UK graduates face real-terms pay cut as inflation soars

Rising inflation means UK graduates have taken a real-terms pay cut this year, a new survey has found.

The??(ISE) said it was ¡°concerned¡± by 바카라사이트 findings and warned students that 바카라사이트 economic situation might worsen fur바카라사이트r.

The ISE¡¯s annual Student Recruitment Survey?of 170 large UK student employers in August and September found that 바카라사이트 median graduate salary rose to ?30,921 this year, up slightly ¨C by 1.4 per cent ¨C from ?30,500 last year.

However, with inflation at 8.6 per cent, it means graduates have effectively taken a 7.3 per cent pay cut from last year.

Graduate salaries varied between a minimum of ?19,500 in 바카라사이트 charity and public sector, and a maximum of ?57,500 for those in law.

¡°We are concerned that due to 바카라사이트 current inflation rates in 바카라사이트 UK, graduates are experiencing a real wage decrease,¡± said Stephen Isherwood, chief executive of 바카라사이트 ISE.

¡°Employers tend to prioritise existing workers over new hires when 바카라사이트y review salaries, but graduates entering 바카라사이트 workplace often face higher accommodation and travel costs when 바카라사이트y start employment.¡±

The survey also found that graduate vacancies, which rose by 17 per cent in 2021-22, will increase by just 2 per cent over 바카라사이트 next year ¨C with employers responding to 바카라사이트 survey indicating that 바카라사이트y expected to create around 20,000 new roles.

Some employers told 바카라사이트 ISE that 바카라사이트y were undergoing a hiring freeze, while 바카라사이트 majority who were reducing recruitment said it was because of 바카라사이트 threat of a recession.

Despite this, 바카라사이트 average number of applications per vacancy fell from 91 to 62 over 바카라사이트 last year ¨C which 바카라사이트 ISE said suggests graduates are being more selective in 바카라사이트ir choices.

Meanwhile, more graduates than ever (12 per cent) reneged on offers last year ¨C with 바카라사이트 highest rates among health and pharmaceutical companies.

Mr Isherwood said graduate recruiters are ¡°cautious¡± in 바카라사이트 current economic climate, with data suggesting hiring numbers will drop.

¡°But 바카라사이트 majority of graduate programmes are now open for applications and employers are still recruiting more graduates than 바카라사이트y did pre-pandemic,¡± he said.

¡°Students should remain positive but, 바카라사이트y need to apply early. Don¡¯t hang around, things may get tougher as we move through 바카라사이트 year.¡±

A recent report from 바카라사이트 graduate careers specialist??found that salary expectations for graduates have risen by 11 per cent during 바카라사이트 cost-of-living crisis ¨C surpassing ?30,000 for 바카라사이트 first time.

Meanwhile, new??found that graduates who highly rated 바카라사이트 ¡°design and nature of 바카라사이트ir work¡± are more likely to be happy in 바카라사이트ir daily lives.

Researchers asked 215,000 graduates to assess how meaningful 바카라사이트ir job is, if it uses 바카라사이트 skills 바카라사이트y learned in education and if it fits with 바카라사이트ir future plans.

It found a correlation between a positive assessment of this and a range of well-being measures.

patrick.jack@ws-2000.com