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Inexperience might pay: Amid layoffs and a slowdown, fresh faces, cheaper wages make new grads enticing
(News & Observer, The (Raleigh, NC) (KRT) Via Acquire Media NewsEdge) Apr. 27--The U.S. economy shed almost a quarter of a million jobs in the first three months of the year. The unemployment rate has risen above 5 percent, and layoffs keep coming: AT&T and Citigroup this month rolled out nearly 14,000 job cuts.
The signs are worrisome for workers skilled at navigating the threats of a downturn, and even more so for students. "I would be willing, in this economy, to take whatever job is available," Duke University senior Allison Gianino said.
But although college graduates are entering the most sluggish economy in seven years, there is a bright spot: Companies are still hiring them.
Half of graduating seniors at UNC-Chapel Hill have jobs or have been accepted to graduate school. Within a month, the head of the university's career center expects that number to be closer to 65 percent, higher than average.
"Things are a lot better than most people would expect with the conditions of our economy," said Marcia Harris, the director. "A lot of employers may be decreasing their higher-level or midlevel managers, but they're recognizing they need to develop a pipeline for when business improves."
Recent graduates bring energy, the latest technical skills and fresh perspective to an organization. And they're cheap.
A Careerbuilder.com survey found that 42 percent of 3,147 hiring managers interviewed plan to start new graduates this year at annual salaries below $30,000.
That's not to say hiring is altogether robust. In a survey this spring, the National Association of Colleges and Employers found that companies expected to hire 8 percent more graduates than they did last year.
That was down from the fall, when they projected a 16 percent increase, and far off expectations last year. In spring 2007, employers had projected a 19.2 percent increase in hiring of recent college graduates.
The year-over-year decline in projected hiring was largely driven by two industries closely linked to the economic downturn -- financial services and construction. All other industries reported increases in college hiring -- as much as 49 percent in the utilities sector and 33 percent in government.
"Then you've got your standard areas that are always going to do well -- education, nursing," said Johnnie Southerland, director of career services at N.C. Central University in Durham.
"Our hospitality and tourism program is blowing up."
The university saw solid corporate recruiting this year. At a spring job fair, 93 companies signed up to meet with students -- 11 percent more than last year. Disney and the Office of State Personnel have been on campus recently.
Wake Technical Community College has listings for 200 jobs from companies seeking to hire its students, excluding positions for those in medical fields.
"The demand is really strong," said Steve Scott, the college's president.
That's partly because of the school's location. The Triangle has fared better than other communities during the economic slowdown, which benefits Wake Tech students. Most of them plan to stay in the area.
Scott said he's seeing strong interest in students trained in automotive, software, child care and engineering fields.
N.C. State University senior Kylie Goodell can attest to the demand in engineering.
An industrial engineering major, she was in Cork, Ireland, last semester and couldn't begin a full-fledged job search until January.
By the end of the month, Goodell had connected with Tyco. She had an interview in February and a job offer at the beginning of March.
After graduation, she will work in the conglomerate's Greensboro operation.
"It wasn't that difficult," said Goodell, 21, from Plattsburgh, N.Y. "I think being an engineer helped."
All of her friends in the major have job offers, but she has heard "horror stories" about some students still struggling to find work.
Capstrat gives students a leg up
This month, Capstrat tried to help those still searching.
The Raleigh public relations and marketing firm held a career fair with companies such as Quintiles Transnational, Blue Cross and Blue Shield of North Carolina and Fidelity Investments.
About 170 students attended to talk with representatives of the businesses, most of which have openings. That was more than double the number that attended the inaugural event last year.
Capstrat hosted the gathering so that students could see their options, said Karen Albritton, the firm's president. "Sometimes they don't have any way of knowing all the different career options that are out there. This gives them exposure."
Gianino of Duke was among the attendees. She scoped the name tags of company representatives and confidently strode up to them.
"I think I can find some job," said Gianino, who is a cultural anthropology major and is seeking a communications job. The downturn has "been enough to make me reconsider what fields I'll go into."
Gianino, from Palm City, Fla., has a different perspective from some of her peers.
For one thing, at 24, she's older, and she has worked full time in recent years. That has given her a longer view.
"I do understand there is a bit of patience in getting where you want to be," she said.
jonathan.cox@newsobserver.com or (919) 836-4948
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Copyright (c) 2008, The News & Observer, Raleigh, N.C.
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