In today's job market, recent graduates face a daunting challenge: finding employment. Research shows that 50% of new graduates take over six months to secure a professional job, compared to just 17% of experienced non-graduates.Key Statistics50% of new graduates take over six months to find a job.53% of employed graduates work in fields unrelated to their degrees.72% feel they lack an edge in the job market.45% believe their degrees didn’t equip them with the right skills.20% think work experience would have been more valuable.
In today's job market, recent graduates face a daunting challenge: finding employment. Research shows that 50% of new graduates take over six months to secure a professional job, compared to just 17% of experienced non-graduates.
Graduates who finished their studies during the pandemic (2020-2023) struggled to gain relevant work experience. Half were unable to secure any, and 27% only found short-term positions lasting between one to six months.
A poll by staffing firm Walters People reveals a troubling trend: 72% of graduates feel their degrees don’t give them an edge in the job market. The value of a university degree is increasingly being questioned. A significant 45% of recent graduates do not believe that their degrees have equipped them with the necessary skills to succeed in the current job market. Nearly 20% of them even believe that work experience would have been a more valuable asset.
For tips on how some graduates secured high-paying jobs, you can read about everything said that landed a £50k graduate job in banking.
The British government is targeting ‘rip-off degrees’ with high drop-out rates or low job placements. However, Walters People research indicates that job search difficulties are widespread among graduates, not limited to specific courses. The current job market, with fewer vacancies, stagnant salaries, and high competition, exacerbates the situation.
Janine Blacksley, Director of Walters People, commented: “New graduates are entering the most challenging job market seen in close to a decade – a mixture of fewer vacancies, salaries that don’t match the cost-of-living, and high competition brought about by access to remote and global talent – is certainly playing a part in the time it takes new graduates to find a suitable job role.”
“Added to that, we have seen a trend emerge among Gen Z’s who – potentially having witnessed their parents or older siblings work in a pre-pandemic corporate world – now place much more emphasis on the enjoyment of their job, the values and purpose of the company, as well as well-being and work-life balance – which is all leading to a longer time being spent on the job hunt.”
If you're wondering when it's too late to apply for graduate jobs, it's crucial to stay informed and proactive in your job search.
Around 39% of graduates feel their degrees hold little value, and 19% believe they are less valued than expected. The Institute of Student Employers (ISE) reports that less than 50% of companies now require a minimum 2:1 qualification. Companies like Google and BBC no longer mandate degrees, favoring work experience to attract diverse candidates.
Prominent companies like Kellogg’s, Google, EY, IBM, and BBC have dropped their traditional requirements for university degrees, emphasizing diversity and attracting candidates from diverse socio-economic backgrounds. In a tightening job market, employers are increasingly valuing work experience over degrees.
In summary, the journey for recent graduates to find a job is challenging, marked by the declining value of degrees and a tough job market. As graduates prioritise career progression and salary, they must adapt to evolving employer demands and a competitive landscape. For those applying to numerous jobs, it's helpful to know how many job applications you should actually be submitting.
👇 Globally competitive salaries. Diverse work environments. Work/Life balance.
