Grad jobs outnumber university graduates by nearly one million, according to a report published by Universities UK (UUK).
According to the study the UK has nearly a million graduate-level jobs that don’t have ‘qualified staff’ filling these positions, suggesting that the labour market still has a need for university graduates.
The report uses official data from the Organisation for Economic Co-operation and Development (OECD) and shows that whilst there are 15 million workers with degrees or equivalent qualifications, there are 16 million jobs defined as ‘graduate-level.’
The data also suggests 14% of the UK workforce is ‘overqualified’ for their current positions – for example, graduates working in ‘non-graduate’ positions – and 27% is ‘underqualified’, with non-graduates filling graduate-level roles.
According to the Guardian, the new report ‘is an attempt to rebut misconceptions about graduate employment’, such as the belief that undergraduate degrees aren’t ‘valuable’, or don’t contribute to career progression.
‘Employer demand for UK graduates is significant’
The president of UUK and vice-chancellor of UWE Bristol, Professor Steve West, told the Guardian: ‘Despite some questioning the value of graduate skills, this report shows that employer demand for UK graduates is significant – it has increased year on year and is likely to grow in the future.
He added: ‘It is important that the UK government develops the right conditions for universities to fully support business growth and skills development for learners of all ages.
‘To be clear, this means that the UK government must invest in a sustainable long-term funding solution for higher education.’
Importance Of Higher Education
The higher education minister for England, Michelle Donelan, noted these figures ‘show just how important higher education and skills are for the UK’s future.’
Donelan emphasised that the UK government was ‘taking forward the biggest reforms to post-18 education in a decade’ in England.
She added: ‘We aim to further improve graduate outcomes and continue to drive up quality to deliver the highest-quality education for students from all walks of life.’
Recent government proposals to ‘reform’ higher education include increasing the cost of undergraduate student loans in England, leading lower and middle-income earners likely to be paying £30,000 more for their university education.
The government is also reportedly looking to introduce minimum GCSE grades for student loan access – critics say this will make university education less accessible to students from deprived backgrounds.