As if to reinforce the message in my video this morning, the FT has reported that:
UK graduates face the stiffest competition for jobs on record as they seek to enter a slowing labour market where the number of applications for each vacancy has been supercharged by the use of artificial intelligence.
They noted that:
Employers running graduate training schemes received an average of 140 applications for each job in 2024, 59 per cent more than in 2023, the Institute of Student Employers said on Thursday.
They also added:
The fierce competition is partly due to a UK-wide slowdown in hiring, which has been sharpest in popular, highly paid sectors such as IT and consulting that often employ large volumes of new graduates.
So, why is it that young people are not working?
That's because the economy does not want them. The outlook is supposedly not good enough to justify recruiting them.
Employers do not want the skills these young people have to offer, at least at the level they are able to offer them.
And it does not want to invest in developing them because it sees machines as a better bet.
No wonder the economy is in a mess then.
But no wonder, too, that young people look at the world through this lens of rejection and, as a result, decide that this is not a world that they wish to be a part of.
This is not sustainable. It will not be long before their disenchantment also spreads to their parents.
Either the economy decides very soon that it serves people and that it cannot lay aside those it does not care about, or, unsurprisingly, society will decide to reject the economic framework that underpins our current economics. They will then have two choices, and that will be to move either right or left.
The need is to be ready on the left.
My fear is that the right might be well ahead in this game.
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Richard, as you like to say, much to agree with.
I would like to point out another reason, I am fairly certain, plays a role, albeit mostly subconsciously. And that is the current calamities the planet and all living systems are in. Climate, ecosystem destruction and a potential collapse of societies add to the insult of young people expected to conform to values, morals and ethics that, arguably, contributed to the predicament. To me there is no way for young people to (sub)consciously recognise the huge discrepancy between the moral guidance as taught by our elders and their actual realisation. To be sure, materially young people in rich countries today are doing better than ever but at the cost of their and other people mental well being. This multiplies globally because young people cannot ignore the atrocities that are being committed in the name of “progress” against other humans, animals, plants etc.
Once people accept the thought that our way of live (in the rich countries, that is) has a serious potential to take us to the brink of catastrophe, if not more, it becomes psychologically extremely costly to try and fit into a dysfunctional system. None of this is new, of course, but the global scale today is unprecedented in human history.
The loss of hope for younger generations, both economically and environmentally hasn’t yet shown through in a solid political movement. They don’t have long.
It might just be the Greens if they can demonstrate social and economic justice with sustainability.
We’ll support them, wholeheartedly, as environmentalism knows no generational boundaries.
I know of no credible political party anywhere that would be up to the task of systemic change.
To build social movements takes time and commitment in the real world. That is something they’ll have to rediscover, I suspect. Besides the judiciary doesn’t take kindly to the likes of Extinction Rebellion and other movements that are trying to change societies. That on top of economical pressures and at some point ecological, is a hard ask until many people are seriously in peril. By then it’ll be rather late.
I don’t know about that last… I think it’s credible to suggest we’ve been here before and disaster has indeed happened, but has happened on such a scale there’s no records of it, so no trace we can recognise as such of those earlier civilisations.
Student fees rumoured to go to £10,500
Shocking
My one son is considered international student, American’s living in UK now with ILR, and he’s tuition went up by £2k this year to £20,500.
The economy needs engineers, instrument artificers, electricians, platers, welders, plumbers, builders etc etc the list goes on… and yet half of our 18yr olds go to university. Many do worthwhile degrees and develop skills employers need, this is particularly true of the sciences.. but what is the value of a sociology degree from a weak institution like say Anglia Ruskin? There are 1000s “graduating” with qualifications of similar value. That is to say they are not valued by the economy. Why is this? Possibly because Universities are a business themselves and offer soft degrees to make money not to offer skills that will be valuable… you call this chasm “non conformity” when the harsh reality really is something different.
I defend sociology degrees
Any degree of that sort demands the abiloty to anlyse data and present an argument – key skills
To bash sociology is inappropriate – it imparts really valuable skills
But some of the rest I agree with
An observation. Yes I agree that if you study anything to degree level it gives general skills of argument, observation etc etc. But I would like to bring in the British Class System as well. From an early age in my old fashioned family I was taught about “tradesmen”, those that went to the back door. You know what I mean I am sure. But this attitude has persisted to the present day in that we all want our children to Go To University, and have Office Jobs, definitely not jobs involving , God forbid, working with ones hands. I dropped out of the rat race in the 70’s, post uni. My mother never really forgave me because I spent thirty five years sitting on the floor making baskets, and growing our own food. The fact that I travelled the world via this ancient trade, met extraordinary people, made some money, brought up a family, and had a quality of life way beyond even my own expectations cut no ice with her, – I was A Peasant ! A great compliment from my point of view of course.
The point of saying all this is that what so many economies the ( so called developed) world needs right now are capable intelligent people who work with their hands as well as their brains, plumbers, carpenters, mechanics, roofers, stonemasons, gardeners, small farmers, the list is endless as already mentioned in a previous comment. But until there is a huge change in mindset that sees such work as equal in value as city trader, doctor or professor, all of us will have to live with our leaky roofs, unrepaired windows etc. And yes, lots of the youngsters asked to do tough jobs fail quickly because it is Too Hard, but perhaps we have to look at the education system that is both broken and mollycoddling. Perhaps a return to summer camps, first job dig a trench for the latrines !!!! (And if anyone tries to say plumbing / electrics / mechanics are easy, they probably have never looked at the maths involved.) Rant over.
What always staggers me is the quality of work people do when engaged in a hobby
People who are given almost no creative opprtunity in their work flourish outside it
Why can’t their employers see the need to empower them at work?
‘And yes, lots of the youngsters asked to do tough jobs fail quickly because it is Too Hard, but perhaps we have to look at the education system that is both broken and mollycoddling.’
Our education system has been ‘dumbed down’, not helped by Tony Blair & his ‘prizes for all’ mentality, which is totally at odds with the real world of work.
There’s a total mis-match in the employment market with hundreds of graduates chasing small numbers of graduate roles. As 80% of student university loans are never repaid, the current university treadmill producing masses of highly in debt graduates with degrees of little value to employers needs to change to improved vocational training.
Better (and free of charges/fees) vocational training for students/apprentices in engineering, construction skills, IT technicians, mechanics, landscaping, carpentry etc is what’s required.
But, as you mention, the UK has a ‘class problem’ & looks down on people who actually work with their hands (like engineers). Interestingly this is not a problem in Germany, Austria, Switzerland, Denmark, Finland, Sweden etc where ‘engineers’ are held in high regard.
Let’s be clear – most young people would work
On the other being treated like shit (a fair expression in this case) in more manual tasks where zero hours and low pay abound, plus far too much petty abuse of power, puts them off that.
I have discussed this with young people in hospitality, some of whom wanted careers in that sector, but can’t stand the abusive treatment imposed on them by managers who are themselves abused by managers.
The problem with ‘hard work’ jobs is the abusive structures in them. Of course they look elsewhere.
You might be surprised to learn that a recent edition of the IMF Fiscal Monitor – see Link A – applies the sociology of ‘discourse analysis’ to analyse global trends in economic policy and public finance – see Link A
Link A: https://www.imf.org/en/Publications/WP/Issues/2024/09/12/Fiscal-Discourse-and-Fiscal-Policy-554774
As you know, this is a field of study influenced by the work of Michel Foucault – see Link B – a man whose name seldom, if ever, appears in IMF publications.
Link B:https://aspect.ac.uk/resources/research-method-sociological-discourse-analysis/
But given advances in the methodologies being deployed by the IMF, perhaps the next Alfred Nobel Prize for Economic Sciences will go to a sociologist? After all the Nobel Prize for Physics has just been awarded to a psychologist – see Link C
Link C: https://neuroscience.cam.ac.uk/cambridge-alumni-awarded-nobel-prizes/
What this IMF approach signifies is that with advances in Artificial Intelligence (AI) – which is a language and text-based technology – economics may be loosing out to the real world application of qualitative data using techniques of sociological discourse analysis.
And as for Michel Foucault (1926-1984), he might be a man whose work everyone should aim to become familiar with – see Link D
Link D: https://iep.utm.edu/foucault/
Thanks
I studied both economics and sociology, initially through the prism of degree level Geography, and subsequently used both in my working life.
The sociology material was considerably more academically rigorous than the economic theory and didn’t rely on laissez faireys.
Agreed
And yet, Starmer and his gang, will no doubt expect all these disaffected youths to line up as willing cannon fodder if and when they up the ante and want to put boots on the ground in the Middle East or Ukraine.
What exactly would be worth fighting for in this increasingly rotten and unequal society?
Fortunately we’ve been luck enough to pay for our two kids uni expenses. I couldn’t image coming out of university with the burden I see now days. Even without that overhead I can’t see them being able to live on their own for a long time if they stay in London.
Thank you, Richard.
It’s further up the career ladder, too.
A fortnight ago, I found out that a former employer, an EU bank, will lay off half of my former team and relocate the work to head office.
My current employer, also an EU bank, is soft pedalling on expansion in the UK. I want out in any case, even from the City.
Wanting out makes sense now
I am increasingly feeling that way….from empployment
Thank you, Richard.
There’s widespread disaffection, I would say from mid-30s onwards, in the City, the sector itself and employment in general.
Can our society survive this?
I am one of those who, “wanted out” and took early retirement.
It is OK for me as I have a decent defined benefit pension, but younger people will never have that option.
Richard,
You and I are about the same age.
When I started work, pay wasnt that great BUT with the help of a great deal of overtime my colleagues and I were all buying houses in about 1985/6.
So whatever you thought of your job it offered the possibility of owning your own home and for most a final salary pension.
What do you get these days? Homebuying is out of reach for many and few jobs have defined benefit pensions. For many even having children is unaffordable.
So why bother? Live the life you want to live because getting a career doesnt offer what it did 40 years ago.
I managed in 1983, but I was a chartered accountant by then – and could buy a three bedroom falt in Tooting on my own salary…
Wolfie Smith lived next door
FWIW my view is that we are looking at the possible death of work?
I hate to sound like Jim Radcliffe but I’ve had enough of this working from home bollocks for a start.
Managers who WFH are learning and understanding less and less of what they are managing with disastrous results for staff and customers.
Workers working from home are missing out on pedagogical development and a more holistic, joined up view of who they work with. They are becoming insular and team work is being hurt.
It does not bode well. We are in a self-reinforcing death spiral in my view.
Management by walking about needs to come back; it all starts there and managers need to lead the way and set an example.
There is too much email , too much said through laptops and computers and not enough face to face.
Work is in trouble. And it was bad enough before Covid.
Another good post.
We have four sons so I’m acutely aware of the unfair issues they face.
But, sadly, it’s the other end of the age spectrum as well. There’s a lot of ageism about. Most of my well educated friends are retired or retiring. Some would like to work. But the only jobs appear to be full on, full time, high level jobs (which is not what’s wanted). So their skills go to waste.
Yesterday I eavesdropped on a conversation. One man was complaining that a recruitment agency had passed on an application for an apprenticeship from a 44 year old. The problem was their age.
Blatant, undisguised, ageism.
I guess the economy is so restricted overall that there are too few jobs, and employers can be excessively, and arbitrarily, picky.
Meanwhile we’re told that the sick unemployed must be forced back to work and people must work till they drop with an ever receding state pension.
To be polite, the employment market is totally f***ed up because it has forgottewn it is all about people.
I have many friends who are tradespeople and have attempted to take on apprentices over the last 20 years, all of them have had too many apprentices last barely two weeks before leaving because the job is “too hard”.
There are many who see being a “social media influencer” as a career, without realising how fickle trends can be.
There is also the subject of University, could trades colleges be a solution?
I proposed them in The Courageous State
“What happens when the economy rejects young people en masse?”
My sadly late and wonderful friend Anita Sullivan introduced me to the African saying “The child not embraced by the village will burn it down to feel the warmth.”
Now we have a whole generation with every reason to feel spurned by the culture. Can it survive? Looking at where it’s going, do we even want it to?
It isn’t just about jobs. There are other injustices, such as young people being abandoned at 16 after having been brought up in children’s homes. Some end up on the streets. How can any society live with this, with a clear conscience
Why isn’t there a halfway house to help them through to A levels or through the apprenticeship system
Or even, dare I say, a new suit and glasses to set them up for interviews. Maybe a certain person could help with this
I have felt strongly about all this for years but nothing has changed. Shame on all our leaders.
Families help one another, they have no one
Much to agree with.
It can be done. Who Cares Scotland. I don’t know any care leavers personally so have no idea how well it is functioning but the intention is there https://www.whocaresscotland.org
On the subject related to young people, this is a letter I wrote to the MSM letters pages:
“While I am not opposed to the policy per se I do think charging VAT on private school fees will backfire on the Labour party simply because the parents, specifically the mothers will perceive this increase to be an “attack” on their children and thus will seek to extract revenge for it. I attended a private school so I know very well the fear and snobbery which drives those who wish to segregate their children from the rest of society. There is no reasoning with those emotions and I would bet some of those parents will have no limits in how far they are prepared to go to get back at Labour over this and will use their social power to do so.”
It has already spread to this parent and his wife. We’re currently in France looking for a house and a way out of the madness that’s in the UK currently. Houses are around a half the price of where we currently live in Yorkshire – a bog standard small town with the usual problems – alcohol / drugs unemployment and disenfranchisement. What can I or the other residents of my northern town do to change anything? Not much I reckon.
All sounds a bit middle class I guess you’re thinking.
I’m the son of working class Tories – him a house painter by day and musician by night – and her a toffee factory worker. My wife’s parents a pattern maker and a local authority employee.
We’ve had enough – Brexit, years or politicians lies (not just the Tories, Labour’s at it now) and the recent riots. What is there for us in the UK?
One of my wife’s sons has already headed for Australia.
My daughter at 29 has, as she describes it, had a “quarter life” crisis and left for the Far East via “volunteering” in Africa (that is middle class from what I can see of the other 19 year olds doing it).
I’ve said to her she’ll either find something in herself or something out there that floats her boat – but to think long and very, very hard before heading back to Blighty – it’s f**ked. Yes, I’m an Anglo Saxon!
Pardon my Vogonish tripe.
Mentally and physically made ill by ‘Covid’
No medical insurance for pre-conditions!
Wont get that cheap insurance for long
Only available for non-useless eaters.
Lockstep to goose step.
For bootfilling zillionaires mesmerism and their pocketed politics .
Sorry buddy got No change
from tick to tock, right or left.
Always a lie.
Every day is Zero hour.
No subsidy to employers for real salaries
Hope must not have any hope.
No prospect if you’ve not already got it,
connected networked nepotised – them Haves.
The rest , canon fodder, for them Have-Nots.
“Oliver’s Army Is On Its Way”
Remember the words?
‘Palesburg and one less …’
And ‘Shipbuilding’
the ‘Call Up’ it is ‘upto you..’
young men.
Before it’s too late. probably already is.
See it yet?
History chimes always repeats.
Desensitised by the NeoGuernica daily slaughters.
Ask not for whom the ‘Balls’ will toll for at No 10.
Am I doom mongering?
I really hope so – but so far the Lock step has emerged to the goose step in the aged , collapsing, falling UniEmpire.
Failing. Folly. Empire.
Want hope? Look over the daily rising Garden Wall and see the happy Jungle. That’s where the young can be free and young while they still are.
Stop The Wars before it kills The Young.
Join the Real Multipolar Human Hope Majority
Fight Now or watch them wither on the daily whine.
“society will decide to reject the economic framework that underpins our current economics.”
Bring it on!