Competition for graduate jobs at ‘record high’ – Institute of Student Employers
Surveyed employers received more than 1.2 million applications to just under 17,000 graduate vacancies during 2023/2024, according to the ISE.
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Your support makes all the difference.Competition for university graduate jobs has reached a record high, a report has suggested.
The Institute of Student Employers (ISE) said the slowdown of the graduate jobs market, the use of Artificial Intelligence (AI) to speed up job applications and the widening of entry criteria are fuelling more competition.
A survey, of 145 student employers in July, found the average employer received 140 applications per graduate job in 2023/24 – a 59% increase on the previous year.
The ISE said this is the highest number of applications per job vacancy recorded since the organisation began collecting the data in 1991.
The surveyed employers received more than 1.2 million applications to just under 17,000 graduate vacancies during 2023/2024, according to the ISE.
Competition for apprenticeships and other school and college leaver roles has also increased as the survey found the average employer received 113 applications per job vacancy, a 66% rise on last year.
More than two in five (43%) employers surveyed said they have no problem with candidates using AI at some stages of the recruitment process.
Employers who were surveyed reported allowing candidates to use AI to write cover letters/CVs and to complete online application questions.
Nearly a third (32%) of employers recommended candidates not to use AI in the recruitment process but did not take any action if candidates used it, according to the survey.
The current jobs market is tough for graduates with a considerable jump in applications per vacancy. While this marks a positive move from employers encouraging applications from a broader pool of candidates, the downside is that this amounts to millions of rejection messages to students in the last year
Changes to visa regulations have made the job market tougher for international students, the ISE said.
While most respondents to the survey have continued to recruit international students, 30% reduced their numbers of international hires and 18% rescinded existing job offers.
Stephen Isherwood, joint chief executive of ISE, said: “The current jobs market is tough for graduates with a considerable jump in applications per vacancy.
“While this marks a positive move from employers encouraging applications from a broader pool of candidates, the downside is that this amounts to millions of rejection messages to students in the last year. We have to realise the impact this can have on students.”
He added: “Students should be aware of the vicious circle being created. As AI makes it easier to apply for jobs, volumes are pushed up and quality down, creating more rejections.
“To help their chances, students should try to focus their applications and get work experience as employers are hiring more and more former interns each year.
“AI can be useful to enhance applications, but they must be authentic otherwise candidates may find themselves in the wrong job.”