Business economists and analysts are beginning to agree that the United States' economy will slip into a recession in coming months, but what does this mean for 2008 college business graduates? In a recent article in Business Week, author Louis Lavelle revealed that, "as the Class of 2008 prepares to graduate, an uncertain business climate is forcing students to make difficult career choices that could have long-term economic consequences. A growing body of research on both MBAs and undergrads suggests that graduating into an economic downturn will substantially reduce lifetime earnings-in some cases by millions of dollars."
Applying for and accepting one's first full-time job is already a difficult and nerve-wracking process. There are many factors to consider, like negotiating salaries, weighing benefit packages and choosing the right location and work environment. Some graduates are not even making it to the job offer stage because the hiring process has slowed down since fall 2007.
Marilyn Mackes, the executive director of the National Association of Colleges and Employers said, "New college graduates just entering the job market will likely find fewer opportunities than originally anticipated. It will also mean that graduates who were focused on particular industries, such as finance, may need to adjust their target industries."
Mackes makes the suggestion to consider a wider range of job opportunities to help get your foot in the door. The hiring process has slowed down significantly and it may be difficult to find a dream job at the time of application.
Fewer job opportunities create a job market of increased competition for the same jobs among college graduates. Often graduates move toward positions out of desperation or fear of unemployment just to get on the payroll after applying for jobs not necessarily in their field. Graduates are reacting to the slow-down by accepting what they can get with the intention of working up the ranks or changing jobs after a couple of years. Some college graduates are aware of the difficulties of landing a job in today's market.
2008 Woodie Awards
Be the first to comment on this story