Ambition amidst uncertainty
Introduction
As the job market continues to evolve, students across Europe are encountering fresh challenges while preparing for their careers. We conducted a survey of 5,655 students from the UK, France, and Germany to gain insights into current job search trends. These findings focus on the UK.
UK students are stepping into a job market shaped by rising living expenses and shifting workplace expectations. Their top priority is financial security, with many aiming for jobs that offer both stability and opportunities for advancement. Additionally, flexibility in work location and hours has become an essential consideration in their job search efforts.
Students feel the current job market is saturated and are concerned about competition. To increase their chances of securing a role, many plan to apply for numerous positions, with the average student expecting to dedicate over 50 hours to job applications during the autumn. This reflects their understanding of the difficult path to landing a graduate role.
Post pandemic, many students are growing more comfortable with returning to in-office work and attending in-person employer events. However, some student groups, particularly those with social anxiety or disabilities, still have concerns. These lingering reservations emphasise the need for employers to offer supportive measures and flexible options to accommodate diverse student preferences and needs.
Money Matters
Students are anxious about starting their careers, with only 4% free of concerns. The cost of living crisis is a key factor, as 40% worry about covering basic expenses and 27% about repaying student loans. UK students, in particular, are more financially anxious than their French and German peers.
Amid financial pressures and burnout fears, students seek jobs that provide financial security, career growth, and a supportive work environment for their wellbeing.
Financial pressures are a major influence on students' job decisions, with salary being the most important factor. Two-thirds would consider switching to a higher-paying job, and 47% would accept an offer if it provided up to £10,000 more. On average, UK students require an additional £8,717 to change offers, significantly higher than their peers in France (€2,004) and Germany (€3,241), likely due to the UK's cost of living crisis.
While salary is the top priority for all genders, female students place greater importance on progression, location, and team dynamics, while being less swayed by benefits or company reputation. This highlights the need for employers to take a more nuanced approach when attracting talent, considering gender-specific preferences alongside salary.
The cost of living crisis is also impacting how students approach relocation for career opportunities. Salary and benefits are the primary factors influencing their decision to relocate, followed by the cost of living, quality of life in the new location, and the availability of affordable housing.
The majority of students are open to relocating for the right graduate job, though the distance they are willing to travel varies. Sixty-nine percent prefer to remain within the UK, with 21% wanting to stay within their current region and 48% open to relocating elsewhere within the country.In particular, 54% indicate they would only consider relocating to within two hours' journey time from where they currently live.
Flexibility and Location
For today’s students, flexible work hours are a crucial factor in job decisions, with 65% considering it one of the most valuable benefits. While open to in-office work, progression opportunities, staying close to family, and minimizing commute times are also important, with 54% preferring to stay within a two-hour commute of their current location.
While 75% of students are open to working in-office five days a week for the structure, networking, and productivity it offers, many still value flexibility. Concerns over rigid schedules, commute times, and costs are particularly high among UK students, reflecting their sensitivity to the cost of living.
Flexibility ranks as a top priority for 65% of students, often influencing their job decisions. With 47% worried about burnout, flexible hours and mental health support are essential benefits, signaling to students that employers care about work-life balance and wellbeing.
Location is crucial in students' career decisions, with nearly half prioritizing areas with strong career prospects. Proximity to family ranks second (33%), while only 20% prioritize staying near friends, and 23% value being close to their university.
UK students, more than their peers in France and Germany, focus on the cost of living and affordable housing when considering relocation. As graduation approaches, practical factors like good transport links (39%) and a low cost of living (31%) become more important, reflecting a shift toward concerns about commuting and affordability.
Career Confidence
As students enter the workforce, they balance optimism and concern. While 57% are confident about landing their desired roles, confidence varies by demographic. Those from higher socio-economic backgrounds and with prior experience feel more prepared, while students lacking experience or clarity on employer expectations face more uncertainty.
Despite feeling anxious about starting their careers, 68% of students are confident in their preferred graduate role, with 48% already knowing which company they want to work for.
However, confidence levels vary across different student groups.
Confidence is notably higher among male students and those from higher socio-economic backgrounds.
Students confident in securing their preferred graduate job credit strong university support, a well-prepared CV, and a solid academic record. In contrast, those lacking confidence cite limited work experience, feeling unprepared, and uncertainty about employer expectations. Students from lower socio-economic backgrounds are more likely to feel unprepared (47%) and report less work experience (57%).
Employers can attract talent by offering roles that match students' preferences and addressing concerns through targeted support. Highlighting the value of part-time work and broader experiences can boost confidence, especially for those balancing time and financial pressures
Job Search Trends
Students are spending considerable time on their job search, with many applying to 10 or more positions and dedicating over 50 hours to applications. Black and Asian students expect to apply for more jobs than their peers. While digital tools like job sites and social media are popular, personal networks remain influential.
AI in job applications divides opinion—42% are open to using AI, but 36% are hesitant due to concerns about originality, security, and employer perceptions, with these concerns being more common among female students.
Students use an average of 4.3 sources, blending digital tools and personal connections, when choosing employers and jobs. Those from lower socio-economic backgrounds rely mostly on job search sites, company websites, and social media, while those from higher backgrounds more often use university career services.
This highlights the need for employers to maintain a strong online presence and leverage personal recommendations
Students expect to apply for an average of 10 jobs, spending about 5 hours per application. Thirty-seven percent anticipate applying to more than 10 roles, with 1 in 10 expecting to submit over 31 applications. This rises from 7% at the start of their studies to 13% by graduation, particularly among Black (15%) and Asian (13%) students.
Key factors driving this high volume of applications include a saturated job market (49%), difficulty securing roles (34%), and the belief that more applications increase success (25%). Addressing these perceptions, such as emphasising quality over quantity, could shift student behavior.
Despite challenges in securing their first graduate job, students are split on using AI tools in applications—42% are likely to use them, while 36% are not. Those with more job experience are more inclined to use AI, often learning through social media, friends, and family.
A gender gap exists, with male students more likely to use AI. Female students are more hesitant due to a preference for producing their own work, concerns about employer perception, security risks, and discomfort with the technology.
IRL challenges
As the impact of the pandemic's recedes, students are more open to attending in-person employer events, often preferring face-to-face interactions. However, social anxiety remains an issue, especially for female students and those with disabilities. Virtual events still appeal to these groups by reducing anxiety and fears of public speaking. Employers offering a hybrid of virtual and in-person events are likely to engage a wider range of students.
Post-pandemic, students are now more likely to attend in-person employer events than virtual ones. While most are comfortable with both formats, some students face barriers like social anxiety and fear of public speaking, making them less likely to join in-person events.
Female and disabled students are less likely to attend in-person events and prefer virtual ones. They face more barriers like social anxiety, fear of public speaking, worry about negative impressions, and feeling overwhelmed. Social anxiety and fear of public speaking are particularly prevalent among female students (61% vs. 37%).
Conclusion
As they transition into the workforce, students are confronting a job market that presents both significant challenges and exciting opportunities. Financial pressures, the cost of living, and the desire for flexibility are shaping their job preferences, but their resilience, ambition, and adaptability are positioning them to succeed. Employers who meet students' evolving needs have a unique opportunity to attract and nurture the talent of this next generation.
Methodology
This research, conducted by Savanta from July 24 to August 22, 2024, surveyed 5,644 students aged 18-24 from universities in the UK, France, and Germany, including 2,020 from the UK. The study used quantitative online surveys (CAWI) with age and gender quotas to ensure a representative sample, and results were weighted by country, gender, and age. Participants self-reported demographic data, including socio-economic background, defined as ABC1 (higher/intermediate) and C2DE (lower). The margin of error is +/- 2.2 percentage points at a 95% confidence level.