There are over 3 million unemployed people in the UK at the moment, a figure that has risen almost continuously since the 2008 recession first hit.
In 2011, 18.9% of new graduates, or one in five, were unemployed. There are those who are worried about the values of their degrees. Quite simply, given the cost, is it worth it in terms of employment to study for a degree anymore? We here at Unpacked realise what an important question this is for you, and so we’ll take you through some of the facts and figures on the subject.
To start with, we’ll take a look at the very handy report from the Office for National Statistics, entitled “Graduates in the Labour Market, 2012”. This report is, quite literally, the most up-to-date information available on the subject.
This report tell us that graduates have indeed been hit by the economic downturn of the last half a decade, especially new graduates, who are more likely to work in “lower skill jobs” than they were a decade ago, with almost a third of recent graduates in lower skill work at the end of 2011.
However, graduates are still employed at a higher-rate than non-graduates unemployment for non-graduates standing at 8.7% at the end of 2011, whilst only 4.3% of university graduates were also unemployed.
As an added bonus, graduates still earn considerable more in that employment; £8.92 is the average hourly wage for no-graduates, against £15.18 as the average wage per hour for graduates. It seems pretty clear then, that being a graduate is very much an advantage in today’s job market.
That said, the wider picture isn’t great for anyone, as we said in the introductory paragraph. So how can you maximise your chances for finding work after uni?
Our advice is this: whilst you’re at uni working on your degree, have some idea of where you want to end up afterwards, and as much as you can, try to build a network of contacts in that industry. Websites like LinkedIn can help you get in touch with the relevant people.
Knowing the right person, even if you’re just a name on their LinkedIn contacts list, can be invaluable. Be aware of where the jobs are. London and the South East, seem to be where the most graduate jobs are. Don’t be afraid to move for a job that you really want. And most importantly, be persistent. Finding work in today’s economic climate can be very tough, and it can take a long while. But the difficulty of finding work is not a commentary on you, so don’t take it as such.
And of course, don’t forget to take advantage of all the things available to you whilst you’re still at uni; career advisors, job fairs, and any extra qualifications or training that you can pick up whilst on your course.
This article might be a little drier than our others, but we at Unpacked believe that this sort of information, about what happens to you after uni, is at least as important as advice for being at uni. So we hope that some of the information we’ve been able impart here will be helpful to you looking towards your future careers.