We live in unprecedented times. The global economic meltdown has already had far reaching affects and I suspect we are nowhere near the end of the line when it comes to bad news stories.
One obvious impact of the recession has been a rise in unemployment here and elsewhere. In the UK, rarely does a day go by without another headline announcing redundancies in one business or another. Few sectors seem immune from cutbacks; few groups of workers totally secure in their jobs.
However, while the circumstances surrounding this particular recession are unique, the country has been in recession several times in the past 25 years and there are important lessons to be learnt from what happened then.
In this feature I want to explore the prospects for graduates entering the world of work this year and reflect on how sixth form and S5/6 students should react to all the ‘doom and gloom’ and uncertainty that surrounds them.
Firstly then, what are the prospects for Class of 2009 emerging from our universities – the largest group ever to graduate in one year in the UK. After 5 years of continuous growth the graduate market faltered in 2008.The expected further growth in graduate jobs did not materialise and, overall, the numbers of opportunities were on a par with 2007. This year it is anticipated that we shall see an actual fall of about 6% in the jobs vacancy market. This will inevitably lead to a number of developments:
- more competition for graduate level jobs
- fewer graduates landing the career of their choice
- more graduates taking lower level jobs
- a small increase in graduate unemployment levels
- more graduates looking at alternatives such as postgraduate courses, voluntary work and ‘gap years’.
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This is very much in line with what has happened in the past. In 1991/2, graduate recruitment almost came to a halt and graduates had to quickly readjust their career plans. It was to their credit that they were flexible and adaptable to suddenly changed circumstances and while a small proportion suffered long term damage to their career ambitions, the majority gravitated towards graduate level work, enjoying the improved market conditions that followed in the late nineties. There are a couple of lessons to be learnt from what happened back then when the graduate market contracted by 34% in one year. There was also a mini-recession 2002/03 to learn from:
- recessions don’t last forever
- those who benefit most from economic recovery are those who remain focused, positive and actively engaged with continued learning and development.
The sure fire way to end up as a victim of the recession is to sit at home feeling sorry for oneself and giving up on hope.
If you are 16 – 19 years old you might be thinking how lucky it is to be several years away from entering the labour market. We should all hope that by 2013 the economy will have recovered sufficiently for the ‘business as normal’ signs to go up. Of course, no-one can guarantee it (even if they claim that they can!). The key message for you is to prepare for whatever the world throws at you! There are important considerations for those planning to go up to university in the next year or two:
- do not be put off by headlines which suggest that there are too many graduates or too few graduate jobs
- make a strong personal commitment to your continued learning (rather than be swayed by others)
- choose your course and institution carefully
- maximise to the full the advantages of a higher education experience – learning, extra-curricular activities, work experience, career guidance, networking opportunities with employers, internships etc.
- develop the skills that employers look for in graduates – good communications, team working, computer literacy, initiative, commercial savvy, leadership etc.
- find a way of capturing the skills, knowledge and experience you have gained through reflection and recording (many universities now encourage students to participate in Personal Development Planning)
- plan early and recognise that university is just one leg on the journey and not the ultimate destination (you will be amazed how quickly three years will pass!)
At AGR we have recently been asking graduate recruiters what today’s graduates should do to improve their career chances in the recession and their feedback makes interesting, if challenging, reading:
- apply early
- be willing to relocate
- broaden your job criteria
- build up your skills portfolio
- gain work experience
- be realistic
Bear in mind that these are hard-headed recruiters operating at the coalface, meeting with hundreds of graduates and scanning thousands of application forms. They know what they are talking about and their advice is well worth reflecting on – even if entering the jobs market is several years off.
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