10 DECEMBER 2008: Even in the current economy there are aspects of employment graduates think are too important to compromise on, finds new research ‘Graduates into Employment’ conducted by TMP Worldwide. It would be obvious to think that any job is a good job at the moment, however, even with the recession; there are some areas that graduates will not compromise on.
- 71% say they won’t compromise on training, as this is very important to them.
- Over half (52%) of graduates won’t accept a job with poor work-life balance; however 47% would be prepared to in the current market conditions.
- A quarter of graduates won’t compromise on accepting less in terms of rotational placements from their employers.
Salary and location, surprisingly, are the areas of compromise.
- Lower salaries would be accepted by 68% with 31% sticking to their guns and refusing to accept a lower starting salary.
- 66% would move to where the jobs are, while 33% say that location is too important to them and would not relocate for a job.
Neil Harrison, Director of Research and Planning at TMP Worldwide, says: “In a strong economy, salary and location tend to be key differentiators in employer offerings to graduates. However, with the recession, graduates are more focussed on investment in their own development and will want employers to demonstrate their commitment to training and development. We ask whether organisations are promoting the extent and impact of their training as much as they might?”
One area of compromise is the sectors that graduates will work in. There are clear industry sector winners and losers in this economic climate. The Civil Service and Teaching careers appear far more attractive.
- The number of students looking to work in Investment Banking has decreased. Only 4% would be interested in working in this sector, compared to 14% if there were no credit crunch.
- Retail appears something of a default option. Just 4% of final year students want to work in the sector, but 14% end up there.
- Vocational careers such as law and engineering seem less affected.
Neil Harrison says: “Employers need to be aware that graduates could join them although they are not in a sector of choice. Therefore, employers must make sure that people are joining them for the right reasons and that they are not creating a future retention issue.”
There is far more sense of realism about the economy and what it means for graduate jobs than seen in past surveys. There has been a substantial drop in graduate confidence levels about finding a new job. Graduate confidence levels have fallen by approximately 30% since TMP’s last research in April. 53% are either not very or not at all confident about finding a job. There is still a degree of optimism for 37% of graduates who feel quite confident about securing a job when they graduate.
- However, the headline figure varies – men are comfortably more confident than women (53% as opposed to 42%).
- And those attending independent schools are 10% more confident about securing a good graduate job than those from state schools.
Ends
For more information:
Rebecca Dunstan, Flagship Consulting
Tel: 0207 886 8440
rebecca.dunstan@flagshipconsulting.co.uk
About the research
TMP Worldwide conducted the research with 1,047 final year students and early career professionals on the GTI database. The respondents are 40% male and 60% female. 32% are from an ethnic minority background. 45% are aged 21 and under. 34% have up to 300 UCAS points. 26% come from an independent school background.
About TMP Worldwide (www.tmpw.co.uk)
TMP Worldwide in the UK & Ireland provides recruitment advertising and manages the process of hiring from everyday roles through to senior positions. Its end-to-end solutions provide a pain free way to get the best candidates onboard, designing and delivering everything critical for the hiring process from job profiling to candidate management and executive search.
TMP Worldwide is one of the largest organisations of its kind, with ten offices across the UK & Ireland and it works as part of a global network which enables it to provide a tailored service on both a local, national and global level. Its creative approach to recruitment communications means it has won multiple-awards for its campaigns across the private and public sector.