College graduation is ideally surrounded by inspiring commencement speeches and celebration, as new grads prepare to enter the job market with their degrees in-hand. But with a slow economy, recent corporate layoffs, and fears of a recession, are young graduates prepared to face stiff headwinds in their job search? Let’s take a look at why the experts feel the class of ‘23 should feel bullish.
Amidst a stagnant economy and rising interest rates, new college graduates can take some level of comfort in the 3.4 % unemployment rate, which matches a 50-year low in the US. By contrast, unemployment reached 10% in 2008, and a high of 12.1% during the 1992 recession.
According to Insider, many companies are looking to hire new college graduates, as the skills gap increases in today’s labor market. In addition, new grads typically cost less compared to recruiting someone with experience from another company. The National Association of Colleges and Employers (NACE) found that employers are forecasting to hire 14.7% more college graduates in 2023 compared to last year.
With a new college degree, young graduates are ready for a change, and those who agree to relocate may have an advantage over other job seekers. A willingness to move for that new job reveals a great deal about one’s suitability. It demonstrates:
Again, since change is already in store for those who are graduating in 2023, embracing a job that includes relocation simply takes one’s future to another level, and potentially gives them a competitive edge.
While agreeing to relocation may help in a job search, entry level pay for new college graduates may call for greater selectivity in where a new job takes you. With some larger cities, such as San Francisco, Chicago, Los Angeles, and New York having ultra-high cost-of-living indices, new grads may need to focus their relocation options to smaller, more affordable cities, such as Boise, Austin, Salt Lake City, or Albany.
This year’s crop of new graduates can stay close to hiring trends with Sharp Decisions in 2023 to maximize their search efforts.