Our new analysis shows how critical graduate's skills are to the high-growth sectors identified in the government’s Industrial Strategy – the IS-8.
All of which have a high proportion of graduates in their respective workforce and will need more if they are to expand to meet the country's ambitions for growth and national renewal.
1. Graduate skills are particularly important to these high-growth sectors:
Graduates make up 52% of the whole UK workforce across industries, but on average make up 63% of employment across IS-8 sectors.
In all but one of the industrial strategy growth sectors, graduates make up the majority of the workforce. In seven of those high-growth sectors, the proportion of graduate employees is also greater than the average for the UK workforce of 52% at graduate level.
2. In the future, the priority employment sectors will have an even greater need for graduate skills.
82
%
the average share of projected growth in priority occupations across the IS-8 by 2030 that will need a level 4 qualification or above
66
%
of projected employer demand in priority occupations by 2030 will require a qualification at level 4 or above
A recently released Skills England Assessment of Priority Skills shows that on average 82% of additional employment in priority occupations across the IS-8 by 2030 will need a level 4 qualification or above.
The supply and demand data in this report shows the importance of the sector and government working together to make sure there is the right pipeline of skills and talent to meet the needs of the economy and the nation.
The Skills England priority occupation list data shows that by 2030, employer demand in priority occupations across the IS-8 sectors will grow 15% but that projected employment in priority occupations is expected to grow by only 9%, creating a gap between the supply of workers and the need for those workers. Two thirds of this employment demand will require workers with a Level 4 qualification or above.
3. In all but one of the IS-8 high-growth sectors, the vast majority of projected growth in employer demand for priority occupations by 2030 in England will require a qualification at level 4 or above:
All of the growth in financial services is expected to need these qualifications, with very high proportions in seven of the other sector as follows: