- Whilst average salaries decrease for first time since 2009
- Employers suffer retention rate set-back
Undergraduate students are now securing more placements and internships than ever before, according to the latest figures released by online student resource, RateMyPlacement.co.uk. The figures highlight the increasingly important role played by internship and placement schemes in filling talent pipelines for the top employers.
The data has been revealed following the launch of the Top 100 Undergraduate Employers, which ranks employers according to student ratings.
The top employers recruited an average of 167 students for placements or internships in the 2013-14 academic year, an eight per cent rise on the previous year (154). The rise can partly be attributed to a significant increase in students being accepted onto short-term insight schemes; up by 23 per cent from 2012-13 to an average of 130 students per scheme in 2013-14.
However, it’s not all good news for undergraduates. The data also indicates that the average wage received by students on schemes has decreased for the first time since 2009, albeit only slightly. After four years of salaries rising, the 2013-14 average salary of £18,266 sits 0.6 per cent lower than the previous year.
The number of students expected to return to the same company following their undergraduate placement or internship has also decreased this year, currently standing at 56 per cent, down from 60 per cent the year before.
Oliver Sidwell, co-founder RateMyPlacement.co.uk said: “With more and more competition for graduate jobs, employers are placing increased focus on placements and internships to identify top talent as early as possible. This is positive news for students, providing more opportunities across a range of year-long placements, summer internships, vacation schemes and short term insights to make an impression in their desired fields. However it also highlights the importance of weighing up career options sooner rather than later, to avoid being left behind.
“From an employer perspective, this year’s figures emphasise the importance of identifying the right candidates and offering them an attractive package, to increase the chances of retaining them upon graduation. The best students will be in demand so it’s important that salaries remain competitive.”