UK gradutates in scramble for jobs

Đăng lúc: Thứ tư - 26/03/2014 09:21 - Người đăng bài viết: admin
UK gradutates in scramble for jobs
By Sarah O’Connor
At the end of the day at The London Graduate Fair, a procession of young people are heading for the exit.
They carry red bags emblazoned with „How to get hired“, and have their names and a bar codes allpw employers at the fair to scan their personal details and filter them into certain categories: „Send more information after the fair“, for example, or „Invite for interview“.
Rob Gill, who has been on the Jaguar Land Rover stand looks worn out. „There’s just this growing pool of grads,“ he says. „They all ask: ‚What are you looking for? What can I do to stand out?‘ No one asks: „What’s the salary?‘“
Job fairs like this one make it clear why graduate pay has dropped since the crisis, as analysis by the Financial Times reveals. While employers complain of skill shortages in certain areas such as engineering, the overall supply of graduates is far outstripping demand.
The number of graduate vacancies this year from the top 100 employers was the highest since 2008 but still 9 percent lower than before the crisis, according to High Fliers Research, which monitors graduate recruitment. The median starting salary for these jobs remains unchanged in cash terms for an unprecedented fourth year.
Corporate Britain has become risk averse since the crash, which has made it harder for graduates to find a way in. Real business investment – already weak in the boom years – fell by a quarter during the recession and another tenth after it ended. And while company accountants may not class young people as investments, managers certainly see them that way.
Increasingly, the only graduates they take on are the ones they already know. More than a third if the jobs offered by the top employers this year went to graduates who had already worked at that company on interships or placements.
„It used  to be you went to university and you got a job; that was the deal, wasn’t it? But it’s not quite like that anymore,“ says Katerina Rudiger, head of skills and policy campaigns at the Chartered Institute of Personnel and Development. With fewer graduate jobs on offer, there has been a rise in what economists call „cycilcal downgrading“. In other words, graduates are taking jobs that people without degrees could do.
Not only does this push down graduates‘ pay, it also pushes young people without degrees further down the labour markets rungs, or off the ladder altogether. Youth unemployment in the UK has climbed from 12 percent.
Now that Britain’s economic  glass is „half full“, as the Bank of England governor said last week, will young people clamber back up to where they would have been without the fincancial crisis?
Craig Holmes, a researcher at Oxford University’s Centre on Skills, Knowledge and Organisational Performance, warns it will not be that easy. „Even if we get back to similar employment levels, those higher-level employers are not going to suddenly double their intake for a particular year just to accommodate for those they missed the first time“.
Till Marco von Wachter, an economist at the University of California Los Angeles, has studied what happened to graduates in the 1980s and 1990s in Canada. The data suggest it can take 10 to 15 years for the average person’s pay to recover after such a bad start, but there is huge variation depending on what and where they studied.
Graduates with good degrees from decent universities tend to catch up within three to four years by switching frequently from employer to employer to increase their salaries. But graduates with humanities degrees from less prestigious universities find themselves stuck in those initial low-paid jobs at smaller companies.
„The bottom graduates never recover and stay at these lower firms forever,“ he says.
Japan sets the most worrying precedent. Many of the yound people who were locked out of the corporate Japan when its economy crashed in the 1990s are still trapped in part-time, precarious work.
The Financial Times
Tác giả bài viết: Sarah O’Connor
Nguồn tin: The Financial Times
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