A newly released report from global student housing brand and operator, Yugo, reveals UK graduates are floundering in an increasingly competitive job market, which sees many employers simply ignoring candidates.
The first global student housing brand and operator surveyed over 7,000 students across nine countries to explore attitudes to the university experience. The results reveal that finding a stable and well-paying career quickly has never been more vital for UK students. Neary three-quarters (73%) of whom anticipate leaving university with at least some debt to pay. One in five students expect to graduate with debts of £100,000 or more.
But the anticipation of debt only raises ambitions – most students expect to be earning between £20,000 to £40,000 after graduation.
However, in the current climate, securing a postgraduate role is no mean feat. A growing epidemic of ‘graduate ghosting’, which sees student applicants receive no response from a hiring employer – not even a rejection – is a top three concern for UK students (37%). Over a third (35%) have not heard back from more than half of their unsuccessful applications. One in 12 UK students are ‘ghosted’ by up to 80% of hiring employers.
8 in 10 UK students worry about their future career
The silent treatment doesn’t just leave students and recent graduates jobless – it also knocks their confidence. Seventy-seven per cent of global students worry about entering the workforce – this rises to 80% of UK-based students.
Female students experience higher levels of concern – 27% worry constantly, compared to just 15% of their male counterparts.
Nearly all UK students lack work experience
In a hiring landscape with more qualified applicants than ever, relevant work experience can mean the difference between securing a graduate role and not. Crucially, despite its value, 95% of UK students do not benefit from the confidence boost of work experience.
Nearly 3 in 5 students believe university offers more than just a path to employment
Despite their struggles, 74% of students across global markets do feel the university experience is worth the cost. Fifty-eight per cent emphasise personal growth, learning, and life experiences as key motivators that they believe justify the high financial costs of study.
Eight in 10 students are considering postgraduate study to boost their chances of work
Perhaps this combination of job market anxiety and enjoyment of the university experience is what is driving most students across the globe to consider extending their time spent studying.
Now that undergraduate degrees are more common and accessible, around one in five (17%) feel they aren’t enough to adequately prepare them for work life.
Postgraduate study offers students a much-needed chance to differentiate themselves further from the competition. The most common reasons to consider it are ‘to strengthen my skills and CV’ (48%), and ‘to gain additional qualifications’ (44%).
Joe Persechino, Chief Operating Officer at Yugo, said: “Students are the future of our global workforce – so listening to their thoughts, opinions, and anxieties is vital.
“Our latest Yugo Global Student Insights survey data emphasises the need for enhanced career preparation programmes during university to increase students’ confidence and resilience in the face of rejection.
“Our findings also highlight the value of the wider student ecosystem in addressing this issue. It’s not just universities that have a part to play. Any business or organisation involved in shaping and bettering student lives and experiences can and should step up to fulfil the responsibilities of career readiness, ensuring every student has an equal chance at success.
“While we can’t alter market-wide employer hiring practices, we can prepare students for the challenges they present. Together, with the right support, we can improve graduate prospects and equip the students of today with the skills and confidence to be the successful professionals of tomorrow.”
