Wouldn’t they know that close to graduation what firms pay. I am not sure the survey is believable. Kids have a strong sense of various jobs pay. They have seen their own and other people’s offer letters etc.
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You estimate presumably doesn’t include social security and Medicare which are nearly $4000 alone for an employee on that salary or twice that if you are self-employed
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Closer reading of the article suggests that some students surveyed (in March this year) would be graduating this year but others wouldn’t. It stated that “85% of Students Graduating in 2022 Don’t Have Jobs Yet” and “among students who have jobs lined up after graduation, only half (51%) are satisfied with their starting salaries.”
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Oh ok. Not being satisfied with their salary could be higher than 50%. Anything is possible. I am not satisfied with my salary :-). Many/most people are not.
So for the people that currently don’t have an offer, some of them are not close to graduation. Then of course, they may not be plugged in. More believable. I would venture to guess that kids in easily employable majors are perhaps more career minded, and are more plugged in. And kids that are less easily employable majors, have to be more creative, and the initial start is more uncertain, and therefore they are likely to be less plugged in regarding pay – all of that is believable.
It’s not a great time to be looking for a job. My son was contacted for 4 different positions within a couple of weeks. They all intrigued him, so he replied and opened the interview process. During that time, two of the four said they had just instituted hiring freezes and would no longer be filling the positions. These aren’t blind applications to random companies, but big, well known companies that recruited him. Fortunately, he did land the one he wanted. I wouldn’t want to be looking right now though.
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We had a new grad join our firm today. I asked them how the job market is, so far, this year. I was told it is normal for them, and many of their friends in college. So there is an anecdote. Not data of course as someone here will remind me.
Tech seems to be slowing down per numerous anecdotes. Hiring freezes are common and job cuts are happening at some places.
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After having just listened to the Google earnings call, I suspect that much more tightening is on the way…
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My daughter works for a fortune 50 company and her facility is doing quite a bit of hiring.
She’s tasked with building office space for all the new hires.
Google and Microsoft are getting crushed in after hours - although Microsoft beat.
SNAP announced a huge cut the other month, the week my nephew started.
My son is a mechE and is getting interviews. Will see if these become jobs.
The consumer is still strong - for what it’s worth.
I was in Charleston this weekend and everywhere was packed - so people are still spending.
Let’s hope these kids get through.
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I responded to this person about tech slowdowns, and I was told this is not happening with their friends in tech. I wonder if only big tech is slowing down, and other tech firms are not slowing down quite as much. My son’s friends have not felt any conspicuous slow down, perhaps with the exception of Meta interns.
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Mine is certainly anecdote n=2
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I am curious – if someone signs an offer contract, does it mean that offer cannot be rescinded? Or are there costs to the company if they rescind the offer? Say to the tune of the sign-on bonus if there is one?
There is nothing legally that would prevent my D’s company from rescinding her contract, but they would forfeit her signing bonus, and destroy their recruiting pipeline at her school.
Adding to the anecdotes, my D doesn’t have any engineering friends graduating in the spring '23 who are still unemployed.
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Most employment is at-will, so either party can end it for any or no reason, except for an illegal reason. There may be some obligations to former employees (WARN act, COBRA, …), but not-yet-started people are unlikely to be covered. Some companies wanting to protect their reputation as desirable places to work may offer goodwill severance beyond any legal requirements, usually in exchange for an agreement not to sue.
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DD was in unfortunate situation that she needed to look for a job now because she didn’t want to relocate when her company requested everyone to return to office. She is a top school graduate with two years of experience but had unusual (for her) difficult recruitment. She accepted offer from startup she would probably not even look at before. Monetary compensation is great and in line with her normal rate but she is uneasy of putting this level company on her resume. But I think small no name company is better then gap on resume and nobody knows how long big players be on hiring freeze
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Some times the best opportunities are with the small start up/“no name” companies. Congrats to your D!
And I agree it’s better than a gap on the resume.
Hope it ends up being a great fit!
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Amazing she doesn’t know anyone graduating in 7 months without a job. I’m not sure my son knows someone who has one. Perhaps that is the power of Purdue. My son had a manager he doesn’t know from his two summer internship reach out and ask for his final intern presentations. So that’s positive. And has had at least 3 or 4 second interviews and a few more first interviews.
As for rescinding - this happened often in 2008 and again when covid hit but less so. There are kids from a few years ago who missed the windows and had or still have a tough time.
It doesn’t feel like it will be the case this time but seeing bell weather companies talk about slowdowns is not good !!
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A friend here on cc had a kid who dragged his feet and took an internship the summer between junior and senior years with, basically, a two-man outfit. They offered him a job, but his mom insisted he go back to college and get his degree. He went back to the company and ended up being the eighth official hire. That eventually cost him MILLIONS of dollars in stock options, and he’s never let his mom live it down. That’s OK … he’s still megarich. This is a company that everyone on cc likely has used.
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It also could have been a bust. And then he would have been a college dropout without a job.
It’s like winning the lottery. You have to buy a ticket but most of the time you don’t win.
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