Alejandra Salgado May 9, 2020
As graduation commences all over the U.S. the unemployment rate rises. Here’s what class of 2020 is up against.
As graduations for the class of 2020 has begun all over the U.S. the economy and job market is declining. According to the Labor of Bureau Statistics, unemployment rate went from 10.3 percent to 14.7 percent, in April of this year. A total of 2.0 million jobs lost – worse number since a decade. New graduates are facing not only a declining job market but new hiring practices amid coronavirus.
Originally reported on The Wall Street Journal, graduating into a recession can have lasting impacts. Professor Hannes Schwandt from Northwestern University shows research between 1976 and 2015 students entering the workforce were stuck with depressed earning as long as a decade.
Is it over for the class of 2020? A recent report from iCIMS, a cloud recruiting platform that enables companies to manage and scale their recruiting programs, shows the changes to expect and how both employers and graduates can do with the ongoing changes. The report was conducted among 500 U.S. College seniors and 500 U.S. human resource or recruiting professionals. The survey was conducted between March 10, 2020 and March 23, 2020.
Steve Lucas, CEO of iCIMS, said, “Building a winning workforce post-2020 will become radically different. From embracing virtual hiring capabilities and leveraging machine learning for precision hiring, to parsing out ‘work’ to contract and gig workers.”
There are two potential ways jobs search will change according to the recent Class of 2020 iCIMS report.
Virtual Job Search
iCIMS’ Chief of People Officer, Irene DeNigris, says that more than half of college seniors look for job at careers fairs. Employers should pivot for remote work and events. “Our own teams and our community of customers are relying on tools to host virtual career fairs when in-person events are not possible. Virtual career fairs can be hosted by human recruiters paired chatbots, not only to accommodate immediate challenges but also to cut down on event costs, remove location and scheduling barriers, and reduce the time it takes to hire new employees.” Looking for jobs through virtual careers fairs may be the new norm. Although, job searching online is not new. iCIMS reports shows 64% of college seniors look for jobs on Google. 64% on social media and job hybrids such as LinkedIn, 57% on company career pages, 57% on job boards like Indeed and 57% in career fairs. Looking for jobs online can be of benefit while social distancing measures continue in place.
Opportunities as an Essential Worker.
Due to loss of jobs there are still opportunities as an essential worker. Essential workers sectors consist of Health and Public Health sector, Emergency Services sector and Agriculture Sector to name a few. 82% of college seniors intend to apply to an average of 12 jobs. “Up until mid-March, when most lockdowns went into effect, college seniors intended to apply for 10 jobs; the average grew to 20 jobs in the second half of the month. However, in fields considered essential at this time, new graduates may find themselves with a surplus of opportunities. Angela Clarke, a senior at West Chester University said, “I am graduating in August with a public health degree. I am feeling great about the response I’ve received. I applied to five organizations, interviewed at three of them, and have been hired for an internship at Hackensack Meridian Health, a hospital in New Jersey.” Looking for work in the essential workforce sectors is an option for graduating seniors.
In conclusion, the class of 2020 is facing a declining job market amid the coronavirus and new hiring practices that can be of benefit for people wanting to work remotely. Job search has gone virtual and essential workers such as nurses, medical assistants, and doctors are need more than ever. Check out more data at the Labor of Bureau Statistics or the U.S. Department of Labor.
For more information check out the Class of 2020 iCIMS Report Here