Is there a price tags on progress? Tonia Galati at TG Consulting considers the dynamics of work experience in the face of a cost-of-living crisis.

In today’s world, the connection of work experience and the rising cost of living is a complex challenge for those striving for career growth.

This post explores the intricate dynamics between the desire for professional development and the economic realities individuals face. It provides insights from a recent panel discussion at ISE’s Student Recruitment Conference led by TG Consulting and proposes viable solutions.

The contemporary challenge

In the current economic landscape, the rising cost of living places a significant financial strain on individuals and families.

Basic necessities have become increasingly difficult to afford, especially for those in lower-income brackets or facing financial instability.

This financial pressure directly impacts the ability of individuals to pursue work experience opportunities. Many are forced to prioritise immediate financial needs over long-term career development goals.

Balancing career aspirations and financial realities

Economic realities often overlap with personal and professional aspirations. Individuals frequently face tough decisions about whether to pursue higher-paying jobs that may not align with their passions or prioritise career fulfilment at the expense of financial stability.

This dilemma highlights the importance of understanding and addressing the challenges posed by the cost of living on career decisions.

Panel insights: Navigating affordability challenges

Our recent fireside chat at ISE’s Student Recruitment Conference brought together students and graduates grappling with these issues. Here are some key insights and discussions from the panel:

Affordability challenges

When asked how the rising cost of living affects their peers’ decisions regarding the pursuit of work experience opportunities, the consensus among panellists was clear: it significantly affects decisions related to work experience.

Financial barriers often prevent individuals from accessing critical career development opportunities. For instance, unpaid internships, which are valuable for gaining experience, are often not viable options for those who cannot afford to work without pay.

Universities and employers play a crucial role in mitigating these challenges. Panellists highlighted several key actions including providing stipends for internships, offering paid opportunities, and creating scholarship programmes specifically for work experience.

Employers can also support by offering flexible work arrangements that allow individuals to balance paid work with unpaid experience.

Aspirations in career development

Many panellists shared that their career aspirations are often at odds with their financial realities. They face common hurdles such as high living costs, student debt, and the need for immediate income.

Strategies like seeking remote work opportunities, freelancing, and leveraging online platforms for skill development were highlighted as ways to stay committed to career goals despite financial limitations.

Role of educational institutions and employers

When asked about the role universities should play in supporting students from low-income backgrounds in gaining work experience, panellists suggested that universities should integrate work experience into their curricula, making it a seamless part of the educational journey.

Collaborations with industry can provide students with practical exposure and reduce the financial barriers associated with traditional work experience models. Examples include project-based learning, guest lectures, mentoring programmes, and industry-designed courses.

Alternative models for work experience

Panellists shared innovative methods they had encountered for gaining work experience without adding financial strain.

Approaches such as remote work, project-based learning, live briefs, and consultancy projects emerged as effective solutions. These models offer flexibility and accessibility, allowing individuals to gain valuable experience without the added financial burden of commuting or relocating.

Community and peer support

Community and peer support networks also play a vital role. Panellists revealed that by sharing resources, providing mentorship, and creating collaborative spaces, individuals can help each other overcome financial obstacles.

Initiatives like peer mentoring programmes, community-driven workshops, and resource-sharing platforms were highlighted as effective means of support.

Solutions: Making work experience more accessible

To address the cost-of-living challenges and make work experience more accessible, several solutions were proposed:

1. Curricular integration: Embedding employer perspectives into the curriculum enhances the relevance of programmes to industry needs. Focus areas include project-based learning, industry-designed courses, and modules that provide practical exposure.

2. Industry collaborations: Connecting theoretical knowledge with practical application through collaborations such as guest lectures, workshops, mentoring programmes, and industry advisory boards can provide valuable insights and opportunities for students.

3. Experiential learning opportunities: Providing practical exposure through field visits, site tours, hackathons, competitions, and research partnerships allows individuals to gain hands-on experience and apply their learning in real-world contexts.

Addressing the affordability challenges in gaining work experience is key to fostering a more inclusive and supportive environment.

By integrating practical strategies, leveraging community support, and fostering collaborations between educational institutions and employers, we can create pathways that make work experience more accessible and meaningful.

Thank you to the panellists, audience, and organisers for their valuable contributions. Let’s continue this important conversation and act towards creating a future where everyone can pursue their career aspirations without financial barriers.

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