Graduation usually comes with a feeling of accomplishment and anticipation but our research shows that 78% of those graduating this year believe Brexit will negatively impact their career.
We explored how today’s graduates feel about the job market and compared this to how graduates faired after the last period of uncertainty, in the 2008 global financial crisis. Researched showed that 50% of those who graduated during the global financial crisis found it more difficult to secure a graduate role due to the crisis – taking an average of eight months to find their first career job.
Ten years on, three fifths (58%) say the 2008 crisis had a negative impact on their career. This year’s graduates fear they will be subject to similar disadvantages as they look to enter the workforce, with 78% thinking Brexit will negatively impact their career and 52% thinking it will be more difficult to secure a graduate role.
Georgina Brazier from Milkround noted:
“It’s easy to see the similarities in the job market from 2008 when the global financial crisis hit to this year with so much economic uncertainty. While many graduates are concerned of the impact Brexit will have on their careers, we’re a month out with no clear indication of what will happen so grads should not let themselves be distracted with all the ‘ifs, buts and maybes’.
We can somewhat put them at ease with the knowledge that Milkround is continuing to see an increase in the number of graduate roles advertised on our platform. We also offer plenty of resources to assist graduates in securing their dream role in the career of their choice. Increased competition in the market is not always a bad thing, it pushes graduates to be on top of their game and network more to gain invaluable industry connections.”
Insight from a Brexit and Labour Market Economist
Jonathan Portes, Brexit and labour market economist at King’s College London, said:
“Given the current healthy state of the UK labour market, it might seem surprising how pessimistic 2019’s prospective graduates are about the impact of Brexit. But history suggests that they are right be to be worried. Brexit may well prove not just to be a short-term economic shock, but to do long-lasting damage to young people’s career prospects.
New graduates will need to be flexible and adaptable; that may mean accepting jobs in a different sector or location to their first preference if it gives them a foot on the ladder.”
Top tips for attracting and recruiting graduates during times of economic uncertainty
Connect on an individual level
Get onto university campuses and connect with students face to face. It’s important to get your company name out there and sell your brand ethos to prospective employees.
Go back to basics
Keep the application process simple and clear. Milkround’s candidate compass survey has revealed job seekers like the basics, with 84% of respondents preferring a CV/cover letter application and 84% citing they would rather have a face to face interview than a telephone or video interview.
Keep it clear
Keep your job descriptions clear of jargon to not detract students and use this as an opportunity to talk about your companies approach post Brexit.
Understand your new recruits
Host a focus group to understand any mis-conceptions students may have about your company which will allow you to tackle the issues.
Look back to move forward
Reflect on your hiring experiences. What are you going to do differently from last year to strengthen the recruitment process? What worked and what didn’t work? Be Honest.
For more information on this research, or if you’d like to chat to us about your student and graduate recruitment campaigns, please don’t hesitate to get in touch: https://recruiting.milkround.com/
*104% uplift reported from July/December 2017 to July/December 2018, according to Milkround data