The future currently does not appear bright for the graduates of 2009. They are entering a very difficult job market -- several colleges and universities have experienced a decrease in on-campus recruiting.
The highly competitive job market may cause grads to continue with school, work with no pay or look for jobs overseas, according to Challenger, Gray & Christmas, an outplacement agency. Or some grads will most likely need to move home with their parents until more jobs become available.
"Hiring has slowed significantly," says John A. Challenger, chief executive officer. "Companies that are adding workers can be highly selective as the pool of applicants continues to grow.
"Spring graduates will be vying for jobs not only with their fellow classmates, but also with young workers who already have two or three years of experience, returning retirees shocked by a stock market devaluation of savings, and even stay-at-home moms returning to the workplace for economic reasons."
The increased amount of job cuts doesn't seem to be decreasing anytime soon. Employers have declared almost 1 million planned layoffs since last July. Competing with more experienced workers makes it harder for recent grads; the unemployment rate for the 20- to 24-year-old age group was up to 13.5 percent in January.
Some companies and industries can still provide possible jobs for recent grads. Nonprofit organizations will benefit from the increase in skilled job-seekers. Other industries like accounting, nursing and education may offer job possibilities as well.
"It may be necessary to lower one's salary expectations or possibly accept an undesirable position," says Challenger. "However, it is important to remember that this is your first job and does not define the rest of your career path. What is most critical at this stage is getting valuable on-the-job experience."
For more information, visit www.challengergray.com.
LATE EXCUSES
Do you find it hard to get to work on time in the mornings? Whatever the reason for being tardy, some employees consistently arrive late at the office.
Twenty percent of workers, according to a CareerBuilder.com survey that questioned more than 8,000 workers, say they are tardy to work at least once a week, compared to 15 percent from last year's survey. And 12 percent of employees walk into the office late at least twice a week.
"While some employers tend to be more lenient with worker punctuality, 30 percent say they have terminated an employee for being late," says Rosemary Haefner, vice president of human resources.