The job market for recent college graduates has reached a new low.
There are 40 percent fewer job prospects this year than there were last year, and as the market undergoes a colossal shift that demands graduates be flexible and entrepreneurial, college graduates have a lot of work ahead of them, according to Michigan State University’s latest Recruiting Trends survey, produced by its Employment Research Institute.
Because baby boomers now work longer, young adults can expect the employment pipeline to be plugged at one end as they wait for baby boomers to retire.
“Employers want to see much more flexibility,” said Phil Gardner, director of MSU’s Collegiate Employment Research Institute. “They want skill sets that they can plug in anywhere as they evolve, instead of getting stuck with someone focused in one area.”
However, this is not the general consensus on the University campus. The University Career Center’s Assistant Director of Employer Relations, Mandy Devereux, said job outlook for 2010 University graduates is even better than it was this time last year.
Devereux said that in past career fairs, employers were looking to hire 20 students. Last year, that number dropped to only eight, and this year Devereux said the number increased to between 12 and 15 positions.
“Last fall, the recessions hadn’t hit quite yet, but in the spring it hit hard,” Devereux said. “These companies don’t have as many opportunities as before, but we are seeing a general trend of sustained openings, and we hope this trend stays consistent.”
While things are looking up in the job market for grads from the University, jobs around the nation have taken a dive. In October, the U.S. Bureau of Labor Statistics calculated that the number of unemployed people in the U.S. had increased by 558,000 to 15.7 million.
The national unemployment rate rose by 0.4 percent to 10.2 percent — the highest rate of unemployment since April of 1983. Since the start of the economic recession in December 2007, the number of unemployed people has risen by 8.2 million.
James Chang, director of Career Services at the Lundquist College of Business, sees some light amid the dark employment times. From reports in the news, Chang has heard the economy is expected to rebound by the end of next year, which is more good news than he’s heard in a long time.
Tim Duy, adjunct assistant professor of economics and producer of the monthly University of Oregon Index of Economic Indicators, found that while numbers are increasing for Oregon’s economic recession, the job market is slow to follow, and conditions remain challenging for job seekers.
“Although initial jobless claims continue to drift down at a modest pace, indicating a slower rate of layoffs, claims remain well above levels consistent with sustained job growth,” Duy wrote in the report.
The Index rose to 84.4 percent in August, a 0.5 percent increase. The increase is part of a continuing pattern in recent months that suggests the Oregon recession will end during the second half of 2009. Still, the ongoing job losses Oregon businesses have seen indicate that while the economy may be turning a corner, companies on average have yet to see sufficient growth to justify hiring more employees.
“We will not be returning to normal after the economy pieces itself together,” Gardner said in the Trend’s report. “Even with the quiet, cautious optimism beginning to emerge, the college labor market will only rebuild gradually and, apparently, on the back of small employers.”
Small firms are just one of many types of companies hiring college graduates.
“There is a mixed bag of employers out there,” Devereux said. “Large companies like Target and Enterprise are consistent career fair attendants, and companies that are in good growing industries or have been around for a while are usually hiring.”
Where are the jobs? Chang says they come from a combination of management training positions and natural attrition within the companies.
“Overall, employers are looking for general qualities in strong communication, independent thinking and the ability to work well with others,” Chang said. “What can help students stand out are having experiences outside of classes like internships, volunteering, anything that will help the employer see that you are engaged and interested will help students.”
With job competition at an all-time high and open job positions at a low, Chang advises students to stay strong.
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Forecast for jobs still looks grim
Daily Emerald
November 23, 2009
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