Financial concerns of graduates means they are more
concerned about starting salaries when looking for a graduate
job
With starting salaries for graduates
increasing, graduates are finding salary is one of the main factors
when considering a graduate job for new professionals according to
the Hay Group. 93% of graduates this year have outlined base pay as
the most import ant factor in a career choice.
The Hay Group conducted research on over
10,000 graduate’s wages in over 600 mid-sized and large private
sector organisations in the UK. The top three criteria they found
after salary were also based around financial remunerisation;
benefits were graduates second choice of 51%, future earnings (45%)
and bonus potential (37%).
Just 16% of respondents believed a passion for
the job and values and benefits of an organisation to be important
factors. Many graduates believe that a company that has the ability
to make a difference was the least important consideration of all,
with this placed in the top three for just 4% of graduates.
Christopher Smith, reward information
consultant at Hay Group said: "The economic climate is clearly
influencing graduates' career decisions. Acutely aware of the
difficult labour market and rising living costs, they are looking
for a career path that makes financial sense first and foremost.
Idealistic factors barely come into consideration."
There are wide discrepancies between what a
graduate expects and what is available, with an uncertain outlook
for graduate jobs many graduates are lowering their remuneration
expectations well below what they could earn in the some of the
largest graduate
employers.
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