The past weeks I have been booked solid with seniors getting ready to graduate and start their job search. The common theme with every college student is their fear of the current job market. They know there is an uncertainty in the job market and they are truly scared. If you know of a college student getting ready to graduate here is some helpful information.
NACE (National Association for College and Universities), the organization that brings college career counselors and employers together has issued a report regarding the economic indicators for the class of 2011. Although the report represents statistics, that on the surface appear encouraging, let’s not forget we are just coming out of a nearly three long year recession with some of the lowest unemployment rates since the depression.
Learn how to read the labor market statistics so they make sense to you
1. Growth rates-what does it mean? When reading employment statistics about employment growth keep in mind the following: 3% is low growth; 7-10% is medium growth; 10-15% growth is high and anything over a 20% growth rate is extremely high.
2. There are two statistics: When looking at percentages of growth rate, also read the number of job openings expected.
a. If the number of jobs is high and the percentage is medium to high, that indicates real employment potential.
b. If the numbers are in opposition (high percentage, low numbers then you need to be extremely good and have great experience to be successful in that field).
c. If the numbers are high, but the percentage is low there it could mean a high turnover rate in a stable industry.
3. The U.S. workforce modestly improved this past February with an addition of 192,000 more jobs according to a report released by the Bureau of Labor Market Statistics (http://www.bls.gov/). Job seekers will want to go to this site to check out what occupational fields these jobs fall in. Outlook for new college graduates
4. On campus recruitment at career fairs has increased 47%. This is as good as it gets. More employers, coming to college campuses to recruit, means more jobs for college graduates and internships for underclassmen.
5. Outlook: The good news for new college graduates: 53% of employers recently surveyed through NACE intend to hire more college graduates from the class of 2011. This is a slight increase from last year. A little uptick, but still good news.
6. Over all salaries for new graduates has increase across the board. Be cautioned these increased salaries are countered with fewer offers in a given occupational field.
7. Know who’s hiring. Despite improved hiring statistics for new college graduates in large companies (4000+) and small companies (< 500), medium sized (500-3999) companies are flat or declining Advice for new college graduates
8. Be proactive. Seniors and Graduate students getting ready to graduate must be more proactive in their job searches. Resumes and cover letters must relate to the job descriptions.
9. Diversify your job search. Everyone wants to go for the “dream job.” However, pick apart that skills and responsibilities of the dream job. On your first try out be realistic about the fact you may find a job that has only pieces of the dream job. Don’t be afraid of taking that type of job if it will allow you develop or become more competent in a skill set for the next job that may move you closer to that dream job.
10. Just do it. Start applying for jobs. Use every resource at your fingertips and within your social and educational network. Last week a very fearful student came to me with good news, she found her ideal job. For two years she attended every workshop, interview session, panel discussion we offered. It paid off.
Online Resources http://www.bls.gov/ Bureau of Labor Statistics http://www.naceweb.org/home.aspx National Association for College and Universities http://www.ceri.msu.edu/wp-content/uploads/2010/11/2010-11%20RT.pdf Recruiting Trends Survey, Michigan State
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