Graduate unemployment is unemployment amongst those who have an academic degree, and it is fast becoming an increasing global issue.
Research carried out in the US proved that the unemployment, and much more so, the underemployment of graduates, is at a devastating high. Since the economic recession began in the US economy in 2007, a rising number of graduates have been unable to find permanent positions in their chosen field.
Furthermore, one in five UK university graduates who enter into the labour market were unsuccessful in finding a job last year, as graduate unemployment reached its highest level since 1995. The figures displayed that graduate unemployment had risen from 10.6 percent to 20 percent.
Ministry of Education statistics indicate that more than 6 million students will graduate in China this year whereas in 2002, the total number consisted of only 1.45 million. But the employment rate for graduates last year was less than 70% and the rising number looking for jobs is challenging the government at a time when the present economic crisis will only add to the problem. It is likely that nearly two million graduates will not find work, many of whom are postgraduates, some holding doctoral degrees.
In South Africa, the rate of unemployment amongst 18 to 24-year-olds at this present time is 48.2% and the country has found itself over supplied with specific degrees. In 2007 the University of Cape Town research unit published its research on the patterns of graduate unemployment, showing not only that primary victims here were black, coloured and Indian students but also that those studying humanities and social societies are in the majority of those unemployed.
A recent UK poll says that a third of all graduate jobs will go to those who have obtained work experience. Martin Birchall, managing director of High Fliers Research who conducted the survey said: “It’s not enough for graduate students just to have a good degree. They need to have business skills. Employers want them to be able to hit the ground running.”
How can the graduate unemployment rate decrease? What can students do during or after their degree to enhance their prospects of employment? Should students be taking the initiative to actively find programmes such as internships and work experience to further their prospects and chances of employment post-degree.
References:
High Fliers Research www.highfliersresearch.co.uk
Statistics, South Africa www.statssa.gov.zabbcnews.co.uk – Education
Office for National Statistics data
University World News