Thousands of new college graduates enter the job market every year but the economic climate is far from what used to be considered “normal”. As a result of the recession, young adults coming out of school in 2011 will encounter a new set of norms.
1. Moving back home.
Mom and Dad might not be too happy that. After forking over thousands of dollars for tuition, many parents still have to support their college grad as he or she moves back home.
Living costs represent the majority of a person’s common expenses. Without the need to make rent payments or buy food and groceries, college graduates leave school with a smaller financial burden – especially in a time of scarce jobs opportunities and mounting student debt.
A CollegeGrad.com survey of the 2010 graduating class showed that 80% of them moved back home, up substantially from 63% in 2006. Some grads consider staying home even after they’ve found a job.
Parents have expressed fear that the safety net of home would hinder the career drive and future risk tolerance of their adult children.
2. Permanent temporary employment.
As full-time jobs remain the target of most young job hunters, their inability to secure a steady employment position means they have to resort to short-term methods of income. It’s not uncommon to see a college graduate work multiple part-time jobs at a time or hold consecutive temporary positions throughout the year.
Permanent, temporary employment lack job security offered from a full-time job but young people know that they must find ways to make money. Meanwhile, they continue sending out job resumes and applications in hopes of finding a long-term position.
Others enjoy the broad scope of relationships and experiences offered through permanent, temporary employment and consider keeping it that way. It has been a path that have led to full-time self-employment or the start of their own business.
3. Internships to be job pre-requisites.
Companies have grown to use internships as a form of cheap labor or as a way to find a potential full-time employee. Regardless of the company’s intention, internships serve as learning and real-world experiences that would be useful in beefing up a resume.
Soon-to-be college grads, who have little or irrelevant work experience while in school, shouldn’t expect a direct transition from student to worker. Most likely, they’ll have to work at an internship (or two) in a related field before companies take them into serious consideration.
4. Doing more with less.
Because businesses have become more streamlined, their hiring criteria trends towards the experienced and resourceful individual. In essence, they want each employee to be highly efficient and resourceful. It’s not surprising to see an employee fulfill the job duties of varying positions.
Outside of job productivity, the economy has sent families into a period of financial distress when they’ve learned to reassess their finances. Financial literacy, frugality, and consumer spending have become hot topics that have taught households to be smarter with their money. Whether it is dealing with personal situations or workplace situations, college grads will need to learn to do more with less.
Are you a recent grad or about to be? Share your experiences with our readers in the comments section below: