Multiple articles have raised the concern of high graduate unemployment in Australia, notably in Northern Territory, Adelaide and some suburbs in Victoria. According to the Australian Bureau of Statistics, unemployment rate for students 4 months after graduation has only recovered slightly from hitting the peak in November 2014.
If graduates with only a bachelor degree are taken into account, the full time unemployment rate after 4 months of graduation is even worst, hitting 31.9% end of 2014. This is due to lower economic activities in Australia and the increasing trend of hiring part-time or casual workers based on a contractual basis. As a result, increasing competition in the labour force has crowded out weaker candidates in the job markets. Those with more experience get more work and more experience, whereas their inferior counterparts will stay home longer and longer until they are no longer fit for the job market.
Those that can become employed early tend to have a job offered to them through people they have already know. In fact, only 20% of positions are filled by the formal recruitment process. Not knowing the right people is obviously one of the biggest challenge facing fresh graduates. Other problems they have to face include being a greenhorn or not having the skill set suitable for the role they are applying and weak communicative abilities.
For industries like accounting and laws where competition is extremely fierce, one job posting in the market could attract hundreds of applicants. Successful candidates for such roles usually have got some relevant experience in bookkeeping or have been trained in the software package advertised.
To address this, the government has proposed some incentives in the new federal budget to encourage the supply side of the market to better accommodate needs mentioned above. However, policies usually take a long time to realise, so in the short term, graduates will have to do their best to improve their chance of winning their first full time role.
Here are 5 ways shared by Business Insider to stand out in the Australian insanely competitive market.
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