Accenture Strategy 2015 U.K. Graduate
Employment Survey reveals large employers need to sharpen their
appeal
The vast majority (77 percent) of 2015 UK university graduates
say that their education has prepared them well for work, according
to research from Accenture (NYSE: ACN). But their optimism
contrasts with the experience of 2013 and 2014 graduates, 60
percent of whom consider themselves underemployed or working in a
job that does not require a degree.
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The Accenture Strategy 2015 U.K. University Graduate Employment
Survey polled 1,000 students graduating in 2015, and 1,000 who
graduated in 2013 and 2014, to compare the perceptions of students
preparing to enter the job market with the reality experienced by
recent graduates in work. It revealed the potential for a
disappointing start to working life for those leaving
university.
Approximately three-quarters (72 percent) of this year’s
graduates expect to find full-time work, but only 58 percent of
2013 and 2014 grads have been able to do so. Eighty percent of this
year’s university leavers say they considered the availability of
jobs in their intended field before selecting their degree course.
Yet, although 67 percent expect to work in their chosen field, only
55 percent of 2013 and 2014 graduates have been able to do so full
time.
In a bid to secure relevant work, 71 percent of this year’s
graduates have participated in an internship or apprenticeship
during university, compared to just 65 percent of previous year
graduates.
Expectations of employer-sponsored learning and development
opportunities are high. Eighty four percent of 2015 graduates
expect to receive formal training in their first job. Yet only 72
percent of 2013 and 2014 graduates reported that their employer
provided such opportunities.
“This year’s graduates are highly resourceful in making
themselves relevant to employers,” said Payal Vasudeva, managing
director, Accenture Strategy. “They expect good work opportunities
and employer provided training, but many remain underemployed and
dissatisfied with their work situation. As a result, a large number
aim to return to university or college to position themselves for
better jobs.”
New graduates place high value on employer culture
Only one fifth of 2015 graduates surveyed say they would prefer
to work for a large company. Instead, a third (34 percent) would
opt for medium sized enterprises, 11 percent would go for a
Government job, and almost a fifth would prefer to work for an
entrepreneurial company or start-up, a non-profit organization or
to work independently.
Compounding the challenges for Britain’s largest employers, the
Accenture Strategy survey found that organizational culture
continues to be important. A majority (59 percent) of the 2015
class say that they would prefer to work at a company with a
positive social atmosphere and receive a lower salary, than receive
higher pay at a company that is less fun. Fifty two percent would
accept a lower salary if a company displays a commitment to
environmental or social impact.
Aside from salary and benefits, interesting and challenging work
was the top factor in choosing an employer (52 percent), followed
by opportunities for rapid advancement (32 percent) and innovative
work environment (30 percent).
“The UK’s largest companies are in danger of losing bright
graduates to smaller, nimbler enterprises if they are unable to
provide the right kind of work opportunities or an appealing
working environment,” said Vasudeva. “Large companies often have
superior social environments and more robust commitments to the
environment than smaller enterprises. It is important that they
make more of those and shape their culture in ways that will draw
young employees and keep them engaged.”
Continued struggle for financial security
Graduate salaries may continue to disappoint, according to the
research. Only 16 percent of this year’s graduates say that they
expect to earn £19,000 a year or less in their first job, while 25
percent of 2013 and 2014 graduates had an income in that range.
Limited independence is likely to be a consequence of modest
salaries as 74 percent expect to graduate with student loan debts.
While 31 percent of this year’s graduates expect their parents or
family to pay their rent and living expenses, a far higher 54
percent of those who left university in the previous two years had
to rely on parents and family to cover such costs
More graduates are prepared to look further afield
geographically for the right job than in the past, with 28 percent
open to looking abroad, compared to only 19 percent of those who
graduated in 2013 and 2014. Forty four percent of 2015 would look
in a different city.
“Graduates are willing to invest further to secure better work
or make trade-offs to find work with employers with a more
conducive culture,” said Vasudeva. “Four in ten 2015 graduates
would be willing to take an unpaid internship if a job was not
available. Employers who fail to create career development programs
and a clear path for advancement are missing a tremendous
opportunity to attract and retain top talent.”
In the final assessment, of those who graduated in 2013 and
2014, 69 percent say that the expense of going to university will
have been worth it financially in the long run, and 72 percent
think going to university will be beneficial to their career.
Employer Recommendations: Five Ways to Attract and Retain Top
Entry-Level Talent
Accenture Strategy offers five recommendations for employers to
strengthen their entry level talent pipeline:
1. Digitize the talent pipeline. Employers should invest
more in digital channels to attract entry-level talent and
differentiate the recruitment experience. Seventy four percent of
2015 graduates plan to use or have used a mobile app to search and
apply for jobs, versus just 61 percent of 2013 and 2014
graduates.
2. Recast entry-level talent. Six in ten (63
percent) of 2015 graduates expect to stay with their first employer
for three years or more. Employers should offer entry-level
employees challenging work and a culture of growth and
advancement.
3. Bolster broad based development opportunities.
Almost two-thirds of 2015 graduates (65 percent) are looking for
on-the-job training from their employers and about half (47
percent) expect formal learning experiences. Organizations should
invest in learning and development to differentiate themselves as
an employer of choice, but also develop skills within the
workforce.
4. Invest in the employee experience.
Organizational culture is important. The top two concerns for 2015
graduates are fears over work/life balance (39 percent) and being
overworked (38 percent). Most graduates would accept less pay to
work for a company with a good social atmosphere. Companies must
ensure their working culture and environment appeals to the best
talent.
5. Engage talent early. Of the 71 percent of 2015
graduates who participated in internships, six in ten (61 percent)
say that it led to a job post-graduation. Internships,
apprenticeships and co-ops help employers to access high-quality
talent and determine if they are a good cultural fit.
Methodology
Accenture Strategy conducted an online survey in the United
Kingdom of 1,000 students graduating from college in 2015 and
entering the job market, and 1,000 participants who graduated
college in 2013 or 2014. The survey was conducted in May 2015.
Learn more at
http://www.accenture.com/ukuniversitygradresearch.
About Accenture
Accenture is a global management consulting, technology services
and outsourcing company, with more than 336,000 people serving
clients in more than 120 countries. Combining unparalleled
experience, comprehensive capabilities across all industries and
business functions, and extensive research on the world’s most
successful companies, Accenture collaborates with clients to help
them become high-performance businesses and governments. The
company generated net revenues of US$30.0 billion for the fiscal
year ended Aug. 31, 2014. Its home page is www.accenture.com.
Accenture Strategy operates at the intersection of business and
technology. We bring together our capabilities in business,
technology, operations and function strategy to help our
clients envision and execute industry-specific strategies that
support enterprise wide transformation. Our focus on issues related
to digital disruption, competitiveness, global operating models,
talent and leadership help drive both efficiencies and growth. For
more information, follow @AccentureStrat or visit
www.accenture.com/strategy
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AccentureTim Ferguson, + 44 207 844
7822timothy.j.ferguson@accenture.com
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