The Graduate Labour Market Dr. Michelle Stewart London South Bank University

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 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 earnings 2.Creative arts + humanities – lower earnings 3.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 Market Unemployment 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 Market Replacement demands over next 8 years: Health43% Education44% Administration41.8%

The Graduate Labour Market Increase in opportunities? 1.Managers, directors and seniors officials 2.Professional occupations 3.Associate professional and technical

All industries thousands Managers, directors and senior officials Professional occupations Associate professional and technical Administrative and secretarial Skilled trades occupations Caring, leisure and other service Sales and customer service Process, plant and machine operatives Elementary occupations Changes in Occupational Employment Structure,

The Labour Market - London Opportunity – % of UK professional services Legal 76.5% Accounting 69% Head Offices 62% Consultancy 68% Architectural and Engineering 60% Advertising 72%

The Graduate Labour Market Key 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 experience 1.Self-management 2.Team working 3.Business and customer awareness 4.Problem solving 5.Communication and literacy 6.Application of numbers and IT skills

The Graduate Labour Market Potential future concerns: 1.Reduced number of men entering HE 2.Increased supply of graduates leading to increase in ‘under-employment’

The Graduate Labour Market Sources: What do Graduates Do?, HESCU Sept 2014, HESA: DLHE statistical first release 25 June 2015 Future Trends 2012 – 2022, UKCES, 2014 Economic Outlook for Central London, City of London, March 2104 ONS Labour Force Surveys 2012 – 2015 Career portfolios and the Labour Market for Graduates, NCUB, April 2014 NOMISweb.co.uk The Graduate Market 2015 – High Fliers Research Ltd UCAS: data and analysis