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| The healthcare industry has to date been little affected by the recession.
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| Tuesday
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The healthcare industry has to date been little affected by the recession. The employment of doctors and in particular nurses has remained high due to the opening of Centers of Excellence around the country. However the closure of wards in many hospitals has caused employment to fluctuate. Unemployment rates for healthcare professionals are exceedingly low at 0.2%.
As we return to another academic year, horror stories of a collapsing global economy dominate the financial news.
AIG, Freddie Mac and Fannie Mae have been taken over by the US Federal Reserve. Lehman Brothers have filed for bankruptcy whilst Merril Lynch has been bought out by the Central Bank of America. This overhaul of the financial system has sent shockwaves throughout our globalized economy.
And so the question arises how does all of this affect graduate careers?
According to the Central Statistics Office (CSO) the economy contracted by 0.8% in the second quarter of this year compared with 2007, which means that the economy is technically in a recession for the first time since 1983.
In the financial sector we are due to see some great upheaval. The merger of Halifax Bank of Scotland with Lloyds TSB has been rumored to be axing more than 3,000 jobs both here and in the UK. The recent turmoil in Wall Street is expected to oust 40,000 people from their jobs worldwide. The affects of these events will slowly filter down to the Irish job market which as of yet has remained largely unaffected by recent events in the financial markets. A major concern to Irish business is the rising cost of production. We have seen many firms close such as Tyco in Cork citing high wage costs and costs of production as reason for closure.
Mixed news prevails for business students. Accountancy remains among the top recruiting sectors in the country with the big four accounting firms alone planning to recruit over 1000 graduates in 2008. Whilst the banking sector is expected to reduce its graduate recruitment by 15% this year.
Graduates stemming from computer science, arts and media studies face a more challenging future. Unemployment rates for these sectors range from 8% to 10% for the year 2007. Dell is planning a contraction of its production base here in Ireland; Hewlett Packard plans to cut its global workforce by 7.5% whilst many technological firms have defected to Eastern Europe and India. With “conservatism in IT spending” rife throughout the industry many graduates may be forced to look abroad for job opportunities. Those with arts or communications degrees are in the most vulnerable position. During a recession there is a contraction in the service industries where many of these graduates will end up.
On the other hand for everybody down in the Hamilton things don’t look so bad. Powerful industries such as alternative fuel sources, bio and medical technologies, ICT and pharmaceuticals are quickly gathering momentum. The high demand for fuel, the fact that oil is a finite resource and a drive for a cleaner environment has boosted investment and research in alternative fuel sources. Exxon Mobil has invested $20 billion this year alone into researching new sources of energy. Environmental engineering is also a developing industry with great prospects. Also science graduates are often recruited by financial firms due to their high analytical skills.
Graduates from a career specific course such as medicine, dentistry, and engineering have very low unemployment rates. Many find a job within the first six months of graduating.
The healthcare industry has to date been little affected by the recession. The employment of doctors and in particular nurses has remained high due to the opening of Centers of Excellence around the country. However the closure of wards in many hospitals has caused employment to fluctuate. Unemployment rates for healthcare professionals are exceedingly low at 0.2%.
Small businesses though more vulnerable to market fluctuations may become a more attractive option to graduates. As the Federation of Small Businesses (FSB) Chairman John Wright commented on the publication of the latest FSB survey: “Small business owners know their greatest asset is their staff…By having a committed and loyal workforce… [Even] the smallest business has a big advantage.” Although smaller enterprises may have fewer vacancies they may be more supportive of individual needs and suggestions. As smaller enterprises tend to be more flexible, they can rapidly shift their focus to adapt to changing circumstances. They are able to respond quickly to any market fluctuation thereby reducing the need for redundancies.
Graduate prospects are not all doom and gloom however depressing the future may seem. Graduate Careers Ireland found that 71% of the 211 employers it questioned said they expect to recruit the same number of graduates this year as in 2007. However just 2% said they planned to increase graduate recruitment levels this year. Many firms suffered with a talent dry-spell during the recruitment freeze of 2001 and so will continue to hire graduates to ensure a consistent flow of talent when the market picks up.
The Graduate Market Report 2008 is reporting more of the same. It claims graduate vacancies will rise by 16.4% with finance based firms planning to take on 14.7% fewer graduates. The report also shows that almost half of the organizations featured in The Times Top 100 Graduate Employers plan to expand their graduate programmes this year. According to Irelands Leading Graduate Employers Report, the top ten firms are Price-Water-Coopers, KPMG, Google, Deloitte, AIB Group, Bank of Ireland, Civil Service, Ernst & Young, Accenture and Intel.
Today is budget day. It is the first time in living memory that the budget has been brought forward by two months to October. It may be an attempt by the government to look as though they are dealing with the current economic crisis or it may be to increase tax levels. Trinity News asked Marc Coleman what tricks the government may have up their sleeves.
“I expect strong cuts in expenditure, in recent years government spending has exceeded justified levels in comparison to the relatively low output of the public service. This waste must be eliminated.”
Recently in the media there has been much coverage of the inefficient and bloated public service. There has been much speculation that the public service is to experience a severe wake –up call in the form of reducing everything from expenditure to personnel to bonuses in an attempt to cull the gross wasting of taxpayer’s money.
“I am not anticipating tax increases but we can expect an increase in non-indexated tax bands and thresholds [such as VAT and Excise Duties] which will effectively act as a tax increase.”
Also I expect to see an increase in Pay Related Social Insurance (PRSI), and hopefully the end of the apartheid system in which the private sector is obliged to pay PRSI whilst the public sector, as part of their contract, does not.” 0
The European Commission will have to scrutinize the budget from a macroeconomic point of view, however the Minister’s budget is unlikely to be constrained by the Commission. This year the budget is likely to breach the 3% deficit limit by a substantial margin.” It is rumored that the government may have to borrow up to the European maximum level of 60% of GDP. As unlikely as it seems “This is a good thing, the economy is having difficulty breathing so it is important for the government to loosen the belt and tie. Provided current taxes broadly meet current standing the government should be happy to borrow up to 9 billion.”
However borrowing for current purposes is unacceptable. The Controller and Auditor General’s Report has indicated that tens if not hundreds of millions of euro a year is being wasted in government spending. By not acting to end this waste but at the same time borrowing for current purposes the government is inflicting an unnecessary burden on the taxpayer and that is only the tip of iceberg. Structural reforms of public service, in the form of targeted cuts and useful public spending could release billions of euro back into the economy.”
On the topic of recession and the collapse of the global stock market Coleman refuses to go overboard and adapts a moderate, realistic viewpoint.
“The market crash is the direct result of 10 years loose monetary policy- too low interest rates- weak regulation of banks and poor credit rating. As a result growth in the world economy in recent years has been more fat than muscle. Recent increases in interest rates since 2005 have revealed this to the markets and they are now reacting. If the government can restore confidence in the banking system and if media can be constructive in not talking down economy then asset prices and economic activity generally should begin next year to stabilize. Asset prices should stabilize where they were in 2003/2004 and global economic activity should grow weekly from 2009.
However in this country we are dealing with the excessive overhang of SSIAs and credit growth which artificially inflated the economy between 2005 and 2007. As most of this growth was illusory we should expect the economy to wash it out of its system during the next 18 months. Economic activity should stabilize at the level attained in 2007 sometime during the year 2010. This adjustment is perfectly natural and healthy. It must be managed carefully by the government by keeping the lid on taxation and dealing effectively with public spending. If government makes mistakes on taxes and spending that’s another matter.”
“There is a lot of fear out there at the moment. I would like to think that people like me, Newstalk and the Sunday Independent are doing their best to provide balance on the negative and positive factors of the economy. This (sense of balance) is less evident in other media outlets which are perhaps immune to many consequences of the downturn.”
Unemployment has become, for the first time in years, a serious worry for graduates. “However
Your Curriculum Vitae is the most important document in obtaining any job. It is a personal record of your academic and professional experiences. Its aim should be to represent you in the best light possible. It should express the firm belief that you are the best candidate. There are a number of common mistakes that prevent qualified candidates from netting their ideal position. Amongst the most heinous crimes are: spelling errors, failing to tailor the CV to the job, and poor layout.
The ideal CV will allow your information to be easily absorbed. Language should be concise and clear. The layout should be attractive, neat and organized. The information contained in your CV should be truthful and succinct. The use of headings allows for a direct, accessible layout. Allow lots of space between headings.
Heading titles should include personal details, career objective, education, employment history, interests, achievements, personal statement and referees. Ensure that headings are underlined and/or in bold.
Use the same font size and type throughout your CV. Size 12 in Arial Black or a similar plain font is preferable. If you are listing exam results, a table looks better. Leave out your Junior Certificate (or equivalent) results. Start with your most recent educational experience (your degree) and work backwards. Referees should include previous employers and an academic referee such as your tutor. Remember to ask their permission first and include their contact details.
Your personal profile should very briefly outline how best you fit the role: as a team player, having relevant skills or reliability. It should not be more than five lines and should act as a complement to your qualifications, employment history and hobbies. Ask your careers advisor to read over your CV when you are done to make sure that your personal profile reads well, that there are no spelling errors and that it looks professional.
It is important to include a cover letter if you are serious about a certain post. This should convey your enthusiasm for the position, a brief synopsis of your capabilities and a positive, confident close.
The final and most important point is relevance. Your skill set, experience and personal traits need to focus on the job at hand. If you want a job in the bank don’t harp on about your ten years cockle picking in Madagascar!
For further information and personal advice contact the Careers Advisory Service online at tcd.ie/Careerssource
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posted by blogger @ 10:34
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