College grads face tougher job market
Entry-level pay rises, but offers are less plentiful.
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Application tactics that may have worked last year, when 79 percent of employers were hiring, could leave graduates living in their parents' basement this year. With only 60 percent of companies looking for new employees, according to a CareerBuilder.com survey, the battle for jobs will be fierce.Skip to next paragraph
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"A lot of employers are now investing in employment branding and activities that help them market opportunities to candidates, so that they're getting the best candidates in the door," says Mrs. Flynn. Consequently, employers expect applicants to make a similar investment with job-specific cover letters and résumés at the very least.
Gone are the days when blanketing 20 different firms with a generic cover letter and résumé might have resulted in an interview, says Flynn. In the current economic climate, companies are taking extra care to ensure that they're bringing aboard qualified people whose talents and goals support their organization.
Martin Yate, a job transition coach for executives, says that in just the past six months finding work has become more difficult even for the top of the workforce – something likely to have a trickle-down effect on college graduates.
"It's a much different world for the graduate entering the world of work today," says Mr. Yate, who is also the author of "Knock 'em Dead 2008: The Ultimate Job Search Guide." What's taking place in the workforce and application process represent systemic changes, he says. To succeed, today's workers must be highly mobile, deal with the increased outsourcing of jobs, and please employers demanding more specialized skill sets.
As a result, graduates are only experiencing the tip of what will continue to become an increasingly competitive workforce over the course of their lifetime, says Yate. "Those who don't connect the dots are going to be working at paper-hat-and-name-tag jobs."
"There's still a very strong demand for highly educated, entry-level workers," says Mrs. Donegan. "Students know the job market is tough, but the job market's always tough for an entry-level grad with no experience. They have to be able to learn the skill of job-searching and networking, and that's a ramp up for many of them."
In spite of the tighter market, most students are likely to find a job but it might not be their first choice. Take the 70 percent of graduating seniors who already have an offer, but are either still looking or have yet to accept, reports NACE.
Senior biochemistry major Kyle Crowell says that most of his friends at Boston College and from his home in Gilford, N.H., have yet to find a job. During an interview with a major pharmaceutical company in Boston, the interviewer told him that last year the company had offered at least 14 positions, but this year it was only offering three.
"I'm a little bit apprehensive that I have to go through all of this because it's kind of new, but I'm not worried," says Mr. Crowell. "It may take a little longer than it would have [a year ago], but it'll come."