By (Name) Essay Example

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2Employability Report

EMPLOYABILITY REPORT

Employability Report

Introduction

Getting a job in the current labor market has proved to be a one of the greatest challenges to fresh graduate students, specifically if they do not have any work experience. Several reasons are pegged to the high rate of graduate unemployment. From a downturn in the economy, poor labor market, graduates having too high expectations to lack of experience. However, recent research studies have shown a significant increase in graduate recruitment in the UK. For instance, a report provided by the BBC news depicted that the graduate labor market in 2015 will be at its highest for a decade. Despite the reported ascertaining that more than 80% of recruiters in the UK are providing paid work programs for graduates with unprecedented 13,000 opportunities this year, graduates with no work experience had limited chances of getting the jobs. This paper seeks to address the significance and reliability of this report citing evidence to the degree in which graduate job market in UK is decreasing or increasing. It also seeks to enunciate on the degree to which internship programs with a graduate employer while still at the University is significant for getting a job during the period 2014/2015.

Evidence to ascertain that the job market in the UK is increasing during 2014-2015

There is significant evidence from various research studies showing an increased job market for graduates in the UK.A study conducted by the High Fliers in December 2014 showed that the number of graduates that are being recruited by graduate recruiters increased by 8% in 2014 as compared to the number of graduates recruited in 2013(Mccall 1998). It depicted the highest annual rise in recruitment for five years. Moreover, the most of the leading graduate recruiters in the UK stated that they had a plan to increase the number of graduates that they will recruit in 2015 by 9.1% more than 2014; this implied the fourth consecutive year that University graduates vacancies have steadily increased (Birchall 2005). Furthermore, ten out of fourteen main organizations are expecting to increase the number of graduates they take as compared to last year. With the largest opportunities expected to be in accounting, public sector, banking, retailers and also in the armed forces that together estimated to employ more than 1,500 more graduates in 2015. The report also ascertains that the largest recruiters will be Deloitte with anticipated 1,000 vacancies and PWC 1,600 vacancies (Tholen 2015). Recruiters have further stated that that 38% of 2015 entry level job opportunities are expected to be occupied by university graduates who have worked for companies or organizations, either through industrial placement, paid internship or vacation work. The significant increase in graduate opportunities is anticipated to increase graduate recruitment past the pre-recession peak in the employment of graduates in 2007. The starting salaries for a graduate in the UK’s leading organizations are also anticipated to increase for the third year consecutively in 2015 attaining a median of £40,000. Investment banks, banking firms and law firms are expected to offer the most generous payment (Tholen 2015).

Despite the increased opportunities for graduates, most of the organizations and firms require that the candidates have a substantial amount of experience. The report showed that more than half of firms did not or on very rare occasions recruited graduates without experience.

More than two-thirds of UK’s graduate employers offer paid internship programs for graduate students. During the 2014/2015 economic year, there are approximately 13,000 paid work experience internships. Similarly, most of the leading graduate recruiters are offering paid internships opportunities mostly to penultimate students, and half provide industrial attachment for university students. Many recruiters currently also have internship opportunities for first-year university students. A third of organizations offer paid internship while three-fifths of organizations provide open days, introductory courses and other tester work experience for first-year university students. Despite the market being considered as buoyant, it has been noted that there has been approximately 5% increase in the quantity of applications made.

How internship or vacation work with a graduate employer while at University is beneficial for landing a job during 2014-2015

Taking up internship job opportunities while still at the University is significant to the career development of the student. Since the graduate labor market is on the increase in the UK, taking up internship programs will have substantial impact on graduate students in the following ways;

Gain transferable skills as well as work experience: students engaging in internship programs while still in school will enable them gain work experience. Typically, all students have an educational experience. What makes a student unique to employers is the ability to have work experience at the time they are graduating. Such students are more marketable as they will require minimum training and are also perceived to handle more tasks and responsibilities (Holmqvist & Spicer 2013).

Experience a potential career path: Typically students get to university without any information about their career path and in most cases most students end up changing their options. Exploring is an essential component of the learning process and acquiring relevant work experience is important. Furthermore, most of the UK graduate recruiters pay interns some payment. Therefore, that will also be an added advantage. Moreover, the graduates will have the opportunity to gain hands-on experience by incorporating theories and methods that they have learned in class. Besides they are also able to network with workmates and professionals in the work environment for future job opportunities and references (Mccall 1998). Finally, it will enable them to enhance new skills.

In conclusion, based on the above discussion, there is significant evidence to ascertain that the graduate job market in the UK is on the increase during 2014/2015. Furthermore, taking up vacations or internships by students while still in university is essential for the developing student career path.

Bibliography

Birchall, M. (2005). The Times top 100 graduate employers: the essential guide to the leading employers recruiting graduates during 2005-2006. London, High Fliers Publications.

Holmqvist, M., & Spicer, A. (2013). Managing ‘Human Resources’ by exploiting and exploring people’s potentials. Bingley, Emerald.

Mccall, M. W. (1998). High flyers: developing the next generation of leaders. Boston, Ma, Harvard Business School Press.

Tholen, G. (2014). The changing nature of the graduate labour market: media, policy and political discourses in the UK. http://public.eblib.com/choice/publicfullrecord.aspx?p=1793728. [Cited 24th Nov 2015]