Graduate Labour Market Statistics

Question: Describe about the Graduate Labour Market Statistics. Answer: Introduction It is said that the development of any country depends on the educated youth of that country. This is very true because a qualified individual acts as a boon in the development and upliftment of the country. In this particular analysis on the graduate labor market of UK, it is analyzed that how can the educated resource be consumed in an organization to produce optimum output (Blundell, 2014). To make the picture clearer the Graduate Labor Market Information (LMI) helps in many ways. Through LMI the present or the current economic position of the employment sector and the employment situation of the graduates can be recorded. It looks at the capabilities of the recent graduates and the factors which are considered by the employers and various economic consultants for the future growth in the employment sector. LMI includes the final destination of the graduate, the average salary to start with, and the latest or current trends which are applicable in employment sectors along with the manner of recruitment (Branine and Avramenko, 2015). All the above information can be supportive to make a correct career decision. Terms of reference To analyze the graduate labor market, the necessity of the Labor Market Information (LMI) plays an important factor (Lim, 2015). It arises a need for Professional development Planning (PDP). PDP is the concept through which the plans can be evaluated. Planning plays a vital role in each and every step of our life, without proper planning the desired result may not be achieved. So to enhance our chances of career success we should plan first (Green and Henseke, 2016). Another important factor about the concept of PDP is that it should be highly individualized, which states that the plans may be inspired by others but they need to work for an individual only. So plans should be made keeping in mind your preferences, priorities and tastes. The theory of PDP works on the concept of exploring various trends which help to grab the available opportunities and to know about the skills and experience required to achieve the desired goal. Planning should be considered as a living document. Pla ns should be kept updated; they should be referred on regular basis. Plans help us in self- assessment which is very critical in the development of our core skills. Methodology The current analysis is related to the educated labor market conditions in the UK. The study describes the factors which affect the educated youth of the country (Lee and Trappmann, 2014). It states whether the manual resource of the country is utilized properly or not. The major topic of concern is to ensure proper employment and wages to the employed people. Proper approach and appropriate strategy were taken into consideration. Many business institutions were referred and bulletins were studied. The main motive behind the research was to develop a proper planning system through which the employers and the employee will be benefitted. During the research mainly two types of data were collected -Primary data which is collected by conducting various surveys and getting information from the human nature. -Secondary data which is obtained from sources like journals, bulletins of various business houses and management institutes. Key findings There is absolutely no scarcity of information from different sources which demands a necessity for graduate labor management. Although it may be sometimes confusing, seeming contradictory and often unreliable. But data should be studied thoroughly and should be applied in a useful and meaningful manner. An overview of Graduate Labor Market Statistics (GLMS) as published by Department for Business Innovation Skill states that in 2015 graduates as well as post- graduates were employed in large numbers, resulting in an increased employment ratio (Klinthall and Urban, 2014).Another statistics shared states that the average salary for young graduates increased in 2015 and there is increase in the employment rate to 4.4% in 2015 as compared to 2.7% in 2008. Similarly remarkable results were published in the statistical report of UK Labor Market by the Office for National Statistics in February 2016 (Kluve, 2014). Therefore through these statistics analysis of UK labor market depicts many strengths and weaknesses which can be elaborated under certain heads. Firstly certain strengths to be discussed are as follows: -A remarkable increase in employment rates, unemployment rates and inactivity rates. -The skilled employment rates and median salaries have risen. -Awareness among the educated youth in the country takes a major place for their professional development planning. Fig 1: Increment in employment rate of graduate labor of UK. Source: (market-statistics-Q2-2015.pdf) Fig 2: Rise in salaries of graduates of UK. Source : (market-statistics-Q2-2015.pdf). Though the level of employment has increased, but certain factors clearly state the weaknesses also such as: -The earnings did not match with the expectations of the graduate employees. -A significant income difference has been created amongst the graduates. -Certain specialized areas of knowledge such as education and public services are usually reserved for females, which result in gender indifferences in an occupation as well as income. -Indifferences can be seen by color also. The black have lower rates of employment and wages as compared to white graduates. -Graduates studying science, engineering, English, math have high employment rates. Conclusion In the above analysis, about the UK graduate labor market, what factors were responsible for ranges in salary, what skills and theories should be employable etc. were highlighted. Finally, as a coin has two faces similarly this analysis has certain strengths and weaknesses. The hard work applied or the urge to chase the desired objective acts as our strength. Whereas the stress felt in case of a failure is the major weakness of this planning policy. Everyone is a performer but things may not become favorable all the times. For facing that situation flexibility is required to handle changes.To conclude the analysis, planning appeared as an effective tool for development of the educated labor and it should be kept close to hand and worked on regular basis. References: Graduate Labour Market Statistics April-June Q2 2015.(2015). 1st ed. [ebook] Department for Business Innovation and Skills. Alexandrakis, C. (2014). Sectoral differences in the use of information technology and matching efficiency in the US labour market.Applied Economics, pp.1-10. Blundell, R. (2014). How responsive is the labor market to tax policy?.IZAWOL. Branine, M. and Avramenko, A. (2015). A Comparative Analysis of Graduate Employment Prospects in European Labour Markets: A Study of Graduate Recruitment in Four Countries.Higher Education Quarterly, 69(4), pp.342-365. Green, F. and Henseke, G. (2016). The changing graduate labour market: analysis using a new indicator of graduate jobs.IZA J Labor Policy, 5(1). Klinthall, M. and Urban, S. (2014). The strength of ethnic ties: Routes into the labour market in spaces of segregation.Urban Studies, 53(1), pp.3-16. Kluve, J. (2014). Youth market labor interventions.IZA World of Labor. Lee, A. and Trappmann, V. (2014). Overcoming post-communist labour weakness: Attritional and enabling effects of multinationals in Central and Eastern Europe.European Journal of Industrial Relations, 20(2), pp.113-129. Lim, J. (2015). The Weakness and Soft-headedness of my Friends': The People's Action Party, the British Labour Government and Party, and the Socialist International, 1976.Labour History Review, 80(1), pp.63-90.