New research shows that companies have raised youth wages as competition for jobs has increased.
Typical alumni salaries will rise to £30,500 in 2021, an increase of £833, while school leavers will increase by £1,039, according to the Student Employers’ Institute (ISE). His boss, Stephen Isherwood, said, “Employers are looking for ways to compete for talent in a tough market.”
The number of applicants also hit a record high, he said. In their study, companies reported an average of 91 applications for university positions – a 17% increase over the previous year. This is also the highest figure since ISE began collecting data in 1999.
The 2021 graduate cohort is vying for jobs against last year’s cohort, which ended in the year the pandemic began.
Casimir-Thomas law graduates struggle to find work in their field. Casimir-Thomas’ son graduated from law school last year but is struggling to work in the law industry. He is currently working at a recruitment agency.
“In the last two months, I have applied for about a hundred jobs, both within [the legal profession] and outside it,” he said. A child thinks there are several options, “although getting into law is a challenging field,” given his qualifications.
“I look forward to the future,” he added, “but it’s been difficult for me and some of the friends I know who have graduated as well.” However, 177 respondents, all major employers, students, and young people, said the labor market had not recovered to pre-pandemic levels.
Mr. Isherwood points out that graduate salaries have stagnated for several years following the 2008 financial crisis. The rise in wages suggests that business costs are also rising, as “another sign that companies should invest more in recruiting graduates,” he said.