An interesting development to come out of the COVID-19 pandemic is the seemingly continuous...
An interesting development to come out of the COVID-19
pandemic is the seemingly continuous increase in job vacancies. According to
the Office
for National Statistics, job vacancies in August to October 2021
continued to rise to a new record of 1,172,000, which is an increase of 388,000
from the pre-coronavirus rate.
Although, a small percentage of workers were made redundant
during this period, a large portion of people have simply left their jobs. This
is being referred to as the great resignation. In this article, we explore the
different aspects that played a role in this trend occurring and how it impacts
graduates.
What caused the great
resignation?
Since the easing of restrictions surrounding the COVID-19
pandemic, people have been leaving their jobs in record numbers. Out of a 6000
person survey conducted by Randstad
UK, 69% of workers were feeling confident about moving to a new job
in the next couple of months, while only 16% were worried about trying to get a
new job. To understand these statistics, it’s helpful to assess how people’s
attitudes to work have changed because of the pandemic.
Early on in the pandemic, workers were more likely to stay
in jobs that they weren’t necessarily content with. However, as restrictions
lifted, job security became less of a concern, leading to more workers looking
for a new opportunity, or even taking their career in a completely different
direction. As well as young people staying in education for longer, a lot of
the older workers who lost their jobs at the start of the pandemic have decided
to leave the working world for good. Because of this, the size of the workforce
has got smaller, resulting in fewer people applying for jobs.
How does the great
resignation impact graduates?
Although, vacancies are being filled at a faster rate than
ever, there still appears to be a labour shortage right across the job market. In
theory, with more vacancies available, graduates should have a higher chance of
acquiring their first job. However, there has still been a reasonable amount of
competition for those who are applying for graduate schemes. The reason for
this is that, this year’s graduates were in direct competition with those from
2020.
There are some positives to take from the current landscape
though. Even if it’s in more of a generalised sense, graduates should have a
variety of opportunities to get their first step on the career ladder. This
gives graduates more leverage in deciding which company they work for. For
example, before accepting a job offer, graduates are now able to ensure their values
and beliefs align with the company’s
As a result of the powerful sway employees now hold in the
workplace, organisations are now finding it harder to attract, recruit and
retain staff. To counter this difficulty, employers are being forced to become
more creative in what they can offer their employees. Therefore, it isn’t necessarily
just done by increasing salaries, but can be achieved by providing a working
environment that makes employees feel valued. Also, with the pandemic changing
the way we approach work, future employees will likely be accustomed to and
expect the benefit of a flexible working structure.
If you are a recent graduate, make sure you contact Pareto
to give yourself the best possible chance of succeeding within the current job
market.
