Graduate Employability and Attributes - Literature review Example

Running Head: Individual Development Plan Your name Course name Professors’ name Date Introduction This paper presents a discussion on my personal development plan. The first part of the paper assesses graduate employability. This section will focus on a variety of studies done with a view of understanding labour market faced by a recent graduate. The paper will then proceed to discuss graduate attributes i.e. personal and interactive skills that employers are keen to look in a graduate. Subsequently, trends in recruitment of graduates will be highlighted. Last section is a self-evaluation and a comprehensive SMART action plan. Graduate Employability According to Nabi (2003), employability is simply the ability of graduates to use their skills and attributes to gain employment and maintain their position in the acquired job. Warwick Institute for Employment Research, IER (n.d), presented a research on labour market and affirms existence of statistics showing an increasing competition for graduate jobs, increased number of graduates entering fields that are not related to their respective degrees, and the mismatch between jobs and skills gained in university education. Projects done by IER focused on relationship between education and employment. Specifically, project titled Seven Years On and Class of 99 sought to investigate relationship between shifts in labour market and higher education. The Seven Years On concentrated on investigating graduates who completed their university education in 1995. From this study, IER obtained data on graduate employment and occupational trends. In 2002 for example, the research revealed that graduates were involved in a variety of jobs contrary to those who graduated earlier. This involvement in more than one job was contributed by economic restructuring, technological change, and an increasing demand for highly skilled labour. The Class of 99 project investigated path followed by 1999 graduates after graduating from university. At the same time, the project sort to examine whether the increasing number of students enrolling for university education had been absorbed in the labour market. It was apparent from the study that most graduates had found employment four years after graduating. Besides, employers were prepared to employ graduates even in positions that were not for graduates. Conversely, Class of 99 project exemplified the fact that by 2003, rates of salary increment for 1999 graduates had not increased with earnings increment in the entire economy. This reveals a reduced demand for graduate skills that had been registered in 1990s (IER). The Futuretrack project by IER traced 2005/2006 applicants for higher education. Central to this study were experiences faced by graduates in education, careers, and change in occupation (HECSU, 2012). By comparing outcome of this project with 1999 graduates, impact of gap years, debt, and experiences and attitudes of graduates will be obtained. Preliminary result of futuretrack study shows that most graduates believe that they possess skills that employers are looking for (HECSU). Graduate Attributes Attributes are the qualities and skills that a student should develop while in an institution of learning (Done, 2011). Attributes not only capture disciplinary expertise and technical knowledge but also aspects that makes an individual survive in a changing social arrangement. CRQ (n.d) discusses a range of skills and attributes that employers consider are appropriate. Compared with academic qualifications, CRS states that attributes and skills are key variables in increasing graduate employability. Within personal attributes, employers are very keen when it comes to intelligence, knowledge, commercial awareness, willingness to learn, adaptability, and self-motivation and assurance. Moreover, interactive attributes such as communication skills, interpersonal skills, and teamworking are vital qualities of a candidate (Guirdham, 2002). Education at higher institution of learning has enhanced my academic abilities in addition to developing own personal qualities and transferable skills. Through lectures, library, sports, and unions, I have been able to develop insurmountable skills and personal attributes that form the basis of employability. Essay writing for example played an indispensable role in developing critical thinking and research skills. Posters and presentation likewise built my own capacity to communicate ideas. In the same vein, sports facilitated development of team spirit whilst participation in clubs made me develop leadership and motivation. There is no doubt therefore that education at higher institution of learning presents an avenue to develop skills, qualities, and abilities (Cameron, 2009). Academically, I have gone through rigorous training in finance thus have necessary skills to serve in the financial sector. Notwithstanding the fact that world economies are still recovery from global economy slump, there is a good indication that employment opportunities will arise as governments take response measure to curb unemployment. This fact is confirmed by LEP (2011) research on labour market, which confirmed a stabilizing unemployment rate in UK. Similarly, Sambidge (2012) reiterates 3.9 % Saudi economy growth in 2011, which then increases the chance of gaining a job. The on-going process of streamlining Arab financial sector to respond to global changes is a positive move towards increasing employment prospects for graduates. Commercial Awareness on Recruitment CIPD (2007) presents a survey to show the changing trends in resourcing practises. It is noticeable in the report that most organizations have the objective of attracting and recruiting key employees to their organization. Secondly, resourcing strategies focus on meeting organizational strategic goals and actualising future skill requirements. CIPD further alludes to organizational tendency to employ personnel who can be trained to perform specific tasks. Apparently, most graduates lack specialist skills thus employing people who appreciate the value of life-long learning is the central theme of present organizations. Survey done by CIPD (2010) shows that between 1998 and 2006, there was a reduced demand for graduates in UK. CIPD attributes this reduction to labour markets that need people with diverse skills. It is therefore the responsibility of training institutions to supply the market with highly skilled work force. To be very attractive in this kind of job environment, I have cultivated the art of learning and have gone ahead to enrol for professional course in finance, which will impart in me specialist skills. At the same time, I am planning to gain more experience by going for attachment in one of the leading financial institutions. Professional Bodies Membership in a number of professional bodies is an opportunity to remain updated with the changing trends in a specific field. Within the field of finance and investment, Certified International Investment Analyst is an internationally recognised body for professionals in finance and investment. This body was formulated to provide professionals with an international qualification given that examinations are standardised worldwide. A move towards gaining professional qualifications will enhance my performances in the field of finance and investment. Additionally, professional qualifications will improve my competitiveness and employability. At the same, these qualifications serve the purpose of narrowing down my area of specialty, which employers want. Self-Evaluation After a thorough review of labour market, I am convinced that more should be done to improve, information technology skills, personal, and interactive skills. Since employers are also looking for specialist, it is my responsibility to enrol for a professional course in finance. This will also keep me informed of frequent changes in the field. Besides employers want graduate trainees who are willing to learn as opposed to those who want high wages. I have provided SMART plan to demonstrate my commitment to personal development. Action Plan Target date for review Evidence of action 1. Attain professional qualification in finance and investment Dec 2013 While proceeding with my undergraduate studies, it is necessary to enrol for a professional course in finance. Specifically I will enrol for CIIA, which is an internationally recognised profession, examined in March and September. This profession will expose me to various fields in finance and investment. However, I will consult professionals in the field to decide on the specific area to concentrate on. Resources required comprise of money, books, and time. 2. Concentrate on experience and not salary expectation Dec 2013 Since employers are constantly looking for talents to build on, it is important for me to put more attention on gaining experience from my first job as opposed to seeking for pay increment. It is my duty therefore to rely on my own finances for at least one year then later negotiate with my employers if they can recognise my effort in the company. Resource required is money, an organization where I will do my internship. 3. Develop interactive skills Dec 2012 I will work on my skills in communication, interpersonal, and teamworking. Employers are looking for these vital attributes. I will achieve this objective by being a member in school organizations. I will also enter classroom group discussions and presentation, which will improve how I communicate ideas and value members of a group. Resource required is time, books to consult, and place to conduct discussions. 4. Improve personal skills Dec 2012 Employers usually assess IQ level of candidates thus, it is important for me to look for ways of developing my intelligence. Specifically, I will browse various websites to learn ways of improving intelligence. Resource required is internet, laptop, and library. 5. Improve I.T Knowledge March 2012 I will enrol for a short course in information technology. This will keep me posted on frequent technology changes affecting professionals in finance. Resource required is time, money, and I.T materials. Conclusion After analysing labour market and establishing gaps in skills, the paper presented an action plan that concentrated on my own professional needs. Gaining experience, improving knowledge in I.T, attaining professional qualifications, and enhancing personal and interactive skills are the specific objectives of my action plan. Reference List Cameron, S 2009, The Business Student's Handbook: Skills for study and employment, Pearson Education, New York. CIPD, 2007 Annual Survey Report 2007 on Recruitment, Retention, and Turnover, Retrieved 22 March 2012, http://www.cipd.co.uk/NR/rdonlyres/746F1183-3941- 4E6A-9EF6-135C29AE22C9/0/recruitretntsurv07.pdf. CIPD 2010, Employee Outlook survey, Retrieved 22 March 2012, http://www.cipd.co.uk/NR/rdonlyres/6C91A073-3C75-48F5-82D2- 526C228FAD5E/0/5239_Focus_graduate_jobs.pdf. CRQ n.d, Graduates' Work: A Guide to Future Employment. Retrieved 22 March 2012, http://www0.bcu.ac.uk/crq/publications/gws/gwsskills.html. Done, J & Mulvey, R 2011. Brilliant Graduate Career Book. Pearson Education, Harlow. Guirdham, M 2002, Interactive Behaviour at Work, Pearson Education, Harlow. HECSU 2012, Futuretrack, Retrieved 22 March 2012, http://www.hecsu.ac.uk/futuretrack.htm. Nabi, G. R 2003. Graduate Employment and Underemployment: Opportunity for Skill Use and Career Experiences amongst Recent Business Graduates. Education+Training, Vol. 45, No. 7, pp. 371-382. Sambidge, A 2012, Saudi economy seen growing by 3.9% in 2011. Retrieved 22 March 2012, http://www.arabianbusiness.com/saudi-economy-seen-growing-by-3-9-in- 2011-384806.html. Warwick Institute for Employment Research, IER, n.d., What is next for the UK Graduate Labour Market?, Retrieved 22 March 2012, http://www2.warwick.ac.uk/knowledge/culture/graduateemployability/. Read More