news focus 09
Salaries
The findings of the survey in relation to
graduate starting salaries are modest with
an overall growth rate this year of just
1.8 per cent. The median salary for 2008
stands at £24,500 compared with £24,063
in 2007. The most common salary range for
employers to offer is £22,001 to £24,000.
At the upper end of the scale, law firms
have now outstripped investment banks
with a starting salary of £36,500 compared
to £35,000. Predictions for 2009 are notably
cautious with almost half of employers
planning to tighten their belts by giving only
Riding
a cost-of-living rise. Nearly a quarter do
not expect their salaries to change at all as
concerns about overheads in the current
the storm
economic climate begin to bite.
Applications
The number of applications for jobs
The graduate recruitment market is
continues to grow as the competition for
surviving the economic downturn despite
graduate schemes intensifies. Employers
received an average of 30 applications per
recent gloomy forecasts, according vacancy. Applications for IT and banking
to new research released by the
have also grown and overall nearly one
tenth of employers reported having received
Association of Graduate Recruiters (AGR)
more than 10,000 applications this year.
at the organisation’s annual conference
Selection
One of the most striking findings of this
year’s survey is the proportion of employers
that have decided to drop the 2:1 degree
Recent press coverage of the credit crunch Vacancies as their main application criterion for
has reported an increase in unemployment Despite fears that employers, worried by graduate jobs. One third of employers are
figures, and predictions for further misery in the economic climate, would start reducing now asking for a 2:2 or above, as well as
the years to come. or abandoning their graduate recruitment other skills and relevant work experience.
schemes, this year’s survey shows that The main reasons that employers cited
Yet the graduate market looks set to be vacancies for graduate level positions for dropping the 2:1, which has until now
able to weather the storm. Even with a are actually growing with a respectable been the gold standard of selection criteria,
slow-down in the labour market many rise of 11.7 per cent on 2007 figures. were the increasing importance of life skills
organisations will continue to search for the Though growth in vacancies has slowed as well as academic skills and the need to
‘perfect’ graduate, which is why the graduate slightly, almost three-fifths of employers widen the talent pool.
unemployment rate is at its lowest point for surveyed expected to report an increase in
five years (5.6 per cent compared with 6.1 vacancies in 2008. Carl Gilleard, Chief Executive of the
per cent for the previous year – 2008 Annual AGR, said: “The results of the 2008
Higher Education Statistics Agency). The top recruiting sectors continue to survey present a mixed picture; they
be accountancy and banking, which are surprisingly positive in relation to the
The AGR’s Graduate Recruitment Summer between them offer more than a third of number of vacancies available with a
Review is the UK’s largest independent all vacancies. The transport and FMCG respectable increase across the sectors
survey of the country’s leading graduate sectors, however, have seen the greatest and good predicted growth for 2009.
employers and the definitive barometer of growth in the number of vacancies with a However, although employers are still
the employment situation for graduates in 50 per cent increase on 2007. The overall hiring, this year’s survey shows the
the UK. This year’s survey was based on outlook remains positive with 32 per cent smallest rise in graduate salaries in recent
the responses of 242 private and public of all employers expecting vacancy levels years and in most cases employers will
sector companies that collectively employ to grow in 2009 and 74 per cent expecting offer no more than a cost-of-living rise
23,727 graduates. to fill their 2008 vacancies. next year.”
GradJobs Magazine | Autumn 08
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