UWI students clueless over local business environment

UWI students have a limited understanding of companies operating in the local business environment, according to the conclusion of a study done by the Institute of Business (IOB) on students’ job prospects  after graduation. 

The report titled, “A report on the Ideal Organisations to work for in TT,” said students can only comment on the companies that are utilised by lecturers in case studies, and those where they are offered “summer jobs.” The IOB suggested that UWI get more involved with the private sector as a way to remedy the gap. The objective of the study was to glean student feedback on a number of factors influencing their preferred choice of organisation to work for upon graduation The study noted that oil giant bpTT, TSTT and Petrotrin are high on the list of prospective graduates in the Engineering and Management Studies programmes.. When assessing the salary expectations of the prospective graduates, it was found that 60 percent expected a salary range of $4,000 to $6,000 upon graduation from university. Twenty-two percent expected to acquire a monthly salary ranging between $6,000 and $8,000.

The report said the relatively high salary demands will have implications for entrepreneurs and micro and small companies seeking to attract talent. According to the study, bpTT was ranked number one because of its remuneration package and fringe benefits; its reputation as a multinational corporation and the perceived potential for international exposure. TSTT was chosen as the second ideal organisation to work for upon graduation. Nine percent of the students indicated their willingness to work at TSTT because of salary benefits and the perceived “comfortable” work environment at the company. The report noted that prospective engineering graduates regarded TSTT as one of the few orgnaisations in the country, which can provide jobs relating to the students’ training in their desired field of work.

Petrotrin was ranked third. Like bpTT and TSTT, Petrotrin is preferred due to its attractive salary package. Prospective graduates also perceived that the organisation has an “easy” work environment with friendly staff. Atlantic LNG, Powergen, Schlumberger, British Gas, National Gas Company (NGC), PCS Nitrogen, TTEC, Trinmar and Republic Bank were ranked fourth to tenth respectively. Only two of the top ten companies were outside of the energy sector, and both were strong service providers. The most influential factors in accepting a job were determined by the frequency of the pre-determined parameters including competitive salary, location, health plan, integrity and secure employment being chosen by the students. The study found that a competitive salary was the most influential factor in selecting a job after graduation. Seventeen percent of the UWI students surveyed considered salary to be of utmost importance.

An organisation’s ability to provide advancement opportunities was the second most influential factor for accepting a job while job security ranked third. Flexible work options (the ability to work from home and flexible work hours) were highly valued by ten percent of the total UWI respondents. Integrity, location and a challenging work ranked higher than ethnicity, religious alignment and educational assistance. Preferred business sector, expected salary ranges, and ideal company size were also measured in the study. Ninety-six percent of the final year management students indicated that they preferred to work in the private sector as opposed to four percent wanting to work in the government/public sector. Forty-one percent of the respondents were desirous of working in the banking and financial services sector. The report indicated that this supports the top ranking of key banking and financial institutions namely Republic Bank Limited which ranked fourth, Caribbean Money Market Brokers (CMMB) ranked fifth and both the Central Bank and RBTT who tied for sixth place.

The second preferred business sector was the energy sector with 24 percent and the services sector ranking third. While 65 percent of the students surveyed indicated a willingness to work for a local company, 78 percent indicated their preference to work for a multinational company. The report noted that preference to work for a MNC as opposed to a local firm was due to the perception that working for a MNC offers greater mobility, more attractive compensation, international exposure as well as higher levels of professionalism and work ethics. The increased scope for travelling and broader opportunities also attracts the prospective graduates to MNCs. “It is interesting to note that the majority of students who opted for local companies stated that they would work for local companies mainly to gain experience and then to move into foreign companies.” The study also found that secure employment and the desire to “give back” to one’s country were other factors that accounted for the students wanting to work in local companies. The report indicated that this may have implications for local companies. Prospective graduates also preferred to work in relatively large companies.