Engaging and recruiting graduates in 2023 - what does the survey say?

Cibyl is?GTI's market research consultancy and are a leading student market research consultancy in the UK and Ireland, providing employers, universities, professional bodies and researchers with unparalleled insights into students' career thinking. Their annual UK survey in 2023 has captured the thoughts of over 65,000 students from 160 universities with representation from current students, postgrad students, international students (from the EU and non-EU), students with disabilities (such as autism) and ethnic and LGBTQ+ groups.

The webinar was hosted by Lisa Marris , Head of Research at Cibyl with an agenda covering:

1. The Graduate Market
2. Savvy Students
3. How data can help

1. The Graduate Market

Which sectors are most popular for graduates seeking a career?

• Industry sector preferences revealed that jobs in technology are the top industry of choice for graduates, with a marginal increase from 2022. Despite the number of recent redundancies in the sector, tech has continued to grow.
• Closely followed preferences were jobs in the public sector; media & advertising; engineering, design & manufacture; and retail.
• Preferences thereafter were banking, insurance and financial services; consulting; scientific research & development; and investment banking & investment.

What are the current top priorities for graduates?

• The top priority is getting a job at 71%, compared to 65% in 2022.
• Irrespective of the industry of choice, the commonality sought was a well-paid job with job security.

What have been the most significant changes in the market?

• In 2021 confidence in securing a job was high at 80% but currently 2 in 3 students know it will be tough with confidence dropping to 65%.
• There has been a reduction in first year students attending university, but an increase in undergraduates overall due to increases in postgraduate and international students.
• Final year students were the least confident about their future careers and this has reflected an increase in the number of applications made, with concerns over the economic climate and the cost of living affecting 69% of students, with 7 in 10 students worrying about money daily/weekly.
• The decrease in the university market has also reflected first class honours being attained, decreasing from 37% in 2017 to 32% in 2023.

What is the breakdown of those making applications?

• Females from all demographics and groups make the least number of applications compared to men.
• Ethnicity stats show that more applications are made by students who are Asian.
• Students from low socio-economic backgrounds also made more applications than those from higher socio-economic backgrounds.
• Students from Russell Group universities also made more applications than those from non-Russell universities. (This is probably due to employers visiting more Russell Group universities and subsequently offering more opportunities).

2. Savvy Students

What are the top two most important factors?

1. Career progression
2. Interesting work

Both of these factors scored the highest in 2021 and 2023 so remain key.

What were the next most important factors?

• Friendly culture
• Work/life balance
• Training & development
• Job security

These factors score in equal levels in 2021 and 2023.

What is the next scale of importance?

• Equity, diversity and inclusion
• Chance to make a difference
• Flexible working

These factors scored in almost equal measure in 2021 and 2023.

What were the key increases of importance from 2021?

• A friendly culture
• Work/life balance

What was less important in 2021 and more important in 2023?

• Sustainability and ethics.
• Status and prestige (although the least important category overall this has recently increased due to an interest in sectors offering financial rewards, such as banks).

When students and graduates were asked which one factor overall they would choose, what was the most important?

• Salary and benefits (1 in 4 students would choose this as their deciding factor when looking at their offers).
• The second choice was work/life balance.

How have salary expectations changed?

When asked about salary expectations, there has been a surprisingly huge jump due to the cost of living, resulting in the highest increase in five years:???

• In 2019 expectations were ￡28,700
• In 2020 expectations were ￡27,700
• In 2021 expectations were ￡27,100
• In 2022 expectations were ￡27,900
• In 2023 expectations are ￡33,500

What should be included when advertising job vacancies?

• Salary
• A detailed explanation of the role
• Details of the work environment (avoiding vague language)
• Confirmation of working conditions
• Flexible/hybrid working
• Career progression

What interview processes might cause graduates to drop out?

• Recorded video interviews
• Some assessments

When engaging with students what do they prefer?

• Students want to interact in-person with 39% preferring this, 17% happy with virtual and 45% didn’t mind either way.
• Careers fairs were the most popular, followed by careers advice and career skills workshops.
• Students find in-person events engaging and provide a more interesting experience.
• First year students may be less aware of what is available to them as they may not be targeted at this stage.
• Final year students are less likely to engage due to their workload so prefer virtual options. (Consideration on which years are being targeted is important to decide on which interaction method works best).
• Career workshops offering upskilling are sought as they help students when they enter the office.
• Insight days give students the opportunity to see the culture of the workplace.

Social Media platforms are now regularly used to research careers – what are the current and preferred platforms of choice?

• Instagram came first with 1 in 4 students preferring to view visual content.
• YouTube came second.
• TikTok has increased the most in popularity for careers advice and targets different student groups - the laid-back approach appeals to students, and it can show a company’s friendly and authentic side.
• Overall, 2 in 5 students (37%) would like to engage with employers on social media.

Conclusion

When considering why students want to work for you, they need to recognise your brand and be aware that you offer a good salary and benefits, especially now that salary expectations are so high. Job descriptions have to be user friendly, clearly stating salary and benefits, role location, flexible/hybrid working options and role expectations, with training and development opportunities and career progression clearly outlined. With 59% of students engaging with their Careers Services employers should work to increase their brand awareness and organise in-person and virtual events, targeting relevant year groups. Engaging with non-Russell groups would also widen talent pools of diverse talent. Social media preferences have also changed with Instagram more widely used, and an increase in careers related content from TikTok, appealing to those seeking more authentic insights into a company before applying.

How data can help

If you are a company seeking to obtain specific research related to your hiring needs, Cibyl (https://www.cibyl.com/employers) are able to provide the following services:

1. Understanding influencers and engagement methods
2. Targeting specific student groups
3. Insight on your brand, sector and competitors
4. HESA (Higher Education Statistics Agency) data to target your priority regions

For enquiries contact: Lisa Marris ([email protected])