More graduates than ever are grappling for jobs as vacancies fall, according to the Graduate Recruitment Trends Survey 2002/3 released by graduate careers publishers GTI. Work experience opportunities are also falling as employers cut back their recruitment budgets.
The report catalogues statistics compiled over the last four years from eight titles in GTIís TARGET by sector series. Between 400 and 500 companies took part in the survey each year, representing many leading graduate employers.
The report reveals that, since 2001:
Vacancies in most sectors have fallen, particularly in finance (down 20%), engineering (down 17%) and IT (down 14%). Despite the decreases however, there are still more graduate vacancies this year than there were in both 2000 and 1999.
With applications on the up and a decrease in vacancies, selection procedures are still as rigorous as last year as companies screen for top talent. As well as attending interviews, candidates can expect to carry out presentations, group exercises, psychometric and aptitude tests.
The days of recruitment by CV appear to be numbered. The use of online application systems has risen further as companies continue to tighten up their recruitment procedures to secure the best graduates. In 2002 65% of graduate recruiters used online applications, up from 55% in 2001.
Continuing economic uncertainty means benefits and work experience opportunities have been cut back for this yearís graduates.
As the competition for jobs shows no let up, opportunities for work experience are falling in most sectors. Against the general trend, work experience vacancies are increasing in the built environment and property sector.
Successful job seekers will also find that benefits packages are not as good as last year. The most common cutbacks were on golden hellos, bonuses, season ticket loans, gym memberships and subsidised restaurants.
Salaries, however, have remained largely unchanged across the board. Where salaries have decreased, this is marginal.
Chris Phillips, UK and Ireland publishing director of GTI, comments: ìThis year graduate vacancies have fallen in most sectors. Even banking has seen the first fall in the number of vacancies in three years. In this current period of uncertainty, companies are tightening their belts while students are making more applications in desperate attempts to secure their first jobs.î
Graduates desperate for jobs as vacancies fall
according to the Graduate Recruitment Trends Survey 2002/3