University and the Labour Market - Essay Example

Running Head: and the Labour Market and the Labour Market [Institute’s and the Labour Market Global recession has turned the labour market into an employer’s market. Every position advertised attracts numerous applications and several suitable candidates are available to fill the positions that become available. Labour markets are becoming more competitive as the demand for university graduates remains slack and the number of students enrolled for university and college programs continues to increase (University of California, pp. 42-49, 2008). The paradox being that not only the demand for skilled workers has gone down during the last two years, but at the same time there has been an influx of increasing supply of university graduates. In such a competitive market, every university aims to place its graduates in the labour market. To meet this objective the university graduates must face the fierce competition in the labour market. Since, after the recession began most universities have intensified their recruitment and placement efforts. Even in such difficult times, there is still a possibility to find ways to be able to provide opportunities to recent graduates. Many top notch universities aimed at helping their graduates obtain a multitude of choices when deciding about their career. The idea was to find more than one suitable employment opportunity for the candidates and to allow them to make the best choice in their circumstances. Universities have altered their focus from providing maximum number of opportunities to candidates to rather providing one opportunity to the graduates that might best suit their qualifications and interests (Nata, pp. 86-91, 2003). This aims to be an inclusive option where the university aims to maximize the number of students availing job opportunities. This approach does not suit the best candidates as they definitely intend to try their best to obtain better opportunities after getting an initial offer, but it does maximize the general wellbeing of the university graduates. At many universities, the role of placement offices was generally more passive before the recession. This was either because the universities underfunded the career development offices or because they were rather inefficient. In order to provide suitable job opportunities for the graduates, most universities are diverting resources from academics to placements and recruitment sections. This policy of diverting resources to recruitment offices was inevitable as poor graduate placements, means losing the interest of prospective students (Burton, pp. 425-428, 2007). During recession, it is obvious that students are more concerned about placement opportunities after graduation than anything else. Many universities are now introducing students to the career and placement representatives during university and pre-academic orientations. This develops an understanding for students to begin their job search immediately and to focus on any networking opportunities that might be available to them in the days to come. Universities that maintain a strong liaison with their alumni are better able to locate placement opportunities for recent graduates (University of Michigan, pp. 8498-8505, 2006). An alumni network can especially be helpful in pulling strings for the university and getting its students suitable placement opportunities. To maintain regular contact with alumni, university and placement offices must remain in touch with the previous graduates at all times. Senior position holders may deliver conferences and introduce their company to the respective students. This creates a sense of belonging for the alumni and provides current students with inspiration regarding what they are capable of achieving in the next few years. In many cases, alumni would be located in different parts of the country and it would not be possible for them to visit the university campuses. To encourage them and maintaining regular contact with the alumni, the university can hold seminars and networking events in cities where the alumni networks are concentrated. Current students can be invited to meet the alumni and to avail networking opportunities to find more job leads. Recent surveys have indicated that a large number of applicants are successful in obtaining jobs based on their networking skills. This means that networking with the right people in the industry may result in successful job applications. Networking is encouraged in different ways, university recruitment offices can help students network with alumni networks and with companies that the office is successful in bringing to the campus for recruitment purposes. Other ways to network include joining professional organizations, networking through friends and relatives. In order to find appropriate placements for graduates, universities can also introduce new courses that help develop certain skills in high demand with organizations. Certain skills are in short supply even during recession time and such opportunities are very helpful in finding jobs. To illustrate the idea, for example a business school may introduce certain courses in financial modeling and help finance students enhance their skills in financial engineering. Similarly, universities may endorse certain certifications in order to encourage students to undergo desirable professional certifications at an early stage while they are still in school. Demand for business and finance graduates tends to be low during a financial crisis; however, students taking professional certifications such as the chartered financial analyst exams or the financial risk manager certification are still high in demand and can find suitable jobs in their field. Therefore, the idea is to develop an edge over competition and to harness skills that are short in supply. Students are also encouraged to participate in internship programs during the course of their study. This provides companies to test the ability of students to perform in their business setting. A large number of students receive job offers by organizations where they interned over the previous years, as they have already developed an insight into the organization and proved their interest with the company. Internships also provide networking opportunities, students obtain references by employers in the same industry if the company does not have any available positions and yet consider the intern capable. Universities must focus on extracurricular activities, as employers prefer students with a multitude of interests (Gray, pp. 12-26, 2009). Many employers look for outstanding personality in graduates and they perceive a student actively participating in extracurricular activities as outgoing and social. This trait is highly desired by most employers and can provide as a selling proposition. As every university will focus on these activities, the success of one university in appropriately placing its graduates in the labour markets will depend on a mix of these factors. At the same time, employers are interested in knowing that a university has some kind of a unique selling proposition (Commander, pp.122-128, 1995). It has become customary for employers to chose universities that use a unique selling proposition that matches their mission or that suits the available opportunities well. Some business schools have developed real time trading desks to encourage trading firms to hire their graduates while others simulate investment portfolios to attract mutual funds or investment banks. To conclude, it is important to provide students with a networking framework, to invite corporate recruiters and employers to visit the campus facilities, to invites guest speakers to deliver conferences or speeches, to encourage students to participate in certification programs and internship programs and to develop a unique selling proposition for the university graduates to be hired. References Burton, John. (2007). Readings in Labour market analysis. Rinehart and Winston. Commander, Simon. (1995). Unemployment, restructuring and the labour markets. The World Bank. Gray, Kenneth. (2009). Getting Real: Help teens find their future. Corwin Press. Nata, Reg. (2003). Vocational education: Current issues and prospects. Nova Science Publishers. University of California. (2008). College graduates and jobs. McGraw-Hill. University of Michigan. (2006). “Labour Markets.” The Economist. Volume 381, pp. 8498-8505. Read More