Higher Education

2023 college grads lower their expectations as they face a cooling job market

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Dive Transient:

  • Because the economic system stays deeply unsure, current faculty graduates coming into the workforce are skittish about Q2 via This fall, researchers at job platform Monster reported
  • About 3 in 4 graduates (74%) mentioned they’re fearful about financial circumstances. And whereas the vast majority of respondents informed Monster they’re assured they’ll land a job, 79% of soon-to-be-college graduates nonetheless expressed fears round safety and stability. 
  • A remaining brutal evaluation about the way forward for work: About half of graduates say they don’t anticipate finding a job on the firm they like.

Dive Perception:

From an employer branding perspective, HR execs might wish to word that almost all job seekers discover when headlines and surrounding chatter sign monetary hardship at an organization. About 7 in 10 mentioned they wouldn’t apply to work someplace reporting lower-than-average earnings. Three in 4 mentioned they’re not making use of to corporations which have just lately laid staff off and 77% mentioned they’re bypassing employers which have just lately applied wage freezes.

In a bizarre means, the present dispassionate dynamic painted by Monster — that current grads will discover a job, however they’ve accepted it gained’t be their first alternative — may fit to the benefit of some employers. Greater than half of survey-takers mentioned that on this financial local weather, employers “have extra leverage to search out one of the best candidates,” Monster reported. About half mentioned that they’ve broadened the scope of their job search to completely different industries. 

The job search enlargement, nevertheless, is occurring with some caveats: A good quantity of respondents reaffirmed that they’re avoiding open roles at embattled corporations and are avoiding struggling industries altogether. 

This echoes sentiments expressed on the high of the yr, following the primary few waves of huge tech layoffs: Gen Z expertise specialists informed HR Dive the 2023 career market for new grads in tech seemed bleak. One early-in-career expertise skilled identified that after all, not everybody within the U.S. works at an enormous tech agency, “however we’re all going to really feel the squeeze.”

If unfavorable headlines are already swirling round one’s firm — or trade as a complete — what can HR professionals do? 

Polish up the rungs of the company ladder, Monster’s findings counsel. On the record of faculty seniors’ office must-haves have been profession subsequent steps and the help to take them. Slightly over a 3rd mentioned fast development and development have been the “most essential facet” of their potential post-grad job. And up from 33% in 2022, 54% of respondents mentioned they’d decline a job supply if mentioned firm didn’t supply skilled development alternatives.

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