Last year, the college class of 2020 became known as the "class of Covid-19" after they were forced to forgo much of their senior years and enter a historically hostile labor market. The graduating class of 2021 will likely face similar challenges.
According to a recent survey from Monster of 1,500 U.S. adults ages 18-24, 45% of the spring 2020 graduating class is still looking for work and 68% worry future employers will unfavorably judge the gap on their resume caused by the pandemic.
A significant 69% of recent and impending college graduates say they expect lower salaries as a result of the pandemic.
"We're really starting to see the impact the pandemic has had on the last two graduating classes. The disruption is reflected not only in the fact that nearly half of last year's class is still looking for a job, but that nearly three-quarters of those who found work admit to accepting a job that wasn't the right fit out of desperation," Scott Blumsack, Monster's SVP of research and insights, tells CNBC Make It.
"The long-term implications are yet to be seen, but hiring managers and recruiters need to be aware of the setbacks and expectations of the newest members of the workforce as they rev up hiring in Q2 and into the second half of the year."
Among soon-to-be college graduates, 77% plan to work gig, freelance or temp jobs and 73% say they have previously accepted a job "out of desperation" — 45% indicating they did so out of a dire need for money and 20% indicating they did so because of a need to pay off student loans.
Though the economy has recovered significantly over the past several months, unemployment among young adults remains elevated. The U.S. unemployment rate is currently 6% overall, but 10.3% among adults ages 20-24, and 13.3% among adults ages 18-19.
Comments
Post a Comment