The Institute for Student Employers has surveyed employers from various sectors and industries to find out what’s going on in the graduate jobs market. Careers Consultant Lucy Romijn summarises 3 of the key findings & what they mean for you!
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Employers are moving away from formal development programmes
Up to now, many graduate schemes have had one intake a year, bringing in a cohort of graduates all at the same time on a structured development programme relevant to the organisation and role. In 2021 80% of graduate employers ran a formal development programme for all graduates. For students, this often meant that applications for graduate roles would open once a year, usually in the autumn with start dates in the following summer.
In 2022 69% of employers are operating a structured development programme for all graduates. Many firms are reporting high turnover of staff and growth in their teams meaning they need to be more agile to the needs of the business. Organisations are now looking to offer more flexible development programmes for just some graduates while increasing ad hoc, rolling or direct entry recruitment of graduates into the business.
What this means for you: Opportunities for graduates could be advertised at any point during the year, so if you can’t see something you like the look of now, keep looking! It is also likely we might see greater variety in the types of opportunities aimed at recent or soon-to-be graduates. Use Handshake and our Smart Job Searching resources to help you find those opportunities.
For recent graduates we hope this will mean more flexibility about when you can start a grad job, rather than having to wait for the next application cycle for a start date over a year away.
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Employers are placing more focus on transferable skills
Over a third of employers reported that their skills needs have changed as a result of Covid-19. Many employers emphasise the need for digital skills, self-motivation and flexibility to adapt to working in virtual and hybrid environments. Employers are also looking for graduates who can drive their own development and who are comfortable in explicitly asking for help now they are no longer working in close proximity to colleagues in an office.
What this means for you? Employers aren’t necessarily testing for all transferable skills during the recruitment process but they will be looking at development potential. Ensure you are able to recognise, articulate and give examples of how you have used your transferable skills ready for applications, interviews and assessment centres.
Learn more about the skills employers look for and how you’ve developed them during your degree: https://www.youtube.com/watch?v=sUYEhg34ukg&list=PLjXjP2rLl5xker9R6YKw83ToyWotOalTg
Complete a skills audit to help you recognise your skills and those you would like to work on: https://cam.joinhandshake.co.uk/edu/articles/125
If you’re about to start your first graduate job, don’t be afraid to reach out to colleagues to ask for advice or support. A mentor can be a great avenue for informal conversations about where to go and how to ask for support or how to manage your own career development.
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Graduates are increasingly moving on from their first graduate employer within five years
83% of graduates are still with their first employer 2 years after joining, this drops to 53% at the five-year mark. Their reasons for moving on are varied, with 51% moving to a different company, 44% moving to a different area of work or changing career and 40% looking to change location or increase their pay.
What this means for you: The decisions you make about your career at this stage are not fixed forever. If you find that your first organisation or role isn’t for you, it’s possible to move on or change career entirely.
If you’re just starting to think about your career options or looking to make a career change, our Self Reflection Toolkit and How to Pick a Career videos can help you figure out what you want and get started with researching and narrowing down the options.
If you have a few ideas, reach out to Cambridge grads who can give you the insider-insight about roles or organisations, or attend a Careers Fair to speak to recent graduates and recruitment teams from different firms to help you make an informed decision.