We all have heard this quote at least once in our life and to some extent we know why it was written. The institutes serving higher education are filled with an abundance of active workers. They have the passion, zeal, and verve to work for long hours with the purpose of taking the economy of their country to new frontiers. Growing up in large chains of command, they tend to develop a different outlook, an outlook that makes them turn down the flat management structures. Now comes the main question, is the labour market all set to roll out the red carpet for these self-confident and enthusiastic millennials? Well, the answer might dash our hopes as the studies have shown a serious fall in the employment likelihood for the recent graduates due to the global financial crisis.
As we say there is light at the end of the tunnel, Enrolments fund higher education providers come to the rescue during this global financial crises. To strengthen the global competitiveness and national productivity, the Enrolments Fund Higher Education Providers make sure they keep delivering the skilled and energetic millennials to the organizations. Also, it is very important to note that the labor markets do not solely consider the merit or the esteemed university of the student, in fact, they look for technical expertise, skill set and a graduate identity as well.
Elements which control the job accomplishments in recent graduates
For most of the students, the graduate degree is just a mean for attaining employment and there is no two ways about it. Apparently, we cannot underestimate the importance of full-time employment in the lives of recent graduates as their education is evidently the highest investment. Similarly, there is a great need for the enrolment of skilled graduates to upgrade the national productivity and global competitiveness. As per the statement published by the Graduate Careers Australia (GCA), we came to the conclusion that the employment outlook for graduates is way too wider than the under graduates.
There are certain stumbling blocks like non-standard and insecure work in the way of these skilled graduates that stop them from utilizing their prowess to the fullest. With the result of diminishing full-time job opportunities, it has become challenging for university graduates to transit from education to work.
Millenials are becoming better educated
Studies have shown that the rate of higher education in young people (Australians) has been substantially rising. The graduate or post-graduate degree holders come between the age of 20-34 and it has been increasing time after time. By 2018, this rate has increased to 33% which is quite a considerable change. There is another important thing to note that just obtaining the employment skills is not the purpose of education, in fact, it is also valued for “education’s sake”. Today’s generation has been taking the primary and secondary qualifications, for improvising their general education skills as well.
The problem of less full-time work opportunities
Beyond the shadow of a doubt, the young generation of today is attaining a high level of skills and competencies, but there is a sad reality too as their efforts are not granting them fruitful work outcomes. The full-time work opportunities for recent graduates have been declining in the labor markets especially after the GFC. Though the number of bachelor’s degree holders has been increased by 80% from 1990 to 2008, it declined in 2014 at the rate of 68%. If we turn back the research study pages we will find that this rate has been improved again by 73% in 2018 but it is still lesser as compared to the improvements made in 2008.
Now let’s talk about part-time or casual work, studies have shown that the employment rate of part-time or casual working students has been increased, as it was 20% in 2008 and 40% in 2018. All this has a huge impact on the job opportunities for recent graduates as it would become difficult for them to compete with the experienced and older people in the labor market. The older people will hold the privilege of a wide network, more experienced, and developed interpersonal skills. This is clearly evident in the recent study which shows that 75% of people employed in the labor market are above 30 and 73% are under 30. Clearly, older people get a 2% employment advantage over young people.
The Future world of work can be improved
Preparing graduates with the right skills, opening wide full-time job opportunities for them, can definitely help them to utilize their skills to the fullest. To achieve this, it is imperative to reinforce the macroeconomic environment. Universities should be aligned with high-quality labor market data along with preventing high-level insecure work. Not just this, universities also need public funding so as to let it contribute enormously to the labor market by sending the most prominent young workers.