According to the Institute of Student Employers, employers receive on average 140 applications for each graduate job.
The annual recruitment survey revealed that over 1.2 million applications were received for the 17,000 graduate positions in the past year . This is the highest number in more than 30 years.
Digital and IT roles received the most applications, with 205 per vacancy. Finance and professional services attracted 188.
The number of applications received by employers in the public and charity sectors was lowest, with only 74. Employers from the built environment only received 85 applications for each graduate position.
Applications for school leavers, apprenticeships and other roles for graduates have increased. This type of position receives an average 113 applications, which is up 66% over the past year.
ISE believes the increased competition for jobs is partly due to a slower market for graduates, as well as the use of artificial intelligent technology.
In an effort to increase diversity in their hiring, many employers have also broadened their entry requirements. A wider range of candidates can apply because the emphasis is less on a 2:1 or a specific number of UCAS Points.
The organization found that graduate job vacancies increased by 4% last year compared to the previous year. Employers expect a 1% increase in hiring for the coming year. They cite economic pressures to be a barrier.
According to ISE, the number of candidates using AI during the application process is also increasing.
Nearly half of employers said that they were happy to have candidates use AI. This was mainly when writing CVs or cover letters, and completing online application forms. About half of the respondents said that candidates have used AI to complete online applications and write cover letters or CVs.
AI advances have led to a change in selection procedures for more than two thirds of employers.
The changes in visa regulations have also made it harder for employers to recruit international students.
Despite the fact that most respondents said they would continue to recruit overseas, 18% of them had rescinded job offers because of changes in visa regulations.
Stephen Isherwood said that despite the efforts made to increase diversity in hiring, it was a difficult market for graduates.
He said that while this is a positive step by employers to encourage applications from a wider pool of candidates, it has resulted in millions of rejections to students over the past year.
We must be aware of the impact on students. Employers should be transparent in the selection process and provide feedback when possible.
Isherwood encouraged graduates to not be depressed about the job market. He stressed that employers are committed to hiring graduates.
He added that “applicant volumes have always exceeded vacancy levels, and opportunities in general are still increasing despite the difficult economic climate.”
Students should focus their applications on gaining work experience, as employers hire more former interns every year. AI can enhance your application, but it must be genuine otherwise you may end up in the wrong position.”
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