Although the economy may be on the rebound, the job market remains dismal, adding unwanted stress to students graduating in the spring. As these students prepare to enter a competitive workforce, University Career Services is gearing up to help them fight for scarce employment opportunities. Meanwhile, many students have decided to pursue other post-graduation opportunities instead.
Market Conditions
Current statistics suggest that the United States' economy is recovering. According to a report issued by the Bureau of Economic Analysis last month, the United States saw a 3.5 percent growth in Gross Domestic Product during the third quarter of 2009. The report attributed the increase to a rise in consumer spending, an increase in housing, inventory investment, exports and government spending.
Nevertheless, the current job market continues to lag behind. The unemployment rate has risen to its highest point during the past twenty-six-and-a-half-years, according to the Bureau of Labor Statistics. About 15.7 million Americans, or 10.2 percent of the nation's population, remained unemployed as of October, the report states. Currently, 6.6 percent of Virginians are unemployed, according to a report issued by the Virginia Economic Commission.
This relatively high unemployment rate may seem at odds with the United States' recent economic growth, but in reality, these numbers may reflect the caution being exercised by many businesses.
"Companies aren't expanding; everybody's being careful," Assoc. Commerce Prof. Brad Brown said, adding that many businesses still fear getting into debt, and so they are being more careful with expenditures. As a result, fewer jobs are being created and companies are not hiring as many people.
Instead, companies are giving their employees more responsibilities instead of hiring new employees.
"People are working harder," Brown said.
College Recruiting
College graduates, in particular, may have a tough time finding a job. College graduates can expect to see a 7 percent drop in hiring this year, said Barbara Hampton, associate director for employer services at University Career Services. That drop is in addition to a similar decline seen last year, she said.
The University also has seen fewer employers participating in its annual career fairs, with University Career Services recording a 25 to 35 percent decrease, Hampton said. Such a drop may further indicate that the job market is not looking particularly promising for college students, she added.
Despite these numbers, Hampton said employers are still recruiting. About 3,500 employee interviews have taken place since mid-September in Bryant Hall, where UCS is located, Hampton said. UCS expects about 4,000 to 5,000 interviews to have taken place by the end of the fall semester.
Some job sectors, meanwhile, are recruiting more than others. Employers from the government and engineering sectors have been particularly active on Grounds, Hampton said, adding that quite a few consulting agencies have also shown an interest in students.
"I wouldn't say that we have a sector that's stopped recruiting; we're seeing a little bit from all sectors," she said. Many sectors, moreover, do not recruit until late fall or spring, so students may see more activity from recruiters later during the school year.
Still, it is undeniable that some recruiters have noticeably scaled back their target numbers.
"One sector that [showed] the biggest [slowdown] is the financial sector," she said, adding that not as many financial banks have offered opportunities to students. "Comparing this year to two years ago, this is expected in this economy."
To combat the challenges presented by the current job market, UCS has attempted to attract more employers to Grounds.
"We've definitely been doing more employer outreach this year than the past year," Hampton said. This has included following up more with organizations that have expressed an interest in conducting interviews on Grounds, reaching out to employers that are hiring greater numbers of employees and making sure employers are aware of the programs and facilities available at the University, she added.
UCS also has become more flexible with employers' schedules, she said. This year, for example, employers are allowed to conduct interviews outside of the schedule that UCS has set up for them.
"We'd do what we could to accommodate them," Hampton said.
Alternative Plans
The current situation has had various effects on students planning to graduate in the spring. While some students seem to be unaffected by the slow job market, others have had to change their initial plans or have explored additional options.
Some students who plan to apply to graduate schools seem to have fewer worries about their post-graduation plans, for example. Fourth-year College student Andrea Arango, for instance, has planned to attend graduate school since she started her undergraduate education at the University, and she expressed relatively fewer worries about the job market than some of her peers.
"I don't think the [current state of the job market] really affects me," she said, noting that she plans to enter a teaching career following graduate school.
Perhaps because of the tough job market, the University's annual graduate school fair saw a spike in participation, Hampton said. The fair saw more than 165 schools and programs participate, prompting UCS to create a waiting list for schools not included on the initial list.
"This is a little unusual for the event," Hampton said. "[The rise in interest from graduate schools] can be an indicator that there is a greater anticipation that more students will attend graduate school then normally would if the economy was stable."
Fourth-year College student Eugene Resnick, meanwhile, said he has applied to several graduate schools in the United Kingdom. Resnick said he thinks that pursuing a graduate-level degree after college will provide a good alternative to entering the dismal job market.
"I felt like applying to grad school was the most logical choice," he said. "It keeps me away from the job market for a few years and gives me valuable experience."
Not all students, however, are as optimistic about their post-graduation plans.
"The current job market is getting people really stressed out and [students] don't want to think about it," Resnick said.
One such individual is fourth-year College student Serina Aswani, who has been exploring several possibilities and has found it difficult to choose her best option. She has looked at career opportunities as far apart as media and teaching, and she also plans to apply to the Commerce School's Master's of Science program.
Overall, Aswani said she has found the job search especially stressful as she continues to deal with the day-to-day responsibilities of being a full-time student.
"Looking for a job is a full-time job," Aswani said.
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