Six in 10 (61%) senior figures and talent acquisition specialists at the UK’s FTSE350 listed companies say more creative thinkers are needed to make the most of new AI tools – while new analysis shows AI and machine learning specialists are among the fastest growing roles globally.
Universities UK’s new report, Jobs of the future, reveals more than 11 million extra graduates will be needed to fill jobs in the UK by 2035, in addition to the 15.3 million graduates currently in the UK workforce.
88% of new jobs are projected to be at graduate level by 2035, meaning the many years of unbroken growth in demand for graduate skills is set to continue. STEM, health, education and business services are among the fastest-growing occupations for graduates, with each needing 1 million new workers by 2035.
UUK’s survey of FTSE350 senior figures and talent acquisition specialists also shows that, although some concern has been raised recently regarding the threat AI poses to certain careers, 51% of respondents say graduates with critical thinking skills will be more important to the workforce than ever should AI be used to automate more white-collar jobs.
Furthermore, 50% believe arts and humanities graduates will be crucial to helping businesses get the most out of AI tools, while 63% think businesses will need to work more closely with UK universities to develop a talent pipeline with their required skills.
Universities UK’s Chief Executive, Vivienne Stern MBE, said:
More than a quarter of the current workforce are underqualified for the job they are in – and the many years of unbroken growth in demand for graduates means we are playing catch-up to give our employers the tools they need to succeed.
While the recent proliferation of AI tools has raised fresh concerns about automation, the trends we are seeing suggest that amid a turbulent jobs market, having a degree will be the best way of succeeding. Applied creativity and critical thinking are two key areas which will be needed to harness and adopt AI tools – and employers are already looking ahead to recruit those with these skillsets.
Vivienne Stern MBE
Chief Executive, Universities UK
Published today, Jobs of the future found that more than a quarter of the UK workforce (26%) are underqualified for the position they hold. The workforce is experiencing a particular shortage of teachers, healthcare workers and STEM professionals.
Globally, technology-related roles are expected to boom over the next five years, in part due to the shift to renewable energy. Digitally-enabled jobs, such as specialists in e-commerce, digital transformation and digital marketing and strategy, are also expected to grow by 4 million positions globally by 2027.
Meanwhile, of the 100 senior figures and talent acquisition specialists at FTSE350 companies who participated in UUK’s survey, more than half (52%) said UK businesses will need to rely more heavily on UK university graduates to respond to skills gaps and workforce challenges of the future.
Alex Hall-Chen, Principal Policy Advisor for Sustainability, Skills, and Employment at the Institute for Directors, said:
Persistent and acute skills shortages is one of the most pressing concerns for UK businesses. The demand for transferable skills – such as critical thinking and communication – remains strong across all sectors, and the UK’s higher education sector will play a crucial role in building a talent pipeline with the skills that businesses need to thrive.
Alex Hall-Chen
Principal Policy Advisor for Sustainability, Skills, and Employment, Institute for Directors
The report also revealed that, on average, graduates have more career options, are more likely to find employment compared to non-graduates (86.7% compared to 70.2%), and earn more, with the median salary for a graduate £10,000 higher than non-graduates in England.
Vivienne added:
From health and tech to digital skills and education, university graduates are a vital component to the success of the economy, but it is important that we are given the tools to continue to meet this need – and to ensure that higher education is affordable and accessible while maintaining the high level of education our institutions currently provide.
Vivienne Stern MBE
Chief Executive, Universities UK
The survey of 100 senior leaders (senior, c-suite, managing director/CEO) & talent acquisition specialists at FTSE 350 companies operating in the UK was conducted by Censuswide on behalf of Universities UK. Data was collected between 10th July 2023 – 14th July 2023.
Universities UK is the collective voice of 142 universities in England, Scotland, Wales and Northern Ireland. Its mission is to create the conditions for UK universities to be the best in the world maximising their positive impact locally, nationally and globally. Universities UK acts on behalf of universities, represented by their heads of institution. www.universitiesuk.ac.uk
