Getting together to produce workforce of the future
The National Centre for Universities and Business (NCUB) is calling for increased levels of collaboration between universities and businesses to ensure that universities deliver the skills that businesses require. This in turn will aid the UK’s long-term economic recovery. This is in response to the Graduate Outcomes Survey published today.
Dr Joe Marshall, Chief Executive of the NCUB, said: “The results of the Graduate Outcomes Survey, published today, are overwhelmingly positive. More than two thirds of graduates are in full or part time employment after 15 months.
This is cause to celebrate. What’s more, of those graduates in full time employment, the highest proportion have reported an annual salary between £24,000-£26,999 just 15 months after graduating. The value of a degree is apparent therefore, when this is compared this to the median UK salary of £24,897 across all age groups in 2019, according to the ONS.”
Marshall continued: “Today’s Graduate Outcomes Survey studied graduates from the 2017-18 academic year. This means that, unlike this year’s graduates, those surveyed will not have been impacted by Covid-19. It will come as little surprise to hear that there are challenging days ahead for those graduating in the midst of a global pandemic. We are suffering a huge financial downturn and are battling the greatest economic and social disruption most of us have ever experienced.”
Marshall concluded: “It’s not all doom and gloom though, and there is a light at the end of the tunnel though for this years’ graduates. Graduates are expected to fare better than other young people. A recent survey from the Institute of Student Employers suggests that although businesses are planning to recruit 12% fewer graduates than they were going to before Covid-19, by comparison they anticipate recruiting 32% fewer apprentices and school leavers and 40% fewer interns and placement students.
Skilled graduates are still the future talent needed and will play a crucial role in our economic recovery. Now more than ever therefore, it is vital that businesses and universities are collaborating to ensure that universities deliver the skills that businesses require. Afterall, the skills learned at university are the skills needed at work and so collaboration is vital for the country’s long-term recovery.”