The Graduate Labour Market – Where we are now?
The graduate labour market has suffered significant damage, particularly in the arts, which may be the worst-affected sector in the UK. Many key graduate employment sectors – in health, social care, IT, finance have been much less affected than many other areas of the economy. Retail, hospitality, travel and accommodation employers have all taken long-term hits.
University Life – The Effect on Undergraduate Students
Undergraduate students have shown up for the start of term in large numbers but COVID outbreaks and lockdown restrictions are affecting morale and mental health, and dropouts are a concern. But we must also be mindful that young people not in employment have very few alternative options at the moment.
Future Impact of COVID-19 on The Graduate Labour Market
The economy is improving, but we’re a long way from where we were at the start of the year and a prolonged return to lockdown will be a blow to small businesses and sectors like culture, retail and hospitality that have already had a hard time.
London seems to be taking a particular hit, with footfall and vacancies well below normal levels. It remains a very strong graduate economy though.
Career Prospects & The Impact on University Graduates
The pandemic is going to profoundly change the nature of work for many employees and professional services and IT workers, in particular, have proved as productive at home as in the office, so a widespread move to homeworking is likely for many graduates. The large majority of workers in tech and professional services are currently working from home, and if this pattern persists it will significantly change many aspects of society, particularly in our cities.
Many employers are discussing recruiting in Q3 and Q4 if conditions permit after missing the normal recruitment round earlier in the year. Others have decided to wait until 2021 though.
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