It’s that time of the year!
With May and June upon us, the graduation season is here for some and right around the corner for many college students.
Joyful families will celebrate the educational feats of their star students and graduates will ponder their future.
However, as the celebrations slow and ride off into the sunset, realty sets in. In other words, graduates are hopeful they will be interviewed and ultimately, hired.
Some may have secured job offers while others will continue their education pursuits by going to straight graduate school and others will simply pursue other options, including entrepreneurship.
Overall, the economy is continuing a slow progression of growth. For example and according to the latest reports, the U. S. economy grew by 288,000 jobs in March, and the national unemployment rate dropped to 6.3%, while in Michigan, the state’s unemployment rate dropped to 7.5% in March, 2014, compared to 8.8% last year. While unemployment continues to improve, the overall employment picture is mixed–particularly for those graduating from college.
According to the National Association of Colleges and Employer Job Outlook’s 2014 Spring Update survey, employers plan to increase their hiring of 2014 college graduates 8.6% when compared to 2013’s class.
Additionally, the survey indicates:
- Overall, 48.4% of respondents indicated will increase hiring while less than 30% plan on cutting back. This compares to 49.2 and 36%, respectively, in 2013.
- Nearly all employers responding to the survey indicated their desire to recruit and hire this spring and summer while less than 10% have concluded.
- Full-time and internships continue to fuel growth. Nearly 66% stated the will be hiring for these types of positions this spring.
What does this mean if you’re graduating?
It means you should consider all employment options when planning your future.
Begin to ask yourself hard questions–such as:
- What is the job outlook in your field of study? Have you done your research to see what the opportunities are? Have you started to work with your career counselor to plot your short and longer-term strategy?
- What are your career aspirations?
- What makes you happy and fulfills your internal burning desire?
- Have you thought about entrepreneurship?
Years ago, the track was to graduate from college, maybe, go to graduate school and then straight into the corporate world–if there were opportunities. And generally speaking, there were.
However, with the change in market dynamics, increased competitive activity and globalization, companies have had to restructure and reorganize their business models while lowering overall costs.
In other words, companies are hiring, but they are being more prudent and practical when it comes to identifying talent to fill specific needs.
There are many potential employees to choose from.
This means college graduates are not only competing with other college graduates for potential jobs, but also with those who might have been displaced due to downsizing in recent years.
In other words, continue to pursue all options, including entrepreneurship, as you think about your career options. And if you’re considering starting your own business, understand the potential benefits and risks before acting on an intuition.
As you enter the workplace, think about how broad your horizon really is and don’t limit yourself. Talk to family, friends, peers, career counselors, et. al. to assist you in preparing your first steps as you enter into the next phase of your life. It’s never easy–however, with the right planning and determination, anything is possible.
Are you ready?
Think about it.