Owing to job market cooldown, 2023 college grads lower their expectation

Owing to job market cooldown, fresh grads lower their job expectations in 2023

Quick Briefs:

Recent college graduates entering the workforce are nervous about the second and fourth quarters, according to Monster, a job platform.

Around 3 of every 4 alumni (74%) said they’re concerned regarding monetary circumstances. In addition, despite the fact that the majority of respondents told Monster that they are confident in their ability to land a job, 79% of college graduates still expressed concerns regarding stability and security.

A last fierce evaluation about the fate of work: Half of the graduates say they don’t think they’ll get a job at the company they like.

Matter Insights:

HR professionals might want to keep in mind, from an employer branding point of view, that most job seekers notice when headlines and surrounding conversations indicate a company’s financial difficulties. Around 7 out of 10 said they wouldn’t matter to work someplace revealing below-the-norm income. 77% of respondents said they are avoiding employers that have recently implemented salary freezes and 34% said they are not applying to companies that have recently laid off employees.

Monster’s dispassionate portrayal of the current situation—that recent graduates will find work, but that they have accepted it won’t be their first choice—may, strangely, be to the advantage of some employers. The greater part of review takers expressed that in this monetary environment, managers “have more influence to track down the best competitors,” Beast detailed. About half of the respondents stated that they have expanded their job search to include other industries.

However, there are some restrictions placed on the expansion of the job search: A decent lot of respondents reaffirmed that they are staying away from open jobs at beset organizations and are trying not to battle enterprises by and large.

This recalls comments stated at the start of the year, following the first few waves of big layoffs in the software industry: According to Gen Z talent specialists, the job market for fresh graduates in technology in 2023 looks dismal. “Of course, not everyone in the US works at a big tech firm,” one early-career personnel specialist pointed out, “but we’re all going to feel the squeeze.”

What can HR professionals do if negative stories are already circling around their organization — or the industry as a whole? 

Human resources (HR) professionals play a crucial role in assisting their firms in navigating the hurdles of attracting and keeping top talent as the job market cools down. Here are some tactics that HR professionals may employ to combat the cooling job market:

Organizations must invest in employee retention strategies to reduce turnover and build a more stable and engaged workforce in a tight job market. HR professionals can help identify and address factors that lead to turnover.

Organizations need to stand out in a competitive job market by creating a strong employer brand that reflects their values, culture, and mission. This can include employee testimonials, impact on society, and social media engagement.

HR professionals can use technology to streamline and automate recruitment processes, saving time and resources while improving the candidate experience. They can also analyze workforce data to identify areas for improvement.

Organizations that value diversity and inclusion are more likely to recruit and retain top talent in a competitive job market. HR professionals may assist develop a culture that prioritizes diversity, equity, and inclusion by implementing bias training, affinity groups, and disability accommodations.

In a cooling job market, organizations that invest in employee development can retain top talent and create a more competent and motivated staff by creating career development plans, training and mentorship opportunities, and stretch assignments. This can help them retain top talent and establish a more competent and motivated staff.

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