Employed Graduates Rate In UK: Discussion On Employment Opportunities, Labour Market, And Graduates

Employed Graduates Rate in UK

Discuss about employed graduates rate in UK, employment and graduates and labour market and the graduates?

In today’s world due to ever changing needs of the employer, the workplaces and due to the changing economy employment is no longer secure (Graduates: secure employment, 2008). For getting proper employment and to retain their positions in the workplace and to enhance their career vision, it’s necessary for the graduates to be professionally qualified and also have to build the employment skills. In this research it will be discussed how to improve the level of employment and to raise the service opportunities for the graduates. With the increased number of graduates in U.K population, number of people want to know that does have the degree will provide them with a job and will also provide them with pay packet. In a survey, it has come into light that due to the recession and increased number of graduates in U.K has resulted the graduates to be employed in such jobs where a degree is not required. The number of such graduates is 47%in the year 2013. The numbers of graduates are increasing year by year in the year 1992 only 17% of the UK population did it graduations from the university and in today’s time this ratio has been almost doubled. The Russell group which is an association of the 24 high ranking UK universities have only 31% graduates holding a bachelors degree. And looking at the salaries which these graduates earn is incredibly valuable. Out of every 10 people living in inner London 6 are graduates whereas in north east 3 residents out of 10 are having the degree (Graduates wanted in UK, 2010). When it is questioned what courses an individual should do for getting a job, answer is study medicine as 95% of graduates in the field end up with a job and 92% students get job having the degree of media and information. And the graduates with science get an annual salary of £45,604 as compared to the graduates with media gets an average annual salary of £21,008.

Here in this report the graduates are referred as the one who have completed their education and qualifications to the A level standards. In 2013 there were around 12 million graduates in the U.K. Over the past few decades, there has been a steady increase in the number of the graduates. Almost 40% of the graduates worked in the health industry, public administration and in education. Male graduates are more likely to have skilled jobs as compared to the female graduates. The annual earnings of the graduates will reach the highest peak its later age as compared to the annual earnings of the non-graduate (“Too many graduates in British industry”, 1978). Graduates in 2013 having the degree in dentistry or medicine will be employed with highest annual salary pay.

Employment and graduates

As per the data collected by the Higher Education Statistics Agency, in 2012-13 the employment ratio of the university leavers is almost 92.1% which is up as compared to the previous year data 90.8%

In year 2015 almost 350,000 graduates will churn out from the Britain universities and by the end of this year, almost half of them will manage to find jobs where a degree is not required as a formality. But still employer’s keep on complaining for the shortage of the skills. In one instance on 1st June, the highest numbers of vacancies have been reported since recession by Adzuna which is a job search engine. As per the economist there is great difficulty while matching the graduates supply with the jobs available. Dale Mortensen, Peter Diamond and Christopher Pissarides won the economics Noble prize in 2010 for demonstrating that unemployment remains high at the time of vacancies. It’s not so easy to assume that the sellers and buyers of labour markets can find each other immediately, whereas this only happens in the markets after a lengthy and costly search process. In order to conclude the problem these economists have begun to look in some surprising ways to get inspiration that is online dating (Bailey, 1980).

For a graduate who is just 21 years old and is for the first time leaving the campus, there are few lessons which the online dating market and the economist have to teach. First of all he or she has to choose between a thin or thick market and most of these do choose the thick one and go towards the direction where the numbers of job opportunities are more (Chevalier, 2011). Secondly the qualities of online dating helps the graduates to highlight their qualities just by posting photos and should also effectively try to communicate their skills and strengths to the employer.

In March 2014 in a university survey, it was published that the opportunities for employment is just down for three to four years. The advent of £9,000 per year tuition fees has made the applicants to the university to be in hard situation than comparatively previous generation students. Most of them now have a good life when in case they think about the courses and the locations to do the job. The happy news is that, those students who were graduating in the year 2015 and after that are the ones who are the healthiest ones they have been looking for years (Graduates in engineering and science rise over 100 per cent, 1977). This year the recruitment of British students for job shall definitely be reaching a higher level than any of the past 10 years according to Mr. Martin Birchall, who is the managing director working at the high fliers research centre, it recently in its paper published its report in 2014 on the situation of the job scene of the graduates, and the salary at the initial level was also on the higher side. On the list of big graduate recruiters come the super companies such as Rolls Royce, Jaguar land rover, apart from this many big manufacturers, retailers, firms, technology companies etc. Also took part in huge graduate recruitment. Teach first however, puts these job searching graduates into so many challenging schools, and thus tops the chart of top recruiter of the year 2015, with a total around 2060 job vacancies, and was followed by PWC and the Deloitte (Wilton, 2011).

Labour market and the Graduates

Competition for the graduates to get the job may be very intense, but the top most companies are very keen to pick up the best available talent which exists in the market, the process of forging with the universities which are of top level has become increasingly very fast track way to do so. As per Mr. John Watkins, who is Director of University’s career services,   Placements are the key, Also the significant entry on the Student’s resume, as it enhances the skills, and lets them know about what exactly the requirement of the recruiters in today’s time is, also brings it in their knowledge that what exactly may help them to grow quickly and expose their talents to the outer world (Employment of University Graduates, 1937).

Other institutions has symphonised upon the ever growing significance of internships and placements, Employers are providing them with first and second years of students and further viewing them as those who shall become the future recruits.

Since the year 1960’s, The UK government, which is very successive have implemented so many ways so as they expand the means of higher education and further increased the access from a large population, in order to provide degrees to the labour market entrants. This growth has been very rapid in the last 10 years of the 20th Century, The policies made and implemented at that tenure has been controversial and also has led to very heated conversations and debates in the local media and among delegates who are involved in business of graduate employment, and also between the relationships which lies in between the labour market and the higher education concept (Gábor, 2010). In the year 2002 the Education and Social research Council and Higher Education careers services Unit made a major investigation of the careers of the graduates and also the change in the labour market which concerns graduates.

 In the year July 1995, About 43 % of students who were employed were in jobs which were meant for the non graduates, and after around a gap of just 7 years after Dec 2002, this rate steeply goes fallen to just 11 %, Now this clearly indicated that initial graduate who is under employed is not a dependable indicator of a long time labour market outcomes. The rate with which the growth of graduate earnings has increased in the sixth to seventh year of their employment in the year 1995 was much more than the case if taken in the year 1980, thus this was evidence that the degree had continued to boost careers rather than just the jobs did. Only 6.5 % had a feeling and found that they were in dead end placements, and on the other hand around 48 % found their career path going in a positive direction with the present job with the present organisation, and around 40 % thought their careers to be prospective and emerging but still they wanted and were eager to get still better placements. This research represented the most significant and comprehensive investigation into graduate career growth path and mental in UK (Lee, 1988). It clearly gave a picture of link between job graduates who move as they cross these pathways and value that graduates along with their employers put upon the knowledge and skill which developed at the study level at the British universities. The Situation was positive, there was nothing which could be seen as oversupply of the graduates, though there were evidences that how the labour market was changing in response with the increase in supply. Over 7 years of graduation, there were very few instances or evidences of oversupply of the graduates or any kind of failure on the part of graduates to have become entered into the market in suitable occupations (Smetherham, 2006).

The clear message which originated from all sources of researches and investigation made by the masters of researchers and economists at that time has been that the educational structure is needed to be enhanced and that too in a continuous manner, higher education has to be continuously provided to the eligible students continuously (Maré and Liang, n.d.). The career path of graduates evolves slowly, and even some of the students take 5 or more years to get settled into their jobs, even in some cases it needed additional study to settle down and in some cases the labour market had false starts or too early starts or some rethinking was required. There is a simple rule behind this that a good educational and strong planning needs a particular vision, and no short term performance factor indicators which are based upon career outcome which are measured in the first year after the graduation course. In order to gain wider and better studies good class educational researchers are required (Moll, 1992).

Conclusion:

It is evident by a number of studies and evaluations that obtaining a college degree is always far better than not having one, as there are numerous changes of getting better employer if applied for a job with a genuine degree. There exists a large knowledge of books and studies which beckons the student who has a better degree than someone who lacks it, employers rate them far more and consider them to be wise, sophisticated, genuine by nature and capable, they are even considered to have been aware of good and bad which each time tries to lure the mind of youngsters at adolescent age (Murphy, 1991). Students having higher studies beckoning them are many sincere and hard working than who do not possess it. Higher studies always provide a student a chance to earn more by getting better packages offerings from employers, better treatment and further better positions in the employment organisations. Studies in the UK clearly state that better degree holders are no doubt fully better settled in their life than who lacks them. A bachelor degree holder generally works in fields like engineering and management and earns handsomely more than someone who holds a masters degree and works in social works and sectors of education (Computerised service matches graduates and jobs, 1972). So there is not one, but UN surprisingly, several numbers of upper hand benefits which an ore educated one enjoys.

References

“Too many graduates in British industry”. (1978). Prod. Eng. UK, 57(10), p.5.

Bailey, J. (1980). Graduates must earn their places in industry. Prod. Eng. UK, 59(9), p.9.

Chevalier, A. (2011). Subject choice and earnings of UK graduates. Economics of Education Review, 30(6), pp.1187-1201.

Computerised service matches graduates and jobs. (1972). Stud. Q. J. UK, 42(169), p.92.

Employment of United Kingdom University Graduates. (1963). Nature, 200(4905), pp.410-411.

Employment of University Graduates. (1937). Nature, 140(3554), pp.1022-1024.

Gábor, I. (2010). Experience-earnings profile and earnings flexibility: A missing piece in some labour market puzzles?. Acta Oeconomica, 60(1), pp.35-48.

Graduates in engineering and science rise over 100 per cent. (1977). Prod. Eng. UK, 56(11), p.4.

Graduates wanted in UK. (2010). njobs, 466(7304), pp.401-401.

Graduates: secure employment. (2008). ITNOW, 50(3), pp.27-27.

Lee, K. (1988). Inflation and Labour Market Adjustment: The UK Experience. Economica, 55(219), p.409.

Maré, D. and Liang, Y. (n.d.). Labour Market Outcomes for Young Graduates Part A: Main Report.SSRN Electronic Journal.

Moll, T. (1992). Rising Earnings Inequality and Returns to Skills in the United Kingdom Labour Market. Labour, 6(3), pp.45-70.

Murphy, J. (1991). Overâ€Âeducated and underâ€Âemployed: British graduates in the 1990s∗. Journal of Education Policy, 6(2), pp.239-244.

Smetherham, C. (2006). The Labour Market Perceptions of High Achieving UK University Graduates: The Role of the First Class Credential. Higher Education Policy, 19(4), pp.463-477.

Wilton, N. (2011). Do employability skills really matter in the UK graduate labour market? The case of business and management graduates. Work, Employment & Society, 25(1), pp.85-100.