College Seniors Can Thrive In This Challenging Job Market
ningcontentThe numbers are grim. Let’s confront the bad news head on. Hiring in 2009 is projected to decrease 8% for newly minted college graduates and 10% for MBAs, from 2008 levels. An abundance of qualified, experienced talent and the largest number of graduating seniors ever, present stiff competition for fewer openings. A who’s who of industries project dramatically lowered 2009 hiring projections:
- Defense (15%),
- Environmental (13%),
- Food (17%),
- Manufacturing (13%),
- Retail (80%), and the
- Government (15%).
Despite the above-mentioned doom and gloom, there are some encouraging industry projections. Oil and Gas Production and Utilities are projecting an 8% increase in entry-level hiring. Alternative and renewable energy companies provide new opportunities. Non-profit organizations expect to remain level with their 2008 hiring figures.
Surprisingly, financial services and insurance sectors project a 5% increase in entry-level hires. Although investment banking is reeling, many regional banks, credit unions and financial services providers are hiring. A senior HR executive at a large financial services provider confirmed that most customer-facing positions are not impacted by the current business climate.
Additionally, organizations with less than 54 employees project a slight increase in hiring, whereas medium and large companies expect a decrease.
So what is a graduating senior to do?
First, revise your focus by customizing your goals and expectations to the current economic environment. Start by widening your net. Rather than having your heart set on the most prestigious firms or institutions that are not hiring, also target internal company positions in robust industries with positive hiring projections.
James, a recent college graduate with an interest in advertising, was pursuing the most sought after advertising agencies exclusively. He has now revised his plan to include marketing and entry-level jobs in the health care and renewable energy fields.
Next, strategize how to creatively enter your desired field in such industries. Develop plans A, B, and C. Plan A targets your desired job (e.g., pharmaceutical sales), Plan B targets a related job within your desired industry (e.g., customer service) or an entry-level position with an industry consumer, and Plan C targets a position that showcases your core skills and performance (e.g., insurance sales).
Jon is dying to get an entry-level marketing job at Under Armour, a hot performance apparel company (Plan A). Realistically, he knows that he’ll be competing with people with solid work experience and perhaps an MBA. So he expanded his goals to include entry-level jobs in other sports manufacturers (Plan B). He is also pursuing sales and administrative jobs at local health clubs (Plan C). He wants to establish a proven track record of industry-related work experience while also building his knowledge and skills.
We also recommend that you target small companies since recruiting trends project an increase in hiring. You’ll have to be creative to find such opportunities, small organizations don’t usually recruit on campus nor do they hire based on the academic calendar. Online research, business publications (e.g., Fortune, Business Week, Forbes, Inc. Magazine, The Boston Globe, Boston Magazine, Wired) or industry or local business associations, are great resources to identify best places to work and hot companies, sorted by size and industry. Your parent’s accountant, financial advisor, lawyer or insurance agent may be aware of smaller organizations with openings. They can also provide you with an introduction.
Finally, target specific companies within your desired industry and devise strategies to approach those organizations. The most successful job search plans focus on proactively connecting with specific companies through networking, getting a foot in the door, and then standing out. Job boards can also help identify who is hiring.
If you widen your net to target strong industries, develop a broad range of job goals, reach out to and engage with desired companies, and make your resume sizzle, you’ll thrive in this challenging job market and land your desired job.
Article by, Susan Kennedy, career counselor for college graduates and young professionals
