Journal of Hospitality, Leisure, Sport & Tourism Education, 17, pp.50-58.
Sage, J., Evandrou, M. and Falkingham, J., 2012. The complex migration pathways of UK graduates.
Sánchez-Sánchez, N. and McGuinness, S., 2015. Decomposing the impacts of overeducation and overskilling on earnings and job satisfaction: an analysis using REFLEX data. Education Economics, 23(4), pp.419-432.
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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