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Coventry University *
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MACROECONO
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Communications
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Nov 24, 2024
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Discuss your understanding of the graduate labor market and your industry-specific
perspective before reflecting on your current skill set to identify areas of excellence and
areas you need to develop.
INTRODUCTION
This assessment examines the current graduate job market, the applicant's understanding of the
future job or industry, their current employability, and the areas that need improvement to
improve their employability in future employment or business. My future career plan and
aspiration is to become a health psychologist. Therefore, to develop my interest, I selected to
pursue a bachelor's of Psychology.
LEARNING OUTCOME ONE
Graduate Labour Market
The portion of the labor market comprised solely of or primarily of jobs for graduates is the
graduate labor market. This market has lately expanded to encompass a greater variety of
employment opportunities due to the growing number of graduates looking for work and the
increasing number of firms that either want to employ them or are prepared to do so. When
viewed from the perspective of graduates, this results in a negative substitution of graduates for
non-graduates. In contrast, this results in an upward substitution when viewed from the
employers' perspective.
Components of the Graduate Labour Market
The graduate labor market comprises four components:
1.
Workforce –
The labor force population is the number of people available to work in a
labor market. It considers all job seekers regardless of industry.
2.
Recruitment –
The second part is the population of people looking for jobs that fit their
skills and knowledge (Williams 2009).
3.
Intake –
Third, the applicant pool is the number of people who sent in resumes to show
they were interested in a job. The first step in the selection process is when a company's
hiring staff looks at the applications to see who will move on (Groves 2005).
4.
Selective –
The fourth component is the selected individuals or those who passed the
screening and were hired. Several criteria are considered, and the person is evaluated
against a qualification.
General Graduate Employer Skills
Employers search for these graduate skills:
Problem-solving –
Employers value problem-solving skills in new graduates. 79% of
talent acquisition managers desire college graduates with good problem-solving skills,
says research.
Teamwork-capable –
Teamwork is essential in every field. 81% of hiring professionals
want to know you can work with various personalities.
Effectively communicates –
Employers value graduates' communication skills. This
encompasses verbal, written, and listening communication. Your speaking talents shine
during interviews, whereas your written skills shine in pre-employment tests (Sithole
2015).
Leader-like –
Leadership isn't restricted to the C-suite. Leadership is about encouraging
staff to fulfill your strategic goal, not merely managing people successfully. Show the
employer your positive work attitude. 68% of hiring managers seek leaders.
Are change-ready –
You have one of the most coveted abilities companies seek if you
can roll with the punches and land on your feet. This expertise is crucial after the
pandemic. According to the Job Outlook Survey 2021, 66% of managers want adaptable
fresh grads.
Show leadership –
Employers strive for graduates with well-honed leadership skills. Can
you assign and delegate work, set deadlines, and lead by example if needed? You may be
evaluated if you can motivate teams and coworkers (Razak, Latifah Rj et al. 2008).
Future Career Skills
Psychology professionals seek these skills:
Research
Active listening
Analysis
Critical thinking
Problem-solving
Empathy
Communication
Patience
Emotional intelligence
Organization
Key Trends in the Labour Market
1
. Record vacancies and talent demand:
Vacancies are near an all-time high and much above the pre-pandemic trend. Unemployed
employees have more skills-matching job openings than before the outbreak. When jobs are
plentiful, it's more challenging to recruit talent. Fair and inclusive recruitment practices and a
pleasant candidate experience are crucial to becoming an employer of choice and using
recruitment to enhance retention.
2. Low unemployment hides labor shortages:
Six hundred forty thousand more people have been unemployed since the outbreak in 1974;
unemployment has fallen. People are leaving the workforce more than they are joining it, which
is why unemployment is low. Employment growth is flat and economic inactivity is going up.
Fewer older people are working, and more are unemployed due to long-term illness. Supporting
employees to work longer and enabling flexibility will remain a priority.
LEARNING OUTCOME TWO
Skills and Experience Graduate Employers want in Health Psychologist
Soft Skills:
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Communication:
Effective communication is vital in psychology, whether explaining
complex information to customers or sharing knowledge with coworkers. Your education
will improve your professional and personal communication skills.
Critical thinking:
This analytical method isn't just useful for psychologists.
Psychologists must be able to analyze facts and draw logical, evidence-based conclusions
critically (Vasylenko, Afanasenko et al. 2022).
Listening
: In psychology, listening is even more critical than communication. When
speaking with clients, you must consider what they say to offer the best
recommendations.
Empathy:
To be a successful psychologist, you must have empathy. You can offer better
support and counsel if you exhibit compassion and empathy. This can improve personal
and professional relationships (Wisshak and Hochholdinger 2020).
Creative problem solving:
Psychology can assist problem-solving by introducing new
strategies and creative thinking. Unconventional thinking can help generate new
approaches to old challenges. This is a valuable talent outside your profession.
Hard Skills:
Clinical reasoning:
Clinical reasoning is assessing facts or a situation to make decisions.
This is a critical skill in psychology because your actions might affect customers. Clinical
reasoning can be valuable in many workplaces outside of medicine.
Psychology and cognitive science fundamentals:
Understanding how the brain
functions are crucial to psychology. Learning how and why individuals think and
understanding the theory behind it can be beneficial. Identifying patterns and habits that
touch us all will improve your communication and personal progress (Vasylenko,
Afanasenko et al. 2022).
Quantitative and qualitative research:
In addition to clinical reasoning, psychologists
use quantitative research. You can be a mathematician to record, analyze, and interpret
data. But this information isn't confined to psychology; the math abilities you'll learn are
helpful in many careers.
Experiment design:
Psychologists often conduct experiments or research, which offers
several chances for growth. First, an investigation needs a theory to test. Design and
organize the testing, then compile and evaluate the data. Supervising an experiment from
start to finish can display project management and leadership skills.
Experiential learning:
Learning through doing is experiential. Sometimes hands-on
experience is more beneficial since it teaches why and how to do something. Participating
in experiential learning develops time management, problem-solving, and critical
thinking (Wisshak and Hochholdinger 2020).
Work Experience:
Clinical and health centers
Community and public health settings
Health research units
Public health departments
Difference between Soft and Hard Skills
Hard skills are the competencies and capabilities necessary to perform tasks, while soft skills are
personal qualities and characteristics that influence how you operate. Hard skills are typically
associated with a particular profession, whereas soft abilities can be used in any profession. Both
are necessary for a career path in any field.
Graduate Labor Market Trends
From July to September 2022, the number of openings was 450,000 (56.6%), above the January
to March 2020 pre-pandemic level, with the human health and social work industry up 81,000. In
the human health and social work industry, vacancies surged by 38,000 (21.3%). I'm getting the
required training and qualifications for this trend in my future professional industry.
LEARNING OUTCOME THREE
Importance of Reflection
The mind can briefly step back from the confusion, sort through and arrange its experiences and
insights, explore various hypotheses, and produce meaning via reflection. This assessment results
in the acquisition, which may direct upcoming psychological state and behavior.
Importance of SWOT Analysis
Analyzing strengths, weaknesses, opportunities, and threats is a typical reflection. A SWOT
analysis can better understand an organization's Strengths, Weaknesses, Opportunities, and
threats.
A SWOT analysis can show you how to:
Turn weaknesses into strengths
–
A Strengths, Weaknesses, Opportunities, and Threats study
(often known as a SWOT analysis) offers a comprehensive and well-organized framework for
evaluating the strengths and weaknesses of your company. It can help you identify your
shortcomings to eliminate them or turn them into strengths.
Minimize losses
–
Most firms have a primary objective to reduce losses over the short and long
terms. For instance, a business can lessen the severity of its financial losses by doing a cost-
benefit analysis of its potential investments in cutting-edge technology.
Better understand external threats
and
opportunities
–
A SWOT analysis can identify the
strengths, weaknesses, opportunities, and threats that are most prevalent in your field. This
enables you to be better prepared to reduce potential risks or capitalize on upcoming chances.
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Summary of SWOT Analysis
STRENGTHS
–
I'm patient. I can understand intricacies, consider all perspectives, and make
strategic choices. I can effectively and empathetically communicate my insights. Clinical
reasoning helps me to collect patient information, generate and evaluate hypotheses, and
determine an appropriate diagnosis and treatment. Environmentalism helps me interact with my
environment.
WEAKNESSES
–
I
could concentrate on my errors and make an effort to come up with more
significant potential; I could also practice mindfulness and meditation to avoid concentration,
and I could communicate critically to myself to manage my inner critic.
OPPORTUNITIES
–
I can collaborate with a more significant number of health professionals
specializing in psychology. They provide me with the assistance I need to recognize and alter
habits that inhibit the health and wellness of persons throughout their lifetime. Through the
provision of support to meet my family's needs and the tangible and intangible components of
my disease, education in various strategies enables me to manage the adverse consequences of
medical procedures and the therapies themselves.
THREATS
–
Equipment, travel, lodging, and entrance fees are not affordable, making it
impossible to achieve one's goals; injuries prevent athletes from training and competing,
resulting in a loss of stamina and level of expertise.
Personal Development Plan (PDP)
CONCLUSION
We conclude that employability abilities allow you to increase performance, reduce errors, and
foster collaboration with coworkers, all of which contribute to your ability to fulfill your role
more successfully. Most experts think gaining work experience can improve a recent graduate's
chances of finding employment. These experiences might be achieved through internships or
part-time jobs. Both are viable options.
REFERENCES
Groves, M. O. (2005). "How important is your personality? Labor market returns to personality for
women in the US and UK." Journal of Economic Psychology
26
(6): 827-841.
Razak, I. A., et al. (2008). "Assessing the competency of University of Malaya dental graduates:
employers’ and graduates’ perceptions." Journal of Dental Education
72
(3): 364-369.
Sithole, S. (2015). "Quality in accounting graduates: Employer expectations of the graduate skills in the
bachelor of accounting degree." European Scientific Journal
11
(22): 165-180.
Vasylenko, O. M., et al. (2022). "Dynamics of Future Psychologists’ Soft Skills Development During their
Study at the Higher Education Institution." Revista Romaneasca pentru Educatie Multidimensionala
14
(3): 139-163.
Williams, N. (2009). "Seniority, experience, and wages in the UK." Labour Economics
16
(3): 272-283.
Wisshak, S. and S. Hochholdinger (2020). "Perceived instructional requirements of soft-skills trainers and
hard-skills trainers." Journal of Workplace Learning
.
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