With starting salaries for graduates increasing, graduates are finding salary is one of the main factors when considering a graduate job for new professionals according to the Hay Group. 93% of graduates this year have outlined base pay as the most important factor in a career choice.
The Hay Group conducted research on over 10,000 graduate’s wages in over 600 mid-sized and large private sector organisations in the UK. The top three criteria they found after salary were also based around financial remunerisation; benefits were graduates second choice of 51%, future earnings (45%) and bonus potential (37%).
Just 16% of respondents believed a passion for the job and values and benefits of an organisation to be important factors. Many graduates believe that a company that has the ability to make a difference was the least important consideration of all, with this placed in the top three for just 4% of graduates.
Christopher Smith, reward information consultant at Hay Group said: "The economic climate is clearly influencing graduates' career decisions. Acutely aware of the difficult labour market and rising living costs, they are looking for a career path that makes financial sense first and foremost. Idealistic factors barely come into consideration."
There are wide discrepancies between what a graduate expects and what is available, with an uncertain outlook for graduate jobs many graduates are lowering their remuneration expectations well below what they could earn in the some of the largest graduate employers.
Source: Pareto.co.uk, Wednesday 3rd August 2011
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