The Chartered Institute of Personnel and Development states that the majority of graduates are working injobs that do not require a degree. Nearly 60% of graduates are working in jobs that do not require a degree.
I worked for over 20 years in the Business School of an HE institution that became a university. I took it upon myself to warn students of the realities of being a graduate - in particular, the fact that the first job they would do would almost certainly be one which anyone, regardless of qualifications, could do.
This naturally upset them. I pointed out that the skills they were acquiring would fit them not for their first job, probably not for their next job, but perhaps the one after. They were learning the skills of management not operations.
As far as operations was concerned, they were warned that the first thing they would hear from their boss when they did start work would be "We don't do it that way here."
Among other things, I taught what are called "quantitave methods" - statistics, business mathematics, operations research and so on. "Why are we doing this?" came the cry. "I'm going to do Personnel (or Marketing or Tourism etc)." They frequently came back from their work experience year wishing they had taken the subject more seriously.
I think that the CIPD has got it half right. A university education should not be considered to be training for employment but the acquisition of skills for life. Vocationally based education is essential for some jobs (medicine, law, engineering) but most students choose subjects which do not appear to have any vocational relevence. Do English students all become novelists or History students all become historians?
The important skills should be present in all degree subjects: the ability to analyse and evaluate information, the ability to reach conclusions based on the analysis of information, the ablility to present information to others and to persuade others of the appropriateness of decisions, and so on. These are the skills required of senior managers, operational skills are less important. Having a degree - in any subject - should should be a tool which an ambitious individual can use to reach their potential.
As it happens, however, I do think that we are producing too many graduates. Tony Blair stated he wanted to see 50% of school leavers going to university. I think he was wrong or that he expressed his intention badly. The ability required to succeed at university is not possessed by all school leavers. Blair should have been more general about post-compulsory educational experience. Perhaps he was more concerned with reducing headline measures of unemployment.
I think that the most essential area of education for our economy is one which, in the past, was a jewel in the educational crown: the FE colleges, the local "tech". They provided the opportunity for lifetime learning and for retraining. They promoted flexibility in the workforce and opportunities for personal development. However, a government system which sees the development of cost accounting as the highest cultural and intellectual achievement of humanity is squeezing HE out of existence.
We are producing too many graduates - but not for the reason given by CIPD.
(Mods - if you feel that this is better suited to Politics then feel free to move it.)