Exams, graduation ceremonies and classes were all cancelled for final year University students of 2020 and many of this year’s graduates finished their degrees online. The last weeks of final year of University should be a time of celebration, a time when all those essays and dissertations have been handed in and students are awaiting a summer filled with possibilities and opportunities. There was the graduation ceremony to look forward to, when students could celebrate their hard work and achievements together with their friends and family. The world’s your oyster is the saying is it not? But not for the class of 2020, all that 2020 has brought for graduates has been doubt and uncertainty, especially in the job market. But could starting a business become the new graduate job for University graduates?Written by Charlotte Kitromilides
The negative effects that the pandemic has had on graduate carrers can be shown in a report published by the Institute of Student Employers. The report shows that the UK graduate job market has not just been affected by COVID 19 but analysis of 21 countries shows that it has impacted graduates around the world. Companies wishing to hire University graduates has decreased by 30%, these include Italy, Northern Ireland, and Denmark. Further analysis from the study shows that even though countries like Australia have had fewer deaths than other countries, the graduate job market has still decreased by 1-14%, similar levels to countries like England, Finland, and the United States.
It may appear counter-intuitive to start a business in times of such uncertainty for University graduates, but the changing way we live since the coronavirus, couldcreate new opportunities for graduates wishing to start their own business. The sad reality of COVID 19 is that death has become a topic of conversation which has not been seen in decades with death tolls increasing to rise in the UK and beyond. This has created an increase in demand for certain businesses and services that University graduates can, quite morbidly, take advantage of. Examples of possible businesses include starting a funeral director or opening a florist.
According to data from Edinburgh Napier University, more graduates have been enquiring about starting their own businesses and that start ups have in fact flourished for graduates of the Scottish University since the pandemic. With the economy and the job market in the state that it is now and with graduates struggling to find jobs and competition increasing for graduate jobs, starting a business can be an excellent opportunity.
The way we live has changed significantly since the pandemic and this means that graduates may also have to change and adapt to the changing climate. At such uncertain times for University graduates in not just the UK, but around the world, amid more competition for graduate jobs, could starting a business be the answer?
