How is the job market looking for seniors graduating this May? Worried about how they are being impacted by all the tech layoffs in the news and wondering if other sectors have been affected as well.
For what degree?
Regardless of the economy, it’s important to cast a WIDE net. Many applications have to go out even from the top students with great experience in the best of economic times just to hear back from a few. It’s completely random as to who will apply.
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This May? As in 2023? Your title says 2024
Will be interesting to hear what’s happing. I have investigated this a little out of curiosity. I’ve visited a few “career” web pages of some of the large tech companies that have already announced layoffs. They still have openings especially in certain areas. Not sure if they are active or not.
My daughter’s cohort graduating next month are all employed in their chosen fields. They’ve had their offers for quite some time.
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Few companies are retracting already outstanding offers, tho starting dates are being pushed back at some. For those who son’t already have offers in tech, finance or consulting, I think the situation is challenging.
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Many companies (especially tech and finance) have a hiring freeze but most are still taking on new grads. So the market is worse for experienced workers.
I’ve heard that many of these are simply old postings that haven’t been taken down. The few active ones are for critical areas. I’m referring to experienced roles.
There are also some unscrupulous firms that post fake job openings (a more recent trend). This is to a) provide an impression that the company is continuing to grow and b) make overburdened employees feel that more help is on the way.
All such jobs (old inactive ones and the fake ones) are what HR professionals are calling ghost jobs. Apply, and you never get a response.
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Oops! Thanks, fixed now to say 2023.
For this May (2023) - impact in high tech maybe a bit less, as many companies gave offers before December. For the next cohort that comes out May 2024 - it could be tough - most of those new grad positions typically advertise in Aug-Sept, based on current situation it looks like the number of positions could be much less than in previous years.
(fyi this year intern cycle has been really tough - yes, companies did took interns but in much smaller numbers and with a lot of delay in decisions)
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No specific degree in mind, I just know a number of graduating seniors with various degrees such as CS, Econ, Environmental Science, Business Ad, and Chemistry. Hoping the impact won’t be as severe for this group of students and the ones behind them as it was for those who graduated in the early 90’s. Of course, no one has a crystal ball to see what the future holds…
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I think it’s going to be tighter for everyone. Students with high GPAs and work/club/project experience that stands out will rise above the rest, but will still need to apply broadly.
Job market great now.
Unemployment is just too low.
Even my sophomore in a not really employable major (international studies / poli sci) has seen activity pick up - an offer (somehwhat related) and another offer (unrelated) to major. She’ll be working for the state…while the second job was a large hospital owner where she would have worked in documenting some IT processes.
Next year - potentially going to be different. Very different.
Glad my engineer is graduating now.
I hope the economy is still going full bore but it seems to be slowing right in front of our eyes.
But tech has been through massive layoffs before and they say even if all of tech was gone, the unemployment rate would go up less than 1%.
But if I wanted tech or finance, I’d be a bit worried right now…but hopefully for no real reason.
But banks are getting hammered.
But these things change week to week and the fear on the horizon today might not be see tomorrow.
But it’s not just tech laying off - Disney 7,000, Gap is laying off, Bed Bath is closing outright and more are coming.
Let’s be honest - this is what the fed wants to see - in hopes of slowing inflation.
And companies tend to eliminate more experienced workers as they come at greater expense…than the youth.
I would not agree that the job market is great right now. Hiring freezes are impacting those who were over extended. Many companies that were responsible are doing alright, but Amazon and Meta for example, that was overcommitted are pulling tightly on the reigns. Startups are impacted too because they don’t have access to capital. That leaves more applicants in teh pool fighting for fewer jobs.
I think this is a longer term issue - but the amount of open jobs far exceeds the # of people looking for jobs. By a wide margin.
But tech and then banking will probably be the two that are magnified in the media.
But we are still below 4% unemployment - and job report after job report, the #s continue to astound.
But I do worry about all these families strapping themselves financially for the golden ticket that may not exist…
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Seeing mid-career layoffs start in my industry (real estate firms- finance). There are likely freezes in this sector as well.
Old world economy companies are doing ok and will continue to hire, if not for growth, then to replenish. My company (not old world) has two openings. One junior level and one senior level. Top candidate for junior level job accepted another role and crickets for the senior (rainmaker type) role.
Prospects seem good in the Southeast. Our college senior had multiple opportunities he was interested in and accepted an offer with a municipality making a respectable wage that will pay his rent/bills with benefits a month before graduation. We could not ask for more.
His friends from college and high school are having similar positive experiences in a range of careers.
I am proud of this group of young adults who faced the unknown of Covid around Spring break of freshman year and suffered through a year of virtual/hybrid/pre-recorded college. They need some great first jobs to make up for that.
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Real estate, both commercial and residential has gotten crushed by interest rates and WFH.
All my REITS have been decimated to say the least.
So yeah that industry is in a really tough spot and they will have to drastically reduce expenses and quickly. Many firms will end up defaulting and out of business unfortunately. But the vultures will swoop in and the next real estate mogul will be born.
Graduates need to be open to industries they may not find particularly sexy. For example, the automakers have been purging older workers to make way for new, younger workers as they pivot to EV. Not all jobs require engineering degrees, and while the new workers cost the company less than the older workers, the pay is still quite good.
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