The changing graduate labour market: analysis using a new indication of graduate jobs

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Author: Green, Francis; Henseke, Golo

Abstract:

[The authors] develop a statistically-derived indicator, conceptually based on the skill requirements of jobs, for identifying graduate jobs from their unit group occupational code. [The authors] use representative survey data on skills utilisation and clustering methods for the classification. The method is transparent, replicable, and could be flexibly applied in a variety of settings. The indicator performs better than existing indicators in validation tests. To demonstrate the indicator's utility, [the authors] then analyse the development of the British graduate labour market between two averaged periods, 1997/2001 and 2006/2012. Key findings include: over this interval, the share of graduate jobs in the British labour market rose from 32 per cent to 40 per cent; employment growth and the upskilling of jobs contributed roughly 60:40 to the growth of graduate employment, though the picture varied among socio-economic groups; while there has also been a very large growth by more than 10 percentage points in the share of graduates in the labour force, the overall prevalence of overeducation among graduates has been stable at around 30 per cent; as in the literature, overeducated graduates receive on average lower wages compared with matched graduates, but higher wages than workers with an adequate level of education; for men the wage premium for matched graduates relative to matched non-graduates has increased over time from 89 per cent to 104 per cent, while for women it has remained stable at 110 per cent; and the wage gap between matched and mismatched graduate workers has increased over time from 47 per cent to 67 per cent, thus providing further evidence covering up to 2012 that there is an increasing dispersion in the returns to graduate education.

Published abstract.

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[The authors] develop a statistically-derived indicator, conceptually based on the skill requirements of jobs, for identifying graduate jobs from their unit group occupational code. [The authors] use representative survey data on skills utilisation and clustering methods for the classification. The method is transparent, replicable, and could be flexibly applied in a variety of settings. The indicator performs better than existing indicators in validation tests. To demonstrate the indicator's utility, [the authors] then analyse the development of the British graduate labour market ...  [+] Show more

Subjects: Students; Skills and knowledge; Employment; Outcomes; Higher education; Labour market

Keywords: Skills mismatch; Underemployment; Employment opportunity; Education work relationship; Graduates; Return on education and training; Labour demand

Geographic subjects: Great Britain; Europe

Published: London, England: Centre for Learning and Life Chances in Knowledge Economies and Societies, 2014

Physical description: 44 p.

Access item:
http://www.llakes.org/wp-content/uploads/2014/08/50.-Green-and-Henseke.pdf

Series:
LLAKES research paper; no. 50

ISSN: 2042-5929

Resource type: Paper

Rights:
This paper may be cited or briefly quoted in line with the usual academic conventions, and for personal use. However, this paper must not be published elsewhere (such as mailing lists, bulletin boards etc.) without the author's explicit permission.

Call Number:
TD/TNC 117.1052



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