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If you're a new college grad, you'll be pleased with the key finding of MonsterTRAK's 2006 Entry-Level Job Outlook": Jobs for new grads this year will be comparatively plentiful.
The survey queried more than 6,000 college students and recent graduates as well as more than 800 companies that hire them for entry-level positions. "Seventy-two percent of employers surveyed indicated their company plans to hire graduates from the 2006 class in the spring/summer of this year, up from 64 percent in 2005," says Julie Goldthwait, vice president and general manager of MonsterTRAK. And 37 percent of employers say they plan to bring on more entry-level candidates this year than last.
Increased Hiring Influenced by Several Factors
An improving economy, impending retirement by the first wave of Baby Boomers and increased student participation in internships all contribute to the boost in hiring, Goldthwait says.
Perhaps it's no wonder, then, that members of the class of 2006 are generally confident about their prospects. Eighty-two percent of 2006 graduates surveyed expected to get at least one job offer by graduation, while 87 percent of 2007 graduates expect to get at least one job offer.
But the hiring picture still has a few blemishes. For example, starting salaries won't necessarily be higher for 2006 grads than for their 2005 counterparts; 67 percent of the employers surveyed this year said they would keep entry-level salary offers even with last year.
"Despite an increase in the number of entry-level job opportunities, it can be assumed that starting salaries are relatively flat, because, from the employer's perspective, there is still competition among job seekers for available positions," says Goldthwait. "As the economy continues to improve, it can be expected that average starting salaries will increase as employers are forced to further differentiate themselves to attract entry-level talent."
Internships Avenue for Workers and Employers to Stand Out
Another way companies are working to stand out is through their internship programs. More than half of employers said they have an internship program, and 31 percent of respondents said their organization's internship program was larger in 2006 than last year.
Yet of the 2006 graduates surveyed for this year's "Job Outlook," only 56 percent said they planned to complete at least one internship during college -- a surprisingly low figure considering what Goldthwait calls the "tremendous competitive edge" internships provide.
Fortunately, though, if you're among the 44 percent of 2006 graduating seniors with no internship experience, you can still get some by pursuing an internship after graduation, along with similar experience-boosting activities like temping and volunteering.
Money Important to New Grads, But So Is Career Fulfillment
If money is a roadblock to you getting the experience you need for employers to take you seriously, you may want to move back home for awhile. You certainly won't be alone. Nearly half (48 percent) of 2006 graduates surveyed said they plan to move back home with their parents after graduation, and 44 percent of last year's graduates said they're still living at home.
The most frequent reason to room with Mom and Dad postgrad? Limited financial resources. Forty-seven percent of 2006 grads said they would leave school with more than $10,000 in student-loan debt, including 22 percent who said their student loan debt would end up exceeding $25,000.
But that doesn't mean you and your fellow grads are focused solely on money when it comes to entry-level opportunities. On the contrary, 32 percent of the 2006 grads surveyed said job fulfillment/interesting work is the single most important criterion they consider in evaluating a potential job, while 24 percent are most interested in growth opportunities.
Of course, you need to know yourself well -- to pinpoint your interests, skills and abilities, values and personality -- to make an honest assessment of whether a particular job really is fulfilling or interesting and will allow you to grow.
So take some career assessments at your school's career center, prioritize your key work-related values and identify your most important job-related factors besides salary. By taking these proactive steps, you'll help ensure your personal entry-level job outlook remains bright.
