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Graduate Labour MarketThere are many suitable opportunities for graduates, but not all of them include ‘graduate’ in the job title. Some organisations regularly hire graduates into training schemes. However, since there are around 18,000 such jobs available each year and over 260,000 new graduates, most people are doing something besides graduate training schemes. Almost 14% of 2006 graduates went on to further study, but the majority chose to move into work (What Do Graduates Do? 2008, HECSU/AGCAS, 2007). The range of starting salaries for graduates is broad. Though some new graduate workers enjoy salaries over £25,000, the average is much lower at around £18,000, and many graduates earn less (What Do Graduates Do? 2008, HECSU/AGCAS, 2007). Graduate entrants should expect to develop quickly, with pay rises to match. As well as individual employees’ skill and experience, levels of pay are determined by many factors, including: - the nature of the work;
- competition and popularity of certain jobs;
- economic change and business success;
- requirement for professional qualifications;
- geographical region;
- sector and industry.
Though the large employers may be more visible, small and medium-sized enterprises (SMEs), with up to 250 employees, have become more important in the graduate market, offering variety, responsibility and rewards to rival the big names. back to top Types of employerFinding an organisation that suits you is as important as choosing the right occupation. There are pros and cons with any employer. Large employersThese are often household names and traditionally key graduate recruiters. They tend to offer structured career development and support through professional qualifications. A whole cohort of graduates may be recruited together, with planned social events. Graduate entrants may earn high salaries and gain early responsibility. There may also be scope to experience different business functions. On the other hand, the hours may be long and the work highly pressured. Some may also find their career development options restricted by the organisation’s long-term plans. Small and medium-sized enterprisesSMEs may provide the chance to enjoy a wider involvement in issues affecting the whole organisation from the start. They may also offer variety of workload and flexibility of conditions. In smaller organisations, you may get to know all of your colleagues. There may be less frequent opportunities for advancement without changing employers, and starting salaries may be slightly lower. Self-employmentSetting up a business or self-employment is likely to suit self-motivated and well-organised graduates who value autonomy. The freedom to choose assignments and make independent decisions is balanced by the need to take responsibility for all tasks, including mundane or difficult ones. Find out more at self employment. Whatever size of employer you prefer, there are three main sectors of employment for you to choose from, each with its own characteristics: Private sector- delivering profits to investors;
- operate in competitive markets;
- higher salaries;
- commercial awareness is valued.
Public sector- delivery of goods and services by or for the government;
- exists to serve the public interest;
- includes healthcare, education, local and national government;
- may offer greater security of employment.
Voluntary sector (also ‘third sector’)- charities and not-for-profit organisations;
- offers both paid and unpaid posts;
- sector experience is very important for entry.
back to top Geographical locationYour dream job is unlikely to be on your doorstep, so you may need to move to a new area. Metropolitan areas have a greater concentration of businesses, offering more opportunities. However, there are certain types of work or specialisms that are clustered in specific places. For example, there are jobs in ports and airports which do not exist elsewhere. Mobility and transportLarge employers often require mobile staff. You may find yourself based at multiple sites during your training, gaining experience in various business functions. When thinking about possible roles, take your commitments and preferences into account. Consider where you are willing to live and how far you can travel to fit your lifestyle. Take your commitments into account as well. A long commute or frequent stays away from home may be balanced by a great job, but this does not suit everyone. More options may become available if you can run a car or buy a season ticket. Local informationLocal newspapers and their websites are a useful starting point for opportunities in your area or in a new area, if you plan to move. After looking at the jobs section, read the news to get an update on developments in the town or region, such as new businesses or successful companies expanding their operations. You might also learn about support organisations and events that may benefit you. Local libraries and chambers of commerce may be information goldmines too, not just for job seeking, but also for settling into a new area and making new contacts. You may be eligible to use your nearest university careers service. Have a look at your university careers service for contact details.
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