UK graduates to enter the strongest job market in six years
In the UK, the average graduate salary is set to rise by, making it the biggest increase in six years. The increase in salary is an exciting prospect for every graduate that’s making the jump from university to the workforce. With the UK suffering through a pandemic and now experiencing an ongoing cost of living crisis, you might be left wondering why companies are advertising jobs with increasingly higher graduate salaries.
The pandemic influenced a number of key working trends. One of those was remote working and the other was the great resignation. With many workers having the time and space to reflect on their working situation, they felt empowered to make a change. As a result, employees resigned from their jobs in record numbers, causing labour shortages across the country. To cope with this developing trend, employers are turning to graduates to fill the gaps. With some of the biggest UK companies competing for much of the same talent pool, the preferred tactic is to simply offer higher salaries than their competitors. The increasing graduate salaries are also a reflection of inflation, which has reached its highest rate in.
What this means for employers
The average graduate salary has risen from £24,389 in 2021 totoday. So, on the surface, a strong job market means more money for graduates entering the workforce. Those who attended top universities and now find themselves on graduate schemes with top UK employers are likely to receive a starting salary that’s considerably higher than the average amount. However, with around 36 applicants applying for each job, the competition remains as fierce as ever for a place on one of the UK’s illustrious graduate schemes. Speaking about the graduate market, Gabrielle Crofts, Senior Vice President at Pareto said “It’s true that businesses are needing to offer record salaries to attract the best talent. However, it’s not salaries exclusively that are making the difference. More than ever this year we are finding our customers not only value help in identifying the best talent but also value support around creating an Employer's value proposition that will stand out from the crowd - for gen z this doesn’t always mean paying the most.”
Sifting through copious amounts of job applications can be a thankless task for any employer. You might have experienced the daunting feeling of having a big pile of near-identical CVs piled up in front of you, none of which reveal much about the character of each graduate. Fortunately, at Pareto, we don’t care for CVs. Instead, we prefer to host assessment days in either face to face or remote settings, allowing you to gain a real insight into the skills and personality of each graduate.
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