Selected Theories of Higher Education Graduates' Transition into the Labour Market in a Knowledge-based Economy

The transition of university graduates from the stage of education to employment in the 21st century seems to be one of the most complex and difficult processes taking place within the labour market. The uncertainty of their successful transition is increasing in several countries and regions. This process is mainly the result of the level and condition of the economy, socio-cultural differences and the education systems. The speed and character of this transition is determined by a list of factors and generates several social, psychological and economic consequences. Despite the significance of this problem, higher education graduates' transition is one of the most underexplored problems in Poland, in both theoretical and empirical sphere. The aim of the paper is to present selected theories of the labour market/entrance into the labour market which seems especially topical and relevant for university graduates in a knowledge-based economy. Because the process of transition is the research subject of specialists from several scientific disciplines, there is a need to analyse these theories which were created in the field of sociology, economy and psychology. From sociological and economic disciplines competence theory, human capital theory, filter theory, job-competition theory, social capital theory, signalling and segmentation theory were analysed and interpreted. From psychology the analysis focused on aspiration theory, self-determination theory, psychological capital theory, and motivation theory. All these theories were, disproportionally, the base for building the models of university graduates transition into the labour market. The literature research proves that the theory which nowadays plays a key role in successful entrance into the labour market in a knowledge-based economy, according to specialists from different disciplines, is competence theory.