Department for Innovation, Universities and Skills
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New internships will boost opportunities for Graduates this summer
Graduates who want to boost their skills for employment will get real help through the new 'Graduate Talent Pool', the next stage in our graduate internship initiative launched by Universities and Skills Secretary John Denham today.
The scheme which will help create and match people to internships will, assist more graduates kick-start their careers by gaining the skills and experience they need to get-on through an internship and will offer a great way for companies to inject fresh talent into the workplace.
Graduates are less likely to be unemployed than those with lower qualifications (3.3 per cent compared to 8.1 per cent) but the' Talent Pool' will add to the way internships can be offered and will ensure more young people can benefit from one next year.
The internships will help graduates build on the high level skills gained through their degree, get transferable work experience, try their hand at a potential career path and prove themselves to prospective employers.
A new dedicated website, which will match employers with suitable graduates will be launched over the summer, although interested organisations can register their interest in becoming part of the Graduate Talent Pool today online at http://www.dius.gov.uk/graduatetalentpool. Businesses that have already signed up to the Talent Pool include Network Rail, the Police Service, Marks and Spencer and Microsoft.
During the current economic downturn the Government is looking to support graduates seeking work. The aim is for the 'Graduate Talent Pool' to support 5,000 internships, building on the 2,000 already achieved through HEFCE's Economic Challenge Investment Fund and will sit alongside other additional graduate opportunities, including:
* Demand for an additional 14,000 postgraduate places can be met by universities and supported by Professional and Career Development Loans. Up to 30,000 Career Development Loans will be available this year;
* 250 short term placements through Mini Knowledge Transfer partnerships, rising to 500 in 2010/11; and
* Thousands of existing volunteering options available through "V", an organisation aimed at young people between 16-25, and other voluntary organisations.
Secretary of State John Denham said.
"A degree is one of the best pathways to achieving a good job and rewarding career, however nobody is immune from the current economic climate which is why we are committed to proving graduates with the support to help them gain employment or further their education.
"The talent pool will help match motivated graduates with employers giving them vital experience and improving their employability to succeed in the job market.
"I urge those employers who want to benefit from the skills graduates can bring to register their interest and sign-up to the Talent Pool online.
"The Talent Pool will sit alongside the thousands of other opportunities available to new graduates that will help them improve their chances to get a long term and well paid career."
Earlier this week John Denham announced that graduates already claiming Job Seekers Allowance for six months or more will be able to do an internship for up to 13 weeks alongside claiming benefit and looking for work. It will mean that unpaid internships will be open to graduates irrespective of whether they themselves or their families can support them.
Notes to editors
1. The Graduate Talent Pool prospectus can be viewed online at http://www.dius.gov.uk/graduatetalentpool
2. The Graduate Talent Pool does not seek to replace existing schemes offered by businesses. We expect the Talent Pool will offer internships in both private and public sectors and that most employers will want to offer a wage which recognises the balance between the benefits a graduate brings and the skills and experiences they require.
3. Graduates are less likely to be unemployed than others (3.3 per cent compared to 8.1 per cent) and the Association of Graduate Recruiters have predicted growth in employment in the public sector (3 per cent), FMCG (12.9 per cent) and law firms (2 per cent).
4. Professional Career Development Loan (CDL) can help to pay for up to two years of learning or up to three years if the course includes one year's relevant practical work experience. The Government will have increased the number of CDL from 15,000 to 45,000 by 2010/11.
5. Post-graduate study offers the opportunity to learn skills and obtain the qualifications needed for specific careers or simply help individuals stand out in the job market. Estimates based on evidence from universities and PGCE trends suggest around 6,000 additional and 8,000 part-time places will be available to graduates in 2009/10.
6. Mini-knowledge transfers are 10 to 14 weeks placements in SME for graduates and post-graduates, working on specific projects vital to businesses.
7. V is an organisation that makes it easier for young people aged 16/25 find volunteering opportunities that will help their local community while giving them much needed experience. For more information visit http://www.vinspired.com.
