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If life is a job, then millions of college graduates may have trouble getting a life.
The class of 2009 is entering one of the toughest job markets in U.S. history, with the nation's unemployment rate heading toward 8 percent or higher, the economy seemingly shrinking by the day and employers ratcheting back salaries faster than you can say ‘pay cut.’
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According to the National Association of Colleges and Employers (NACE), employers plan to increase their college hiring by just 1.3 percent this year over 2008, the weakest outlook in six years.
Spokeswoman Andrea Koncz, however, says that figure, which was already revised downward, will likely fall further before graduation day.
“Most of the employers we are talking to now are adjusting their hiring projections lower, so it looks like it’ll be even worse,” she says, noting the economic downturn “has effected every sector and every type of employer.”
That said, there are still companies that are on the prowl for new recruits – those with the right resumes anyway.
Here’s a look at what they’re after, who’s likely hiring this spring, how much they’re paying and how to hunt for job opportunities.
The Ideal Candidate
It goes without saying that employers these days can afford to be choosy.
Most start by screening out candidates with less than a 3.0 grade point average.
They may also weed out anyone who has not had relevant work experience.
“Employers are really looking for internship experience or any kind of work experience,” says Koncz.
Leadership skills are also important, including positions in campus clubs, professional organizations and sororities or fraternities.
“When we asked employers to rate how they would decide between two equally qualified candidates, the number one response was leadership skills,” says Koncz. “They want to see on your resume that you took charge and can handle responsibility.”
But those are just the qualifications that may you through the door.
Once you’re in the interview seat, employers who responded to a recent NACE survey said the qualities they prize most are communication skills, a strong work ethic, the ability to work in a team and initiative.
While none of that should come as a surprise to job seekers, Koncz notes it’s more important than ever in a weak labor market to demonstrate those characteristics on your resume.
Who's Hiring
Overall, hiring prospects are down across the board.
But Laurence Shatkin, a career expert and co-author of “200 Best Jobs for College Graduates,” says there are some bright spots driven by supply and demand.
“Nobody’s hiring as much as they used to but there is hiring going on,” he says. “The healthcare industry is very reliable even in bad times, with nursing being the most obvious [area of opportunity]" due to the nationwide shortage of trained nurses.
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Mark Lennihan / AP |
Information technology is also doing reasonably well.
“Low-level coding and programming is increasingly being done offshore, but the more collaborative jobs like systems analysts and network managers are staying here and that’s an industry that is growing a lot,” says Shatkin. “A lot of people think that when the technology bubble burst it somehow ended tech careers but it’s quite the contrary.”
The IT workforce will continue to expand, he says, “as technology becomes more important in our lives” and at present there aren’t enough graduates coming out of college with the right set of skills.
Though engineering majors are experiencing reduced demand this year, Shatkin also insists those degrees rank among the most highly prized for the long haul.
“Engineering jobs generally fair badly in a down economy and it’s no exception right now, but there are only so many engineers we can steal from the foreign population so projections for ten years down the road suggest [demand for those with such skills will only continue to grow],” he says.
Meanwhile, those with a degree in education should also fare well in this job market, despite talk of teacher layoffs nationwide.
“Not only do we need to educate our future workforce, but because our economy is becoming more complex and our population of immigrants is on the rise there is a greater need for General Educational Development (GED) and English as a Second Language [ESL] educators,” says Shatkin. “Post secondary education is also big, not just in the college setting but teachers who are able to retrain adults.”
Lastly, the public sector remains fertile ground for job hunters—particularly if you’re an accountant, economists or anyone involved in law enforcement or homeland security.
“There’s a lot more attention being paid to industry regulation and to securing our borders,” says Shatkin. “They don’t pay as well as the private sector, but the government tends to have better job security.”
NACE surveys confirm the public sector projects a 20 percent jump in the number of college graduates it plans to hire in 2009 compared with 2008.
Salary Outlook
As for starting salaries this year, the good news is that it could be worse.
Overall, NACE reports the average salary offered to 2009 bachelor’s degree grads is $49,353—a whopping $23 more than the 2008 average.
As a group, business majors were among the few to enjoy a bump in starting pay, but even that was modest—2.6 percent to $47,641.
Engineering grads also saw their average starting offers rise 2.2 percent to $58,525, while offers made to accounting majors rose 1.9 percent to $48,334.
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At the same time, most earning a finance degree this year can expect an average offer increase of 2 percent to $49,794; those hoping to land a job at a financial services firms, however, are looking at a 9-percent decrease in the average offer to $45,545.
Grads in the computer science disciplines, meanwhile, saw a slight decrease, with their average offer falling 1.4 percent from $56,920 to $56,128. (Last year at this time, their offers were up nearly 8 percent higher than the prior year.)
Lastly, average starting offers to liberal arts grads, which include English, history, and foreign language majors, remain virtually unchanged in 2009 at $36,445. Offers are also flat for marketing grads at $43,459.
Set Yourself Apart
The key to landing those offers all relates to flexibility—and how well you cultivate your personal network.
As your job search begins, don’t forget to explore opportunities in industries and organizations outside your traditional field. Any experience you get will only help round out your resume for subsequent jobs down the road.
“It might not be your ideal offer, but at least it’s an offer,” says Koncz.
Beyond the government and healthcare fields, for example, look for openings with manufacturers of core consumer products (think tissues and toothbrushes), which tend to remain stable through all economic conditions.
At the same time, it may pay to pursue professional positions with discount retailers and budget-friendly restaurant chains, which are both benefiting from the down economy.
Lastly, says John Challenger, chief executive officer of Chicago-based recruiting firm Challenger, Gray & Christmas, resist the urge to bury yourself behind employment Web sites.
“You can get caught up in going to job fairs and answering online ads but that’s a very low return for your time and energy,” he says. “There aren’t too many people who get hired that way. It doesn’t mean you shouldn’t do it, but finding a job in this market is really about getting out and seeing people and cultivating your private network.”
That means joining professional associations, clubs, alumni associations, churches and synagogues, political parties or charities and putting the word out that you’re actively seeking employment.
If you’ve held internships in the past, find out if they’re hiring and reach out to former co-workers for contacts and advice.
Also talk with professors who may have former students they can introduce you to or may even work in the business community themselves, says Challenger.
Online social networks, including Facebook and LinkedIn, can help.
“A lot of times looking for a job is less about looking for an open job and more about getting out and seeing people,” says Challenger. “It’s a very difficult job market with more people chasing fewer jobs. You can’t sit and wait for it to come and find you. Leave no stone unturned.”
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