The new program aims to attract talent in the post-Brexit world, but don’t expect higher salaries.
The UK Government has announced plans to provide work visas to recent graduates of the world’s top prestigious universities to attract talent in the post-Brexit world.
The UK is aimed at recent graduates of prestigious universities and allows people around the world to work for a couple of years. Includes 20 American universities, including Harvard, Yale, and Massachusetts Institute of Technology.
Do American graduates need to take advantage of this opportunity? We talked to consultants and economists about the pros and cons of working in the UK as a recent graduate.
What about the UK employment market now?
Fortunately, the UK employment market is currently very tight, with employers in a wide range of areas reporting post-pandemic employment growth and trying to attract workers, especially in the financial sector. The unemployment rate in April was 3.8%, the lowest since the 1970s.
“The UK is currently in the job market and companies are competing for the best talent,” said Susanne Streeter, senior investment and market analyst at British financial firm Hargreaves Lands down. .. “Beginners have choices.”
How high is the salary in the UK?
According to Glass door EM EA economist Lauren Thomas, the average salary in the UK is lower than in the US, with recent graduates expecting £ 30,000 a year ($ 38,000) compared to $ 40,000 to $ 50,000 in the US. The difference is greater in the financial sector.
“People who are expecting higher wages in the UK will be very disappointed,” he said.
Wages are rising, but not at the same rate as inflation, which was 9% each year until April, and more than double the growth rate of base wages. This means that, as in the United States, graduates working in the United Kingdom may find that rising living costs limit their ability to spend and save.
Experts say profits may offset some of that financial pain. UK workers can legally take 5.6 weeks of paid leave per year, afford affordable medical care through the NHS, and rarely need to work overtime on a 40-hour weekly contract.
“A very generous vacation qualification gives workers the opportunity to use the UK as a base for traveling across Europe,” Streeter said.
Is it expensive to live in the UK?
Depending on where you live, living in the UK can be cheaper than in the United States, but for those who want to live in London, it can be as high as in a big city in the United States like Washington or New York. ..
“Depending on the spending structure, living expenses in London, Oxford and Cambridge are in the same league as New York, and wages are low,” said Jonathan Portes, an economist at King’s College London.
Rental prices in London rose 12% year-on-year in April. Rents are rising at record paces in other parts of the country this year. This means young graduates can choose to live with their roommates and save on rent and invoices. This is an option that many British people choose after the age of 30.
Does a job in the UK fit my resume?
According to Streeter, working abroad has always been good for a resume. Demonstrates international curiosity, adaptability and motivation to communicate with people from all over the world. For those interested in an international career, experience in the UK is a huge asset to a resume and helps candidates stand out.
“Working abroad is great for your resume and shows your future employers that you are ready to travel and work in a new environment to gain a new perspective,” Streeter said.
Should I go somewhere?
One of the attractions of the UK is its proximity to the European Union, as well as its important trade relationship with the United States, says Janice Flynn, a London-based lawyer who works with Americans in the UK.
“The UK is the gateway to Europe. Traveling and enjoying life is easy while accessing great career opportunities in a great English-speaking economy,” he said.
In Europe, the barrier to entry is rising. The job market is small and language can be a problem. Other English-speaking countries, such as Australia, New Zealand, Canada, and South Africa, may seem more isolated from the global web or less inclined towards the European way of life.
“Whether you want to have a big backyard, drive through beautiful countryside, or walk up and down to discover the culture and history of a bustling city, Britain could be the right choice for you,” Thomas said.