The number of graduate jobs in the UK has dropped by 12% in the past year, with the majority of employers anticipating further decline next year, according to the Institute of Student Employers (ISE).
The institute’s ‘Student Recruitment Survey 2020’ reported the largest fall in graduate recruitment since the economic crash of 2008/9.
Graduate jobs in retail have seen the largest job losses at 45%, while roles in the public and third sector have increased hiring by 4%.
Stephen Isherwood, chief executive of the ISE said: “We can see patterns from the last financial crash emerging, but the effect on the student labour market is not a simple replay of 10 years ago.
“Employers have had to make significant adjustments. As a result, graduate jobs do not appear to be collapsing and school and college leaver recruitment is holding up, but the decline in internships and placements is more worrying.”
He added: “Around half of placement students get rehired, so diminishing these roles damages the talent pipeline. We mustn’t forget the students or ignore the lived experience of those who are struggling to cope with the crisis and to get a good start to their career.”