Members of the class of 2018 ‘will enter one of the longest sustained periods of job growth,’ according to a new survey
Job prospects for the class of 2018 are looking like an A+.
The class of 2018 is set to enter a recruitment landscape marked by tough competition between companies to score the best talent, according to a new survey of approximately 3,400 employers conducted by Michigan State University.
“This year we are reporting seven consecutive years of expanding job opportunities. We have never witnessed such a stretch in the 47 years of this report,” wrote the survey authors. Indeed, when employers were asked to rank how optimistic they feel about the current hiring market, 87% — that’s 4% more than last year — characterized the “overall new college labor market as good to excellent.”
“Fueled by turnover and company growth, hiring is expected to increase 19%,” over last year’s numbers, the report summary concluded.
What’s more, employers also intend to hire some 40,000 interns over the year ahead, though many of them will be unpaid (35% of employers say they don’t plan to put their interns on the payroll).
The reasons for this jump in hiring include higher turnover among staff in recent years as well as more baby boomers set to retire, both of which open up new entry-level jobs for grads. That’s accompanied by an increase in hiring by mid- and large-sized companies, Phil Gardner, director of the Collegiate Employment Research Institute at MSU, told Moneyish. Previous numbers have shown that baby boomers may be retiring in volumes as high as 10,000 per day, creating enormous numbers of job openings — and many of those are filled by college grads.
Those getting associate’s degrees may be especially in luck: 59% of employers seeking grads (up 3% from last year) with an associate’s degree plan to increase hiring, compared to 52% seeking bachelor’s degrees (which held steady from last year), 44% for master’s degrees (up 2%) and 40% for MBAs (down 4%).
And certain degrees will be especially in demand, experts say. These include robotics, computer science, information technology, as well as more traditional mainstays like healthcare.
While the future is bright for college grads, it may be tough for those with just a high school education, says Dennis Di Lorenzo, dean of New York University’s School of Professional Studies. Indeed, previous studies have shown that millennial-aged bearers of college degrees have an earning potential $17,500 per year higher than their counterparts who only hold high school diplomas.
“There’s great frustration in this country [among the middle class] because they’ve watched a complete shift in the kinds of jobs that have become accessible to the general population,” Di Lorenzo said. “What you’re really looking at is a distinction between industry-based jobs versus the service class.”
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