the graduate labour market dr. michelle stewart london south bank university [email protected]
TRANSCRIPT
The Graduate Labour Market
• How many • Which Employment Sectors• What university degree• Future employment prospects
The Graduate Labour Market
• UK Workforce is 31 million• Of whom 38.1% of are graduates• 12 million graduates• Number of graduates has doubled since 1992• 1.8 million undergraduates in 2012/13• 40% young people entered HE in Sept 2013; a
record 495,600 people
The Graduate Labour Market
• Greater London - over 40 HE institutions • Includes 5 of prestigious Russell Group
universities• 250,000 students in HE in London
The Graduate Labour Market
Which degree?1. STEM subjects – higher earnings2. Creative arts + humanities – lower earnings3. DLHE stats - approximately 24% of all graduates
work in retail, catering, waiting and bar staff
The Graduate Labour Market
• Unemployment rate of 3.9% for young graduates (age 21-30)
• Employment rate of 87.5% for all graduates
Unemployment rate can increase without an increase in the number of graduates out of work........
The Graduate Labour MarketUnemployment rate =
no. of unemployed______________ x 100
no. of unemployed + employed
......if ‘employed’ become ‘economically inactive’ the unemployment rate increases.
The Graduate Labour Market
• 41% Public administration, education and health
• 21% Banking and finance• 10% Distribution, hotels and restaurants• 9% Transport and communication• 5% Construction
The Labour Market - London
• 22% Public Services• 18% Trade and hospitality• 13% Professional services• 13% Admin and real estate• 7% Financial Service
The Labour Market
Public Service - Areas of reduced opportunity?• Health• Education• Administration
The Graduate Labour MarketReplacement demands over next 8 years:
• Health 43%• Education 44%• Administration 41.8%
The Graduate Labour MarketIncrease in opportunities?1. Managers, directors and seniors officials2. Professional occupations3. Associate professional and technical
All industries thousands
-500 0 500 10001500
1992-2002
-1000 0 1000 2000
2002-2012
-1000-500 0
50010001500
2012-2022
Managers, directors and senior officials
Professional occupations
Associate professional and technicalAdministrative and secretarial
Skilled trades occupations
Caring, leisure and other serviceSales and customer serviceProcess, plant and machine operativesElementary occupations
Changes in Occupational Employment Structure, 1992-2022
The Labour Market - LondonOpportunity – % of UK professional services• Legal 76.5%•Accounting 69%• Head Offices 62%•Consultancy 68%• Architectural and Engineering 60%•Advertising 72%
The Graduate Labour MarketKey benefits:• Reduced likelihood of being unemployed•Higher earnings potential
The Graduate Labour Market - Salary
Source: BIS Graduate Labour Market Statistics Jan – March 2015
The Graduate Labour Market
The Graduate Labour Market- Employment
Entering The Labour Market Investing in ‘employability skills’ – work experience1. Self-management2. Team working3. Business and customer awareness4. Problem solving5. Communication and literacy6. Application of numbers and IT skills
The Graduate Labour MarketPotential future concerns:1. Reduced number of men entering HE2. Increased supply of graduates leading to
increase in ‘under-employment’
The Graduate Labour MarketSources:What do Graduates Do?, HESCU Sept 2014, HESA: DLHE statistical first release 25 June 2015Future Trends 2012 – 2022, UKCES, 2014Economic Outlook for Central London, City of London, March 2104ONS Labour Force Surveys 2012 – 2015Career portfolios and the Labour Market for Graduates, NCUB, April 2014NOMISweb.co.ukThe Graduate Market 2015 – High Fliers Research LtdUCAS: data and analysis