The outlook for recent graduates is not as good as it used to be.
Employers plan to hire about 4% more recent college graduates from this year’s class than they did from the class of 2024, according to A report from the National Association of Colleges and Employers.
However, this is down significantly from previous forecasts: In the fall, employers said they would boost hiring by nearly 15% year over year.
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The NACE report found that technology companies, in particular, have drastically reduced their university staff.
Year-to-date, job cuts are up nearly 400% compared to the same period a year ago, driven by layoffs in the tech sector, according to a recent report from an outside firm. Challenger, Gray and Christmas.
As layoffs mount, job opportunities begin to decline as well. Available jobs in February fell below 10 million for the first time since May 2024, according to US Labor Department data.
“We know companies are approaching 2023 with caution, even though the economy is still creating jobs,” said Andrew Challenger, Challenger Vice President, Gray & Christmas.
Start your job search early
As a result, many college seniors are jumping at the opportunities: 62% have already accepted their first job after college, compared to just 20% of the class of 2024 this time last year, according to a report from the LaSalle Network.
New graduates “want to have a hat in their hands more than ever,” said Tom Gimple, CEO of LaSalle Network.
His advice: “College seniors should interview as many companies as possible and not worry about industry or location.”
“The earlier you start planning, the more options you have,” he said.
Vicki Salemi, a career expert at Monster, suggests setting up job alerts to find job openings as they become available and aiming to apply within 24 hours.
But first, take a few minutes to craft a cover letter, design the executive summary and rearrange the bullets to reflect the job description, she said. For example, “If the first item is about travel, state that you studied abroad.”
Then, do one last review to catch any spelling or grammatical errors before hitting submit.
Don’t just apply online, cautioned Barbara Svanney, president of Career Solvers in New York.
Fresh or soon-to-be graduates can also stay ahead of their competition by connecting with parents, professors, family friends, classmates, and an extensive alumni network. “Attend job fairs on campus to get a chance to talk to employers face-to-face,” Safani said.
“Be present, do not hide behind a curtain,” she said.