2011 College Grads Still Face Uphill Employment Battle

High school seniors who matriculated at four-year colleges in 2007 have seen the best and worst of economic times during their time in school. As they prepare to graduate, many must be thanking fate for the positive developments currently emerging in the employment market.

There is cause for optimism. Employers are returning to career fairs, and according to the Bureau of Labor Statistics, the overall unemployment rate for college grads over the age of 25 has decreased from a high of 5.3% in July, 2009 to a seasonally non-adjusted rate of 4.5% in January, 2011.

But economic gains have, so far, not benefitted new college grads, whose unemployment rate in January stood at a decades-high 10.8%. Contrary to all other groups, bachelor’s degree holders aged 20-24 experienced a 17% increase in their rate of unemployment between January, 2010, and January, 2011. And, over the past three years, that unemployment rate has almost doubled.

Three years ago, 116,000 of these young college grads were unemployed. Now, close to a quarter of a million find themselves without jobs. Many of those who do have jobs are underemployed and living back home with their parents.

A significant proportion of students attend college in pursuit of a better standard of living, commensurate with their investment in higher education. For those graduates who are unemployed or underemployed, college loan repayments are a cruel reminder of unfulfilled expectations.

As employers start to add more jobs, current students must prepare themselves to be compelling candidates, so that they avoid the unemployment/underemployment trap. Four strategies will help:

1) Take advantage of internships and co-ops. One reason why employers choose older college grads over their younger peers is because of their proven work experience. Students need to be able to articulate their relevant or transferable skills, even if they have not held full-time positions.

2) Go the extra mile. The passive approach no longer works, and that includes applying indiscriminately to every job on Craig’s List. Searching out employers of interest, reading up on company developments, and mining alumni databases to find points of connection to the organization, are all examples of the kind of proactive approach that is required.

3) Use your Career Center. Students who use their school’s career services office will typically find jobs more quickly than their peers. Yet, according to the National Association of Colleges and Employers, advising appointments at Career Centers nationally have gone down, not up. Career Centers cannot, or course, manufacture jobs, but they can help students position themselves more effectively with employers.

4) Make your career search a priority. No amount of advice can help you achieve your career goals unless you are willing to devote the considerable time it takes to conduct an effective job search.

There are jobs out there for new grads–and many lie unfilled because new college grads cannot make the case for their own employment. Parents, educators and career professionals have a vested interest and a moral obligation to help them do so.

Comments

  1. Ryan says:

    One of the greatest fears I have , and I dont even graduate high school till 2013. Hope it’s all worth it in the end.

  2. joan maria says:

    I am wondering what happened to the graduates of 2006 and prior who entered the workforce before the 2008 recession. What kind of jobs did they manage to get that became no longer available in 2008? In other words what are the jobs that were adsorbing college grads prior to the economic downturn and now no longer exist? Are they in retail, in finance? Also being employed doesn’t necessarily mean being employed in a position that requires a college degree. What are the statistics that make this distinction>

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Trackbacks

  1. [...] they wouldn’t have otherwise, but this idealistic view is now something of the past. A recent college graduate is suing her alma mater for $72,000 — the full cost of her tuition and then some — because she [...]

  2. [...] I’m pretty sure this idea is turning into a myth as opposed to a legitimate life plan. My graduating class was mostly unemployed, with one person immediately moving on to a full time job in our field. I don’t know how many people from this year had jobs right out of college, but I’m willing it bet it wasn’t many. [...]

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