Graduate recruitment to fall under Brexit
Several job sectors are expected to be negatively affected by Brexit, with concerns over implications on the graduate labour market. Graduate recruitment has been steadily decreasing since 2016.
The certainty of landing a job is now a serious concern for a growing number of UK and EU nationals just entering the job market.
Data from Prospects reveals that the number of 21-year-olds entering the job market is projected to fall from 845,000 in 2015 to 742,000 in 2023 and is not expected to return to the optimum until 2028.
While Brexit has already affected the number of EU-born applicants, with a seven per cent fall since Brexit, it is also expected to have implications for graduate employment. This year’s university graduates will enter a job market, which is lacking stability as well as available vacancies.
— Jason Bekker (@BekkerJason) May 12, 2017
A report by The Recruitment and Employment Confederation has revealed that there is a shortage of available candidates to fill available vacancies even before Brexit has hit the economy. Although that is a general concern, certain sectors will feel the shortage more severely and are expected to either tighten budgets or reduce staff.
The current state of the UK job market might have serious consequences for graduate employment and the overall availability of certain sectors.
Job sectors, which are likely to be negatively affected by Brexit in terms of work force, are accountancy, banking and finance, law, retail and media, communications and advertising and PR. Finding a job will arguably be harder for graduates, which will go into employment after graduating.
The media sector will experience the economic impact of Brexit, whereby less funding will go into the sector. Less money would inevitably lead to less hired employees.
For journalism and other media students, this will mean a shortage of available vacancies and a reluctance to hire fresh talent, which could prove damaging both for the creative input of the industry and the motivation of media graduates to enter into it.