The job market always keeps on fluctuating. Here are some interesting employment statistics of the UK job market.
- Almost half of fresh graduates in UK are working in non-graduate jobs. 47% graduates were working in jobs that didn’t need any higher educational background. This underemployment is a great loss of investment in skills. The fact that overqualified candidates are getting into non-graduate jobs makes it harder for the less qualified to find work. The competition has increased; 50 graduates are fighting for one job. This is also a reason for the graduates to seek non-graduate jobs.
- Statistics show that about 700,000 people in UK have zero hours contract in their main job. These jobs offer no guarantee of work hours. The benefits they provide are also minimum. Some people think that this type of contract keeps the employees off the hook and provides flexibility. But majority of the employees under such contract are not happy about it.
- The unemployment rate in UK is a little more than 5.1%. This rate is lower than the previous years. This is good news for the graduates.
- The wage growth has gone down. The current wage rate is 2%. This is a bad sign, as employees will be getting less salary.
- The employment rate is 74.81%. This is a good indication that the job market is growing. So, graduates have better chance of getting a job.
These statistics show that the job market in UK is volatile. It will be a great challenge for students to find a suitable job once they come out of the universities.