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I read Katharine Birbalsingh’s 144-page social mobility report so you don't have to 📰
In a week where the country’s early careers managers flocked to Brighton, we got lots of new research into recruitment, salaries and social mobility 📈
⬆️ TOP UPDATE
Graduate paychecks up 7% on last year in highest salary levels since 2016
New insights published this week by job search engine, Adzuna, reveal that the average graduate starting salary has increased by 7% year-on-year and now stands at £26,076. Analysing advertisements on job board websites, the recruitment platform also revealed that almost 15,000 graduate roles were posted online in the month of May 2022, representing a 59% increase on the same period last year.
Representing a broader segment of the job market, this figure is slightly lower than the £28,563 average shared by the ISE back in May. This year’s High Fliers report has the number even higher, calculating £32,000 as 2022’s median start salary.
The soaring graduate salaries aren’t just limited to the big banks and law firms either. Alongside JP Morgan at £70k and Freshfields at £50k, other well-paying grad schemes included Aldi at £44k and BP at £45k. The latest figures come as PwC announce they are giving 9% raises to most of their UK staff to offset inflation.
What it means for you: With salaries at six-year highs, large employers still paying sub-30k paychecks are likely to find themselves outcompeted in the market. How competitive is your starting salary?
📙 LATEST RESEARCH
The class gap is narrowing in employment but pay disparity still stands at over 30%
On the same day that ‘Britain’s strictest headteacher’, Katharine Birbalsingh CBE officially started her tenure as Chair of the Social Mobility Commission, the advisory body released this year's ‘State of the Nation’ report on social mobility in the UK.
Chapter 3 (page 67 onwards) will be of most interest to early careers professionals, focusing on the journey from age 16 into employment. The headline is that the gap between those from professional and working-class backgrounds has narrowed, but more work still needs to be done.
Key findings include:
The percentage of working-class individuals aged 16-24 who are NEET (not in education, employment or training) fell in 2021 to the lowest figure on record.
However, individuals from professional backgrounds are 1.6x more likely to be in a professional job aged 25-29 than those from working-class backgrounds.
The most striking stat is the class pay gap: For every £1 made by someone from a professional background, a man from a working-class background will make 76p, and a woman 71p.
What it means for you: With more young people from working-class backgrounds in the labour market, it has never been easier to hire socially and economically diverse talent; but we need to get better at supporting young people into professional careers and ensuring class pay equity.
📰 IN OTHER NEWS
The graduate job market is being blamed for ‘killing off’ humanities degrees, thanks to new measures taken by the Office for Students aimed at limiting funding to universities if they don’t meet their graduate employment targets. - The Times
Despite being interested in creative careers in film and television, research commissioned by the British Film Institute finds that young people aren’t receiving the right career guidance to get them into the industry. - BFI
The public sector leads the way in apprenticeship recruitment and development, as the armed forces and the DWP top the annual list of the ‘top 100 apprenticeship employers’ in England. - DfE
💭 THOUGHT OF THE WEEK
George Gatch: “I don’t call it the great resignation. I call it the great negotiation.” - Financial Times
🔥 HOT JOBS
Experience hiring from European universities? Standard Chartered are looking for an Early Careers Manager for Europe. Applications close July 12th - Apply
Broadband firm Hyperoptic are advertising for an early careers SME to become their recruitment and development lead in Hammersmith - Apply
If recruitment’s not your thing, PwC have a 12-month FTC for a HR Advisor to their early careers cohort. Location flexible within the UK - Apply
Regent’s University are hiring a student careers consultant, paying up to £37k and including a daily campus lunch allowance - Apply
Thoughts? Leave a comment and start this week’s discussion about graduate salaries and social mobility.