Graduates adjust to shrinking job market

University graduates are having to think outside the square, as they enter the job market.

University graduates are realising they need to raise their game and lower their expectations as they come to terms with a lack of opportunities in the market.

University of Auckland's careers centre director, James Hairsine, said new graduates might have to settle for jobs that did not require a degree qualification or return to university to raise their skills.

He said New Zealand had been through a period of growth favouring graduates and as a result "Generation Y" had become accustomed to perks.

But now employers, who can pick from an oversupply of graduates, have the upper hand.

While he expects the majority of graduates to land jobs at the end of the year, they need to be realistic and not expect their first role to offer a high salary and company perks.

"Some students will get a reality check," he said.

If they do not land a job straight away they may need to look broader and to refine their skills to make them more valuable when the market picks up again.

"Go for the graduate positions but look at other jobs. If that fails, do a post-graduate course," he said.

The chief executive of the University of Auckland's student-run entrepreneurship scheme Spark, Sonali Nidamarty, has urged students to consider creating their own jobs by forming companies or joining others to set one up.

She graduates from her double-degree in finance, economics, management and maths at the end of the year and has been ardently looking for
a job.

"You have to really be on top of your game to get a position," she said.

The mood among the general student population was sombre, she said.

As well as a large increase in students doing masters and honours degrees, interest in the Spark scheme has peaked this year.

In the seven years since its inception, Spark has created more than 35 successful companies employing 170 people and which have raised more than $40 million in funding.

Ms Nidamarty said students and graduates needed to think outside the traditional method of gaining employment whether it be setting up a business on their own or just enhancing their skills.

"If you think entrepreneurially it gives you an edge over the common student," she said.

"It is important to see these times not as despairing but as an opportunity to make your mark."