Earnings by Level of Qualification
The following article tries to investigate the earning and/ or employment of the graduates and the undergraduates in the global as well as English labour market. With the assistance of the data retrieved from LFS (Labour Force Survey) the occupational type and the region of work has been delved so as to authenticate the exact circumstance of the employment and earning performance in the labour market. LFS being the largest regular household survey can be considered as a legitimate data source. While understanding the entire situation of the labour market in the United Kingdom, there has been a compact survey conducted by the LFS.
The following report is going to summarize the demonstrated data and information pertaining to the employment and earnings of the graduate in the English labour market. This report does not consider part time employees. Though there are different complexities pertaining to the selection of graduates (a graduate of over 34 years have not been considered), a firm intelligibility of the existing labour market is going to be demonstrated through the summarization of the retrieved data. Different questions have been raised pertaining to the identification and social recognition of the graduate employees- their nationality and age (Atkinson and Storey 2016).
The following table clearly demonstrates the movement of the job aspirants in the United Kingdom and their gross mean weekly earning. It is to be noted that only the full time workers have taken into consideration while studying the labour market of the graduates. An age group of 21 to 34 has been chosen for the survey.
According to EuroStat, published by the European Union, the youth percentage in the labour market has been considered as the age group of 15 to 24 years.
With the help orf the survey it has been found that the employmen5t rate of the gradyates has been rising in a gradual rate. However, the income rate of those employees has not witnessed simultaneous change in the labour market. The labour market in the country has been affected by positive growth in the number of human resources due to international migration. In this case it has been studies that the graduates aged between 21 and 22 have been earning the least amount of wages as they have the tendency to settle down permanently in the labour market. The graduates can be considered in different segments. These are the workers with the qualification of equivalent degree. In this aspect there is high chance of the graduates to be perceived as the least skilled workers in the labour market as the required qualification of hiring the equivalent workers in different business sectors have been revised with years and times. In this aspect the basic criteria has become quite higher than what it was before. Two basic reasons have been detected while addressing to the less income rate of the graduates and the undergraduates. In this case there has been clear understanding pertaining to the low wage system to the groups that most of the working people who are graduates, rather opt for pursuing higher education or leave a particular labour market. In terms of the United Kingdom, there has been a certain rise in the number of the small organisation and small business sectors that has entailed increase in the rate of employment in the country. Though there has been a sudden upward movement of the employment curve in the country’s potential labour market, the rate of potential income method for the graduate youth has undergone a static environment.
Rise in the Employment
Fig: Distribution of the Workers in the Labour Market
From the aforementioned figure it can be summarised that there is a certain need for the clear understanding of the entire labour market through effective study on a particular age group. As per the data revealed by the LFS survey report it has been clearly understood that there is a certain gap between the rate of employment and weekly earning of the employees (Wilkinson 2013). The aforementioned table has been made on the basis of the workers’ age group that is 21-35. The reveals that there is a very less chance of the workers to be employed in a none-graduate segment that have higher degree than the graduates. Hence there is a clear segment of job profile for the graduates in the market segment. As a matter of fact the actual scenario has negative impact upon the graduates as they were earlier eligible to apply for the non- graduate or under graduate jobs. However, in the recent trend in the labour market, it has been comprehended that the non-graduate jobs are only addressed by the workers who are not graduate or undergraduate. On the other hand, the competition in the higher qualification level has a positive tendency to clear a method for the graduates in the country. Moreover, the segment in the above table and the figure has been of two types- the conventional and the modern. The modern graduates have more free flow attitude than the conventional graduates in the labour market. The free flow attitude of the modern graduate has also entailed the call from the labour market pertaining to the employment of those by the employers.
According to the report published by the European Union through Labour Force Survey, it has been made clear that the gross weekly earnings in traditional graduate occupations for the age group of 21-25 is £ 405; for the age group of 26-30 is £ 568; for the age group of 31-35 is £ 67 .While taking the average into consideration for the entire age group of 21-35 is £587. In terms of the modern graduate occupations, the weekly earning is likely to be, for the age group of 21-25 is £ 388; for the age group of 26-32 is £ 537; for the age group of 31-35 is £ 658 and in an average earning for the entire age group of 21-35 is £ 568. While studying the earning mode of the new graduate occupation, the weekly earning of the age group of 21-25 is £ 412; for the age group of 26-30 is £ 582; for the age group of 31-35 is £ 734; and in entire age group of 21-35 the average weekly earnings of the graduate is £ 568. While coming to the niche graduate operations, it has been found that the weekly earnings of the age group of 21-25, 26-30, 31-35 are £ 374, £ 516 and £ 629 respectively. In terms of the non- graduates, the weekly earnings of the the age group of 21-25 is £ 279; of the age group of 26-30 is £ 371; of the age group of 31-35 is £ 430 and the average earnings for the entire age group of 21-35 is £ 339. It can therefore be state that the new graduate workers have the opportunity for enjoying highest earnings facility. The least amount of the salary gas been considered for the non graduate occupations (Clegg 2017).
Another Important Determinant for the Employment and earning is the Place or specification of the labour market. The data published by EU LFS clearly shows that the full time graduate workers in the North Eastern part of the United Kingdom earn £ 440 (degree or equivalent), £ 402 (sub degree), £ 327 (GCE A level). In the east of England the basic for the exactly same criteria of educational level the earnings is £ 515, £ 419 and £ 387 respectively. With the retrieved data it can be easily illustrated that the London and East England provides best salary structure for the graduate workers in the market. Since London is one of the largest global cities in the world, it provides ample opportunities to the workers available in the labour market. There is a huge scope for the graduates in the city. One of the major understandings pertaining to London has been with the greater effectiveness on the determination of the workforce in the labour market and their employment criteria. One of the fastest growing labour markets has been found in the Eastern Corridor of the country. There is a positive check in terms of the employment structure (Ons.gov.uk 2017).
Conclusion:
With the effective data collection, the survey of the European Union has clearly mentioned the diversity of the labour market in the country. It has been clearly found that the labour market has deeper perception in the acceptance of the workers across. Though there might be a certain change in the labour market after the exit of Britain from the European Union, the basic criteria and mode of acceptance has been the same because of the existing labour force in the United Kingdom.
Reference:
Atkinson, J. and Storey, D.J. eds., 2016. Employment, the small firm and the labour market. Routledge.
Wilkinson, F. ed., 2013. The dynamics of labour market segmentation. Elsevier.
Schmuecker, K., 2014. Future of the UK labour market. York: Joseph Rowntree Foundation.
De Lange, M., Gesthuizen, M. and Wolbers, M.H., 2014. Youth labour market integration across Europe: the impact of cyclical, structural, and institutional characteristics. European Societies, 16(2), pp.194-212.
Clegg, R. (2017). UK labour market- Office for National Statistics. [online] Ons.gov.uk. Available at: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/feb2017#summary-of-latest-labour-market-statistics [Accessed 29 May 2017].
Ons.gov.uk. (2017). UK labour market statistics: Feb 2017- Office for National Statistics. [online] Available at: https://www.ons.gov.uk/releases/uklabourmarketstatisticsfeb2017 [Accessed 29 May 2017].
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