The number of unemployed people with higher education degrees has risen to an unusually high level, according to an unemployment and redundancy review by Akava Works. At the end of March, there were nearly 60,000 unemployed graduates, which is over 12,000 more than during the previous peak in unemployment in March 2016.
Unemployment among the highly educated has been rising for over four years, with no end in sight. How is unemployment affecting TEK members right now, Teemu Hankamäki, Labour Market Director at the Academic Engineers and Architects in Finland TEK?
"From our members’ perspective, the situation remains largely unchanged. Of our members insured with the KOKO unemployment fund, 2.7 per cent received some form of earnings-related benefit in March, just as they did a year ago. Nationwide, 4.9 per cent of those with a Master of Science degree in Engineering or Technology are currently unemployed, and 9.4 per cent of architects."
Unemployment among TEK members is therefore lower than among those who do not belong to the union. Why is this? Does membership offer protection against unemployment?
"To some extent, yes. Although union members may tend to be people with, on average, more stable careers, union membership does offer protection against unemployment. Even if a union member were to lose their job, their period of unemployment would, on average, be shorter, as members have access to career and job-search guidance, information on pay and the sector, and networking opportunities, for example."
According to a review by Akava Works, unemployment among recent graduates has returned to its previous upward trend. What is your message to them? What is TEK doing to change this situation?
"The employment prospects of recent graduates are indeed our greatest concern. Over the past year, unemployment among those with a Master of Science degree in Engineering or Technology has risen by 28 per cent, and among architects by 58 per cent. Companies are still recruiting, albeit sometimes more slowly and cautiously, but it is precisely at times like these that they are also looking for people with fresh ideas and the ability to learn new things. Applying for jobs is also a way of making yourself visible, as every application builds up your experience and network. We encourage employers to hire recent graduates as well, as this is an investment in the future."