Challenges for graduate job seekers in 2024

Take a look at some of the challenges you'll want to consider if you're pursuing a graduate role this year to navigate the competitive job market effectively

At Prospects, we stick to a data-driven approach, ensuring that our predictions are backed by evidence for you to judge yourself. While we don't always rush to predictions, certain trends seem highly likely for the upcoming year, and it's crucial to be prepared for them.

It's no secret that the global economy is facing unprecedented challenges, with rising inflation, supply chain disruptions, and political tensions casting a shadow over economic prospects. While these factors are causing uncertainty and anxiety, it's important to approach these challenges with a level head and a strategic approach.

A tough job market

But employers are still hiring - despite the economic downturn. The job market has remained resilient since the lifting of COVID-19 restrictions, which is unexpected given the slow economic recovery of the UK. This could be due to skills shortages that persist in various sectors such as health, education, tech (particularly IT and engineering) and business services (in industries like accountancy and financial services).

Employers continue to show strong hiring intentions in 2024, with a Manpower Services Group survey, indicating that 42% of UK employers plan to expand their workforce in 2024, while 41% anticipate maintaining current staffing levels.

This positive outlook is reflected in the hiring intentions of the three industries with the strongest growth prospects - finance, IT, and communications (with healthcare close behind). These sectors, known for their substantial graduate recruitment, are driving the overall hiring momentum.

While the job market remains favourable for graduates in 2024, success in securing employment requires dedication and a proactive effort. Embrace the resources and support your institution provides or search for a graduate job to maximise your chances of landing a fulfilling career.

The rise of AI

A recent survey by The Institute of Student Employers revealed that over 90% of applicants are using artificial intelligence (AI) tools like ChatGPT to enhance their job applications.

However, as with any technological advancement, there are unintended consequences. Recruiters face a challenge in distinguishing between candidates due to the similarity in AI-enhanced applications. With more graduates utilising AI tools to customise their applications, it can be difficult for individuals to showcase their unique strengths and personalities.

As the development of AI continues to progress, there is a shift towards utilising traditional face-to-face methods where human interaction is key. It is important for job seekers to invest in developing strong communication, critical thinking, and interpersonal skills in order to stand out in interviews and build rapport with potential employers. While AI tools can be helpful in writing a compelling CV, don't rely solely on them to secure job opportunities. Instead, prioritise honing your face-to-face interviewing skills, as these interactions often play a crucial role in showcasing your true potential and differentiating yourself from the competition.

Opportunities outside of London

Despite the economic landscape, the UK labour market remains relatively afloat, with the Office of National Statistics (ONS) reporting a staggering 949,000 job vacancies at the end of November 2023.

While many of these vacancies lie within specialised fields such as nursing, medicine, and teaching, experienced graduates continue to have a strong advantage in securing these positions. Experienced graduates are also highly sought-after in the tech industry for their knowledge.

And many of these vacancies occur outside of London. In fact, the What do graduates do? 2023/24 survey indicates that only 23% of graduates choose to launch their careers in the capital. While London remains the largest graduate jobs market, there are a significant portion of opportunities across the UK, offering graduates a range of choices and experiences.

Numerous city centres across the UK offer thriving job markets, including Glasgow, Edinburgh, Newcastle, Liverpool, Manchester, Leeds, Sheffield, Birmingham, Cardiff, Bristol, and Belfast. Each of these cities generates hundreds, if not thousands, of graduate job openings annually, providing graduates with ample opportunities to launch their careers without relocating to London.

Hybrid working is here to stay

The rise of hybrid working has significantly transformed the employment landscape, offering unprecedented flexibility to individuals and companies alike. According to ONS data, a remarkable 75% of IT and tech employees and two-thirds of business service employees are now engaged in hybrid work models, allowing them to split their time between home and office environments. This shift has been remarkably consistent over the past couple of years, demonstrating the growing acceptance and adaptability of this work arrangement.

While the majority of hybrid workers occasionally venture into the office, a significant proportion maintain a primarily remote work setup. This flexibility is particularly appealing to graduates, who are embracing the benefits of hybrid work arrangements.

While the economic climate may present challenges for graduates in 2024, there are still ample opportunities for those who are willing to put in the effort and develop the necessary skills to navigate the job market. By demonstrating dedication, building meaningful connections, and exploring all options, graduates can effectively position themselves for success in their chosen fields.

Find out more

• Return to The Topic for more news, insights and opinions.
• Read expert advice on setting career goals in 2024.
• Find help and inspiration when crafting your CV and cover letter.