Despite the apprehension, 85 percent of surveyed employers who do plan to hire will offer as many, if not more, positions than in 2007. Additionally, one-third expect to increase entry-level salaries by one to five percent.
"MonsterTRAK's Job Outlook concurs with the notion that there is hesitation about how aggressively some employers will hire as we await further economic developments," said Mark Charnock, vice president and general manager, MonsterTRAK. "Entry-level candidates should not be discouraged because the labor market remains healthy. Considering our 2003 survey revealed only one-third of employers planned to hire recent graduates, there will be plenty of opportunities available for the Class of 2008."
Students Remain Confident, Focused on Job Attributes
Speculation of a stagnating employment market is not causing pessimism among the Class of 2008; instead the survey demonstrates that their job offer expectations remain consistent year-over-year: 73 percent expect two or more upon graduation. Additionally, both recent graduates and students are placing greater emphasis on non-monetary benefits:
- Of those surveyed, 81 percent ranked growth opportunities as very or extremely important; 79 percent felt strongly about finding a job that offered personal fulfillment.
- Only 57 percent felt that base salary offerings were of great importance.
Moving Back to the Nest
While last year's survey revealed only 22 percent of 2007 graduates expected to move home for more than six months, 43 percent extended their stay and have yet to leave - primarily due to limited financial resources.
Charnock noted, "42 percent of 2007 graduates report student loan debt that exceeds $25,000, while another 33 percent have a credit card balance of more than $5,000. It is no surprise that a growing number of young professionals are spending more time back at home than initially anticipated."
Conversely, continuing a three-year trend, just under half of prospective graduates plan to boomerang - or move home - upon graduation, down from an average of 58.5 percent in 2004 and 2005.
Overcoming Student Misconceptions
Often-overlooked, making a professional impression on employers is a critical part of the hiring process - in fact, 43 percent of employers report personal characteristics as most important when assessing college graduates. However, only 19 percent of 2007 graduates recognized it as such.
Additionally, 48 percent of students think relevant work experience is the most influential factor during potential employers' evaluations. Contrary to that belief, only 21 percent of employers agree - a nine percent decrease since last year. That said, 77 percent of students plan to complete at least one internship during their college career, which implies how prevalent this type of experience has become in entry-level resumes.
"While previous experience and academic achievement are certainly important, a candidate's personality can be far more powerful," added Charnock. "One out of three employers reported the most common interview blunder made by entry-level prospects is not doing their homework. Human resource executives use interviews to see beyond a resume; they want to know why an applicant should become part of their organization. Demonstrating a keen understanding of the company's business is one way for entry-level contenders to present themselves as attractive hires."
Employers also noted other common interview mistakes including general lack of professionalism, wearing inappropriate attire and arriving late. They also expect thank-you notes, either via email or traditional letter. Fortunately applicants are catching on - in 2003, 48 percent did not follow up after an interview, while only 28 percent of 2007 graduates made this mistake.
Employers' Online Profile Research Rises
Seventy-two (72) percent of 2007 graduates have online profiles, up from the 59 percent of 2006 graduates who reported maintaining one last year. Currently, more than half modify them to create a more employer-friendly overview for curious recruiters, while 23 percent of all 2007 graduates are actively using their online profile as a job search tool. Regardless of whether job seekers are volunteering this information, it is well-advised to maintain a sense of professionalism online - 26 percent of employers actually check candidates' personal online profiles, up from 19 percent last year.
