A Recent College Degree, No Job- What’s Next?

CBS News recently reported that the unemployment rate amongst recent college graduates has more than quadrupled in the past two years. In 2007 the unemployment rate for 20 to 24 year olds with bachelor's degrees was just 2.2 percent while current rates hover above 9.3 percent and are still increasing. What is even more disturbing is that the average college student graduates with $3,000 in credit card debt and $23,000 in student loan debt. How are these students expected to repay college loans when one in ten of them are unemployed and an even starker number are underemployed?

Okay, so now for the good news: organizations across the globe are still actively recruiting at the university level! While 31% of organizations stated that they were cutting back on university recruiting, very few organizations have discontinued their university recruiting programs altogether. To prepare for a potential hiring spike, many organizations are even re-investing in Talent Acquisition Solutions to re-vamp their university recruitment initiatives and help support a robust pipeline of qualified graduates for future employment opportunities. Although we are in for a slow recovery, these organizations value the vitality and fresh spirit that only recent graduates can bring to a workforce. For college graduates, there is a light at the end of the tunnel.

A few words of wisdom for unemployed recent college graduates: make yourself marketable. Recent graduates are seeking advanced certifications or even higher degrees to make themselves more valuable candidates and gain a leg up in the competition. It is important to remember that the ’08 and ’09 graduates will soon be competing with the ’10 graduates for entry level positions- it is important to stand out. Expand your network.  Networking is one of the keys to finding your dream job. Building a robust professional network and then leveraging it to your advantage is one of the best steps you can take while still in college or as a recent graduate. Embracing social networking outlets is often a great way to expand this network. And lastly, Stay Positive! As a college graduate, you have the advantage of an advanced education and that degree will pay off. Just think, the unemployment rate amongst high school graduates is three times higher than that of college graduates. On a more personal note, my younger sister is preparing to graduate in December with a degree in Criminal Justice and she just received her first job offer, there is hope.

How has your organization altered your university recruitment initiatives in response to the soaring unemployment rates?