This is a rough draft of what I wrote for an assignment in reporting. Enjoy :)
With the rise of unemployment and companies opting not to back fill open positions, soon-to-be graduates are facing a tough challenge in the job market.
Many upcoming college graduates are experiencing their first taste of an economic recession at the worst possible time. The majority of these graduates have been exposed to times of economic prosperity through out the 1990’s and early 2000’s. These Generation Y colligates have been on upside of the economy, technology, and overall American prosperity. The current recession will make it very difficult for those entering the job market for the very first time.
The nation’s current unemployment rate is soaring around 8% and is expected to increase by the time 2009 graduates flip their tassels in May according to the Bureau of Labor Statistics. With 1.25 million jobs eliminated in January and February and the number of unemployed Americans around 11.7 million, economists predict it will be a very tough market for first time job hunters. Many companies have made cost cutting decisions to not back fill recently vacated positions and operate with fewer employees in an attempt to survive the uncertainty of the economic market. Other businesses are flooded with resumes from more than qualified workers that have ample experience in the work force. Businesses have the rare opportunity to pay less for a high level employee.
According to the National Association of College and Employers, there will only be a 2% increase in graduates hired in 2009 compared to the numbers in 2008. These statistics indicate a highly competitive job market the will require prospective employees to be better prepared for the job hunt.
One of the ways graduates can prepare for the job market is by attending more job fairs. These fairs expose graduates to companies that are looking to hire and allows the to find open doors for possible employment. Experts do worn graduates that the ideal job will probably not be found in these job fairs. Many students have settled for their second and third choices of career path just to gain an entry-level position.
Experts also advise future graduates to start sending out resumes months in advance to their actual graduation. This allows the student to get a feel for what is available and allows them to rethink their career path or look in other fields. Graduates should make sure that these resumes focus on achievements and accomplishments in extracurricular areas as well as the academic arena. With so many perspective employees it is important that the applicant stands out from the crowd.
Another route college graduates are taking is reinvesting in their education and extending their collegiate career. This has been termed as the hideout, according to the NACE. This option allows students to further their education or explore entirely new fields of interest while waiting for the economy to regain strength. However, this can be costly for a student and could eventually lead to some hefty loan repayments.
Whatever strategy taken by graduates they will need to think early and often to devise a plan on how to approach this current economic condition. For more guidance and information visit the MTSU career development center.
