Introduction
University graduates do have an advantage, although the economic slump has increased unemployment rates across the US..
The report’s writers, Anthony P. Carnevale, Tamara Jayasundera, and Ban Cheah, are not discussing the weather, though; instead, they are discussing unemployment.
Field of Study: Depending on their field of study, employment rates for university graduates can vary greatly. Because there is a greater need for skilled workers in some industries, such as healthcare, engineering, computer science, and business, employment rates tend to be higher. On the other hand, careers in the humanities or the arts may have lower employment rates.
Economic Factors:
Employment rates for graduates of universities can be impacted by the economy. In times of economic expansion, there may be more job openings, which could result in higher employment rates. On the other hand, both recent graduates and seasoned professionals may have more difficulty getting jobs during economic downturns.
Overall Favourable Employment Rates: Graduates from universities typically have greater employment rates than people with less education, according to studies conducted in many different nations. Gaining employment is frequently facilitated by having a university degree.
Graduates vs. Undergraduates: In some circumstances, the employment rates of graduates with bachelor’s degrees and those with higher degrees, like master’s or doctoral degrees, may vary. Higher employment rates and more specialized career options may be available to those with advanced degrees.
Graduates’ Skills and Experience:
Employers place a high priority on practical experience and work abilities in addition to academic education. Graduates who have acquired relevant skills through co-op programs, part-time jobs, or internships during their studies may have an advantage in the labor market.
Post-Graduate Training and Education: Following the completion of their primary degree, some university graduates decide to pursue additional training or education. These could be professional certificates, practical training, or specialized training courses. Graduates who receive additional training may become more employable in particular fields or jobs by improving their skills and knowledge.
Impact of Technology and Automation:
The work market is impacted by technological development and automation. Automation and artificial intelligence may result in a loss in employment prospects in some industries while creating new professions and job responsibilities in others. University grads with expertise in these developing disciplines, including data analysis, cybersecurity, or machine learning, might have greater work prospects.
Networks and connections of recent graduates:
Establishing a solid professional network is essential for finding a job. Graduates who actively participate in networking activities such as career fairs, alumni groups, and online job-searching tools like LinkedIn may have a higher chance of discovering employment prospects through their connections.
Graduate Entrepreneurship:
Some university graduates decide against looking for regular jobs and instead launch their enterprises or work for themselves. Depending on aspects like the assistance provided for startups, the availability of capital, and the general entrepreneurial culture of a nation or region, the entrepreneurial rate among university graduates might vary.
Does having a degree matter?
According to recent data, the ‘Great Recession’ that began in 2007 and has plagued the US ever since has left graduates with a 4.5% jobless rate overall.
When statistics are examined more closely, they show that the figure for recent grads is higher, at 6.8%. Doesn’t it sound fairly depressing? Why attend college if you can’t even get employment afterward?
Why, you ask? Because the unemployment rate for people with only a high school diploma is 9.4%. Furthermore, it is a staggering 24% among recent high school grads!
Throughout the recession, this has been the practice. The month of July 2011 saw the highest unemployment rate among recent college graduates, which was 11.1%. It’s a startling number, but in January 2010, 30% of those with only a pre-university degree matched it.
Similar trends can be observed in underemployment, which refers to those who work part-time but wish or need to work full-time or who work in occupations for which they are overqualified.
Employment changes;
The report notes that jobs have been created in the US during a recovery phase that started at the beginning of 2010.
However, tertiary-level qualification-required jobs are the ones that have been created. The
However, jobs that simply required a high school diploma were responsible for four out of every five positions that were eliminated.
Thus, individuals with degrees have been affected less severely. This is true even for professions where a degree is not generally necessary. For people with only a high school diploma, employment in manufacturing decreased by 19%.
The study finds that there is a higher demand for those with bachelor’s degrees than those without in all fields except public administration. A demand that is more than a supply is still evident because graduates continue to earn more than non-graduates, as the CEW has previously stated (it has also published a guide to how much graduates can anticipate earning according to discipline)!
Gender disparities
In different ways, men and women have been impacted by the recession. 200,000 jobs were lost by men having bachelor’s degrees. The research claims that women’s job growth “more than made up for those losses” and that this was countered by the job losses experienced by men. Men with only a high school diploma were also struck harder, losing 3.6 million jobs as opposed to women, who only lost 2 million.
The long-term decrease in traditionally male-dominated blue-collar industries like construction and manufacturing, the paper claims, is the cause of this.
Before the recession arrived, the construction boom artificially inflated these industries, but the recession then took a heavy toll on them. These industries are thought to have lost 5.2 million of the 7.2 million jobs, with wholesale and retail accounting for another million.
In the US, men have historically underperformed when it comes to obtaining a university education. Though it appears that this particular gap will lessen in the future, the proportion of males attending university has increased faster than that of women since the recession’s start.
Yet worthwhile
Although this analysis only pertains to the US, it appears reasonable to assume that the conclusions will be applied to many other parts of the world that are dealing with comparable problems.
It’s common for graduate unemployment statistics to make the front pages, but it’s crucial to keep in mind that this isn’t a standalone issue; rather, it’s just individuals getting wet in the torrential downpour.
Graduate unemployment rates are substantially higher than those for people with only a high school diploma, and when the economy improves, gains will be achieved in this area.
The conclusion is that attending college still seems to be worthwhile in terms of employment!
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