As job market shrinks, so do college grads’ grand plans
The best prepared are finding jobs, but others are having to consider internships or living at home.
Call it “A Tale of Two Seniors.”Skip to next paragraph
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For Alesandra LaPointe, who has prepared for life after college by doing two internships and frequenting the career center as though it were Starbucks, it is the best of times. She has a job lined up.
For Chris Moberg, who started his job search in earnest only three months ago, it is the worst of times. He doesn’t have a single job interview scheduled.
After years of plenty, the job market is shrinking. Hiring of new college graduates is expected to drop 22 percent this spring, according to one survey. The most prepared graduates are finding jobs, but others are rethinking plans dreamed up during the good times – considering bunking with Mom and Dad or an internship instead of a job.
“There are opportunities out there, but they’re going to go to the young people who are focused,... [who] know what they bring to the table ... and use their connections wisely,” says Philip Gardner, director of Michigan State University’s Collegiate Employment Research Institute.
Firms trim hiring
Small companies that had expected to keep growing are having trouble getting credit, he says. Companies that had planned on a wave of baby boomer retirements are seeing those employees stick around much longer.
Even large companies that are typically on the lookout for new grads are pulling back this year. At the University of Wisconsin, Platteville, a number of students who thought they had their jobs all lined up found out shortly before their December graduation that companies such as Caterpillar were rescinding offers. Because some large companies make offers a semester or more in advance, “the way the economy took a turn, unfortunately it caught them off guard,” says Diana Trendt, interim director of UW’s career center. Some of the graduates have since found other jobs, she says.
Students elsewhere are also considering new options. A career fair for nonprofit and public-service companies hosted by Wellesley College near Boston attracted 420 students – about 100 more than last year.
“Maybe students feel more of a sense of permission to pursue [these sorts of jobs] now than when there were lots and lots of highly paid finance jobs that were pretty tempting,” says Joanne Murray, director of Wellesley’s Center for Work & Service. She also sees more soon-to-be graduates eyeing opportunities to spend time abroad, working or volunteering.
Not just for new grads
Career centers are also expecting more alumni to come back for job-search help. “They came of age ... with a different set of expectations, and they’ve been caught short,” Ms. Murray says.