Recession: What Does This Mean For Graduates?

I’ve been thinking a fair deal about the gargantuan impact that coronavirus has had on everyday life. These thoughts have circulated on and off in my head way before the news of the biggest recession that the UK has ever seen. And the first one since the “Great Recession” of 2007-2009.

It was unpleasant to see such a headline, however it didn’t come as a surprise. The furlough scheme and posthumous payouts has evidently taken a toll on the country. With millions of pounds going out, and nowhere near enough coming in, perhaps this was inevitable.

I was shocked however to see that the economy shrank by 20.4% between April and June. I don’t believe I have ever seen percentages in double figures before, when matters such as these are in question. It has always been 1-9%. Of course, during 2007-2009 I was too young to notice or even care about such things. So my statement stands.

In addition, with that being said, I can’t help but wonder where that leaves myself and millions of other graduates. That are currently on the hunt for a graduate role or full time position.

Unemployment is a big issue at the moment, and recruitment has all but stopped. With so many people still on furlough, businesses are not too keen on taking on new personnel. In turn, the businesses that are willing to recruit are bombarded with 10x the normal amount of applications, making the chances of employment that much harder.

With so many people on furlough or having been made redundant. It has resulted in more people looking for work or looking for “something new”. And unfortunately, that “something new” could be the full time job that a graduate like myself is qualified for and would jump at the opportunity to fill. But with the way things are, experience trumps qualifications in most cases. Meaning the chances of graduates being overlooked in favour of someone with extensive practical experience “looking for something new” is high if not certain.

Job hunting has always been brutal on the faint-hearted. You need thick skin to carry on applying regardless of how many times you are rejected. It’s never straight-forward, (in most cases anyway) there are usually 10 or so No’s before that most sought after Yes. And current affairs have only increased the number of No’s in the ratio.

It’s been a lot to process and come to terms with. Because everything that is happening is out of my control, whether I like it or not.

But that doesn’t mean I should become discouraged and bring my job hunting to a stand-still. It simply means that, I have to improve my skill set, as well as pick up and develop suitable new ones. So that I stand out from others in the same industry of work. I’d recommend the same for any graduate reading this too.

Here’s to accepted applications and a plethora of call backs.

Wish me luck…

-Dez

The song for today is: Dangote – Burna Boy

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