The employer of new college graduates is in the driver’s seat—and will be for some time.
According to the Bureau of Labor Statistics, the unemployment rate for college grads in 2009 was about 40% higher than in 2008, and 70% higher than the average rate for the past ten years. Experts predict that the jobs recovery will take substantially longer than the economic recovery. A survey by the National Association of Colleges estimates that hiring for the Class of 2010 will decline by 7%—on top of a 22% decline in 2009.
Contributed by Sheila J. Curran, BA, PGCE, SPHR
Law firms are among the organizations adapting to new economic realities.
Faced with less work, significant downsizing and layoffs, many plan to do no hiring in 2010. Others have postponed offers to 2009 graduates in return for a stipend while the law graduate does work for a non-profit organization. The trend is to offer lower starting salaries to those graduates lucky enough to find a position.
Contributed by Sheila J. Curran, BA, PGCE, SPHR
Work experience trumps a graduate degree in most fields.
According to the National Association of Colleges and Employers (NACE) Job Outlook 2010, having an internship is a key reason why an employer would choose one entry-level candidate over another. For at least the past three years, the importance of internships to employers has been increasing. As employers have their pick of candidates, the internship advantage is likely to continue.
Contributed by Sheila J. Curran, BA, PGCE, SPHR
Baby boomers are competing with students for internships.
The Higher Education and Career Blog surveyed numerous companies regarding their internship programs. From technology companies to non-profits, organizations are being approached by older workers who have been laid off or want to change careers. Another trend is for new college graduates to take internships that would have previously been sought only by those still in school. The demand for work experience means that employers increasingly do not feel a need to pay. Less wealthy students will be the ones who suffer from lack of paid internships.
Contributed by Sheila J. Curran, BA, PGCE, SPHR
Parents are increasingly involved in their student’s career planning.
Susan Kennedy of CareerTreking discovered that 17% of parents were extremely involved in their child’s career. Only 10% were not involved. Parental involvement will continue to be a major factor for those who provide career services to students, as the cost of a college education continues to rise and appropriate job opportunities are harder to find. In a survey of incoming freshmen and their parents, the educational consulting company Eduventures found that 72% considered the ability to provide career preparation to be a key driver in their choice of school. Expect increasing pressure on the colleges and universities to eventually result in action.
Contributed by Sheila J. Curran, BA, PGCE, SPHR
Higher education is not investing in careers offices.
The need for career services to students—and increasingly, alumni—has never been greater. Yet, according to NACE’s October 2009 survey, more than half of career centers will have smaller budgets next year. There is no immediate end in budget cutting in sight; with little corporate funding available, and continued decreases in endowment incomes, Career Services offices will be called on to demonstrate tangible results if they are to survive in their current form. The days of the job placement office have not returned, but an office with a primary emphasis on career counseling without an expertise in job search strategy will soon be considered irrelevant.
Contributed by Sheila J. Curran, BA, PGCE, SPHR
Alumni are helping Career Services offices expand their reach.
At the same time that many careers offices are being inundated with alumni wanting help with their careers, alumni are also proving to be the best hope for expanding opportunities for students—providing everything from career advice to job leads to externships. Career offices that do not already have a formal alumni network are using LinkedIn to bring alumni and students together around careers.
Contributed by Sheila J. Curran, BA, PGCE, SPHR
