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The job market for college grads won't be hit hard by recession worries. Employers plan to go ahead with hiring plans, though they won't be as aggressive as they had planned because competition to acquire new employees won't be as intense. After a survey published last fall, the National Association of Colleges and Employers (NACE) predicted a 16% increase in hiring this year over last, but that number is now expected to be lower.
"Employers will still be hiring, but they will be more cautious so as to not get ahead of themselves in this slowing economy," says John Challenger of Challenger, Gray & Christmas, a premier job placement agency. Expect most employers to review hiring plans more often -- say every quarter instead of annually – to adjust for any changes in the economy, says Ed Koc of NACE.
Still, starting salaries will be up about 4% on average from last year. Demand for graduates in computer science, engineering and accounting will push their salaries up more -- as much as 9% over last year. Even liberal arts grads will see a bump in salary offerings as they are recruited for sales and management trainee positions.
Bigger signing bonuses this year, too: $4000 on average versus $3000 in 2007. These bonuses are increasingly popular with employers as an effective way to compete. But, they may be more selective in offering bonuses if the economy worsens.
More employers are using internships to check out potential hires. Companies are hiring college students early on as interns and offering jobs to the standouts months before they graduate. "This way they identify the top performers and offer them jobs before they ever get on the market," says Koc.
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POSTED BY: Phil (February 19, 2008 03:51 PM)
Could you please include what areas of the country that will experience this improved job outlook? In the Midwest many of our best graduates continue to leave in search of better opportunities. I would also be interested as to whether this report had been adjusted to reflect the higher cost of living in different parts of the country. I have seen many recent grads totally dismayed to find that the higher paying job offers were in areas where the cost of living was even higher.
POSTED BY: ben (March 03, 2008 04:15 AM)
I have no idea what this is about. I have been looking for a decent entry level job since June. Pay is lousy and benefits are almost non-existent.
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