Predicting the future of the graduate job market is more of an art than a science. However, certain indicators can provide valuable insights. A recent survey by the Institute of Student Employers (ISE) revealed a 20% increase in graduate recruitment in 2022 compared to 2021. This trend is expected to continue into 2023, although not uniformly across all sectors. Factors like inflation, impending recession, and supply chain issues are variables that can’t be ignored.
The graduate job market is influenced by a myriad of factors, including economic conditions and industry-specific demands. While ISE members, who are generally inclined to hire graduates, reported positive trends, these findings don’t necessarily reflect the broader landscape. Economic uncertainties like inflation and supply chain disruptions add layers of complexity. For those grappling with the uncertainties that come with graduating, our related blog post offers further insights into learning how to set realistic salary expectations as a graduate in the job market.
Increased Competition for Roles?
The current economic climate has led to increased competition among job seekers. Last year’s ISE survey reported an average of 62 applications per vacancy, a slight decrease from the previous year. However, certain sectors like law and accountancy may actually benefit from economic downturns, experiencing an uptick in demand for specialised roles.
Salary Trends for Graduate Jobs
According to the ISE, the average graduate salary is nearly £31,000, significantly higher than the median pay of around £25,500. But it’s crucial to note that these figures don’t account for inflation, which is currently outpacing salary growth. Some employers are considering wage increases and other benefits like flexible working options to counter the cost-of-living crisis.
If you are a student or recent graduate looking for a short term placement, internship or full-time permanent position, then get in touch with Step today to access a diverse and inclusive outcome-focused range of internships and placements, as well as graduate jobs across a range of industries!