People graduating from university this year could struggle to find a job, according to a job site that claims they are leaving university into one of the toughest job markets for seven years.
Figures from job search engine Adzuna showed the total number of vacancies in the UK increased for the fourth consecutive month in May, but with those leaving university about to enter the job market, vacancies for graduate roles are in decline.
There has been a 20.8% drop in the number of graduate vacancies over the past five months, and the number of advertised graduate roles (12,983) was down 11.6% in May 2023, compared with a year earlier.
Around 570,000 UK students are set to graduate into the labour market this year, according to the Higher Education Statistics Agency.
Graduate jobs 2023
Graduate employers should consider impact of marking boycott
Santander removes 2:1 degree requirement from graduate scheme
The number of graduates per vacancy is anticipated to increase to 44 this summer, up from 36 per role in 2022.
Graduate jobs in 2023 are taking nearly 40 days to fill, the longest of any sector monitored by Adzuna. This could be because there is less urgency among employers to fill graduate roles as they know there are lots of candidates available, or there are a high number of applications per role to process, it said.
The average advertised graduate salary rose to £27,802 in May, a 6.62% increase compared with May 2022.
According to Adzuna’s UK job market report, outside of graduate roles the total number of UK vacancies grew by around 5,000 in April-May 2023 to 1.05 million, however this figure was 16.8% lower than in May 2022.
The travel sector saw the largest month-on-month increase in vacancies (7.38%), as employers prepared for the busy summer season. Hospitality and catering vacancies also grew (4.61%).
The average advertised UK salary was 3.26% higher than May 2022, at £37,750. This is the highest average advertised salary in more than two years said Adzuna, but it noted that the number of job ads giving a salary fell slightly to 50.9% in May (51.5% in April).
Advertised salaries in social work grew by 21.6%, followed by salaries in healthcare and nursing (15.7%) and property (15.04%). HR salaries on job adverts fell by 3.24%.
Job seekers per vacancy decreased marginally month-on-month but were up slightly (0.22%) on the figure for May last year.
Employers were taking on average 34.9 days to fill jobs – the shortest on record.
Andrew Hunter, co-founder at Adzuna, said: “Continuing its upward trajectory, the UK job market remains resilient, with another month of increasing vacancies and rising salaries. While the growth may be modest, compared to previous months, it still signifies a steady trend and a new peak for 2023, helping to narrow the gap from last year.
Sign up to our weekly round-up of HR news and guidance
Receive the Personnel Today Direct e-newsletter every Wednesday
“However, challenges persist for graduates, facing a tough market with decreasing vacancies. Amidst these dynamics, competition for jobs is intensifying, and roles are being filled faster than ever before. Adaptability and strategic choices are key to navigating the evolving landscape.”
Recruitment and resourcing opportunities on Personnel Today
Browse more recruitment and resourcing jobs
