Graduates' Job Confidence Takes A Hit In 2024

2nd September 2024, Auckland, New Zealand.

Talent Solutions conducts an annual Student Pulse survey to understand the expectations, motivations, and perceptions of university students in New Zealand.

In the latest survey results due to be released in Auckland on the 3rd of September, the number of university students who reported they felt “very confident” about their job prospects following the completion of their studies is the lowest since 2017.

Only 19% of respondents to the Talent Solutions Student Pulse survey indicated they were very confident about their job prospects, compared to 28% last year and 40% in 2017. Conversely, those who were not confident has risen to 15% (from 10% last year and 6% in 2017).

When asked how they thought the current economic climate had impacted their job search, almost two thirds of respondents were more worried about finding a graduate job. Just over half were concerned about competition for early talent roles and 40% believed there were fewer job roles to apply for. Many respondents in the study were delaying their search for intern or graduate roles and extending study plans to avoid the current job market.

Students were also asked in the survey to identify their biggest concerns in 2024. The top four themes reported by respondents were clustered around ‘Unemployment,’ ‘Economy/Inflation,’ ‘Cost of Living’ and ‘Government/Politics.’ It is the first time that the theme of “Government/Politics” has been in the top four concerns for students since the report was first published in 2017.

“I have applied for so many jobs and have had none of my applications go further than me applying.” stated one survey respondent.

Seren Wilson, Director of Talent Solutions who produces the Student Pulse research commented that University students pay close attention to the economic climate as they recognise that the number of graduate opportunities is tied to the strength of the economy. When organisations are facing cost pressures, reducing investment in early talent programmes can provide short term savings at the expense of creating longer term talent challenges.

“Investing in early talent programmes is essential to the success of NZ Inc – it helps us to build capability, ensure young people have the training and support to realise their potential as future leaders and builds resilience in our economy. The decision to reduce investment in graduate and internship programmes needs to be considered very carefully against securing long-term capability for an organisation.”

In July 2024, One News reported that New Zealand saw a net migration loss of 27,000 people to Australia last year (Stats NZ) and that the net loss of people leaving New Zealand for Australia in 2023 was nearly double the year prior. If confidence doesn’t return to the graduate market, New Zealand is at risk of exacerbating the already concerning ‘brain drain’ of talent across the Tasman.

In the Student Pulse report, almost one half of respondents indicated that they had or were currently looking for graduate roles overseas as well as in New Zealand. As in previous years Australia continued to be the most attractive destination for New Zealand graduates with 22% planning to go overseas within two years of completing their studies.

The Talent Solutions Student Pulse is an annual report that is designed to support employers of early talent. The 2024 Student Pulse received 1,001 responses and the survey was distributed through university clubs and societies, through student networks and by Prosple New Zealand and GradConnection New Zealand.

Talent Solutions is a specialist early talent consultancy with offices in Auckland and Wellington. Talent Solutions is partnered with a wide range of employers in New Zealand supporting the development of early talent programmes and the attraction, selection and development of graduates, interns, and cadets.

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