Ashleigh Wilson sat down with Dartmouth’s Early Careers specialists Hannah Harrison and Mathilda (‘Tilly’) Johnston-Jones to discuss the changes the sector has experienced over the years and how candidates can put themselves in the best position to be successful in their next application process.

What trends are we seeing in the early careers market, and how might these affect candidates?

Tilly (T): As the narrative continues around the economic downturn and instability in the market, along with the ongoing mass redundancies across industries, instinct is to assume companies aren’t hiring at entry level. But this is not entirely true for recent years. If we look at the global financial crash in 2007, many banks cut their graduate hiring because lack of funds. The impact of this was felt 5-10 years down the line when there was a huge distinct lack of talent at the VP/MD level. Firms learnt from this, so instead of cancelling their graduate recruitment during the pandemic, they simply delayed it by a year. Even if there was another globally impacting event like this, it is unlikely companies will scrap a whole intake.

Yes, we are in a period with less market activity but the general sentiment is that it is only a temporary dip. In light of this, we advise our clients that it would be short-term thinking for them not to hire or to cut their graduate programmes completely. I think businesses can achieve great stability from graduate schemes and programmes, and formalised intakes, due to the nature of this potential talent pool.

Hannah (H): Having been in this industry for twenty years, this will be the fourth recession I’ve experienced. The first I observed was in the 2000’s when many firms cut their graduate schemes. Everything disappeared and they all paid for that in the years that followed. By completely cutting off that pipeline, it harmed their ability to retain and develop talent. The hard-learnt benefit of this was companies realising their mistake by removing an entire hiring strategy and so when the GFC happened, roles were cut but we didn’t see a repeat of the sweeping removal of graduate schemes like we had before.

COVID was an interesting period for recruitment, but I think the market held up well. Looking at predictions for 2023 in terms of hiring, I think we’re going to see a slight flattening of the market but not a huge drop-off. Certain sectors will face greater challenges than others but generally the graduate market tends to hold up better than the rest of the recruitment market. In essence, I don’t think there is real cause for panic.

As a graduate, is it harder to get a job today than it was a few years ago?

T: I wouldn’t say it is harder but instead that it requires more ‘grit’ compared to previous years. This is in part due to the increase volume of deals that took place post-lockdowns, and when most companies experience periods of growth they typically hire excessively. The over-hiring that took place in 2022 is now slowly being corrected. It may feel like there are less opportunities when in fact we are seeing the market reset itself to pre-pandemic levels.

H: The volume of jobs at entry level hasn’t changed too much over the years, it will always fluctuate. What does change is the perception of job availability. During COVID, everyone panicked which meant the rate of job applications soared. There were probably roughly the same number of jobs out there but just much larger volumes of respondents. We find this behaviour tends to create a problem as when candidates begin to churn out application after application, it results in much lower quality applications and talent optics.

In my 20 years of working in early talent recruitment, there has never been a year when all graduates roles have been filled. You need to be persistent, methodical, and diligent in submitting high quality and well-considered applications.

What is the meaning of a ‘candidate rich market’?

T: 2022 is a perfect example of a candidate rich market – most companies were hiring and so we had a large number of vacancies and opportunities. Often these companies are looking for a small pool of top and diverse talent but when there are large numbers of vacancies, the candidates become more powerful. They might have five offers on the table, all with competitive offerings due to wages being inflated to match the market.

As we exit this market, vacancies are becoming less which means compensation packages are not as competitive, and candidates are left with fewer options.
Last year, Candidate A could have had multiple offers with varying high salaries and benefits and be able to pick who they please. But this year that same candidate will likely only have one offer, maybe two if they are lucky, and with a lesser salary. We are seeing the pendulum swing back to the employer and they are have the upper hand.

H: A candidate rich market can be exacerbated by the fact that people are submitting more applications. Regardless of it being a competitive market, it’s always better to spend time on your applications as opposed to getting one in early.

Have you seen a slowdown in hiring?

H: By in large, no but when Talent Acquisition teams and HR Directors are thinking about how many positions to offer, it is likely they’ll err on the side of caution for the time being.

T: Ditto, in Early Careers hiring we have to think ten steps ahead. We are already in conversations with clients about their 2024 intake. In terms of immediate need, the current response from employers is to wait a couple of months.

What hiring trends should graduates be aware of?

T: It’s worth noting with different market cycles we see various profiles. Employers may look for candidates with experience that previously wasn’t relevant. This reiterates the need for candidates to be strategic when apply. Focus needs to be given to their skillset and that they are aware of the roles they are or aren’t suitable for. Speak to someone on our Early Careers team and we can help you identify your skillset and for which type of roles.

H: During COVID, there was definitely huge benefits from running hiring processes online but gradually we are seeing things move back to face-to-face as 63.3% of our Gen Z 2023 respondents stating online experiences were the least effective recruitment tool. Graduates need to be prepared for this move and be comfortable in a professional environment. It may be daunting but overall it’s an opportunity.

I also think there will be a conflict between students expecting flexible working and the increasing desire of businesses to see people back in the office. Something we are working with our clients on addressing in their employee value proposition (EVP) to be more attractive to this workforce.

What can students do to ensure they put their best selves forward in applications?

H: The best applications come from people who understand themselves. I’d recommend spending some time writing down what you like, what values won’t you compromise on, where your skillset lies, and where your experience positions you. This information is key for the interview stages as it is the basis for the most common questions asked. If you have taken the time to understand these about yourself, then there is an increased chance of being able to properly articulate and relate them to the role.

I also suggest conducting thorough research to find the companies you feel most aligned with and why you are. Tease out the similarities between your values and theirs, and what about the company and the industry they operate in that attracts you. There are plenty of in-person events for students, creating opportunities to meet employers and identify whether or not the business is for them.

T: Be strategic with applications. It’s best to approach it by thinking about what you want your day-to-day to look like and then speak with a specialist recruiter like Dartmouth about what sort of role best matches this, and will allow you to tap into your skillset.

But importantly, be yourself! If an employer is choosing between two strong candidates with identical experience, more often than not they will pick the candidate they felt was the most comfortable and open with themselves. The interview is as much about your professional competencies as it is about your personality fit.

What can students do to ensure they put their best selves forward in applications?

H: The best applications come from people who understand themselves. I’d recommend spending some time writing down what you like, what values you won’t compromise on, where your skillset lies, and where your experience positions you. This information is key for the interview stages as it is the basis for the most common questions asked. If you have taken the time to understand these about yourself, then there is an increased chance of being able to properly articulate and relate them to the role.

I also suggest conducting thorough research to find the companies you feel most aligned with and why you are. Tease out the similarities between your values and theirs, and what about the company and the industry they operate in that attracts you. There are plenty of in-person events for students, creating opportunities to meet employers and identify whether or not the business is for them.

T: Be strategic with applications. It’s best to approach it by thinking about what you want your day-to-day to look like and then speak with a specialist recruiter like Dartmouth about what sort of role best matches this, and will allow you to tap into your skillset.

But importantly, be yourself! If an employer is choosing between two strong candidates with identical experience, more often than not they will pick the candidate they felt was the most comfortable and open with themselves. The interview is as much about your professional competencies as it is about your personality fit.

Do you have any final comments or advice for our candidate network?

H: Applications require a lot of resilience, but I would treat it like you would any project or piece of coursework – give yourself enough time and do your research.

T: Of course – reach out to us if you’re struggling or unsure of how to start your application and research. We are more than happy to chat through questions and help you navigate your way through processes. Don’t be disheartened, being persistent goes a long way and it will happen for you!