Dear Matt: I graduated from college this month. What challenges will I face in my job search?
Ask Matt: I just graduated. What are my job chances?
December 29, 2014 at 4:22PM
Matt says: The hard work of completing your degree is complete. Now the hard work of a job search begins.
I always encourage students to begin the job search and networking process well before graduation, but it doesn't always happen, especially when many of them are also working multiple jobs.
Bob LaBombard, CEO of Twin Cities-based GradStaff, Inc. (gradstaff.com), a company that helps graduates transition into the workforce and an expert in the entry-level professional job market, says the market for new graduates should continue its modest growth in 2015. The most significant change has to do with when and how new grads find jobs, which is driven by what types of companies are hiring and how they source candidates, he says.
According to reports published by ADP in 2014, about 75 percent of new jobs created have been by companies with 500 employees or less. "Many of these companies are hiring more at the entry level, either in response to the need for employees with technology skills or the need to replace aging workers lost to retirement," says LaBombard.
These companies typically don't interview on campus since college recruiting can be time-consuming and costly for small and medium employers. Instead, they tend to rely on referrals from employees, clients, vendors and other partners. This trend will continue in 2015, says LaBombard.
Another telling statistic from 2014: AfterCollege.com reported that only 17 percent of May 2014 grads had a job at graduation, which means more than four out of five new grads left campus without jobs. College recruiting is still being driven by larger companies, but much of it is done remotely and is focused on STEM majors (science, technology, engineering or math) or elite students in the top 10 percent of their class. This phenomenon will also continue in 2015, says LaBombard
What does all of this mean? Job seekers need to develop a strategy with special emphasis on networking — "the key to cracking the small and medium employer market," says LaBombard. Most new grads have better networks than they think, including professors, alumni, parents of friends, volunteer leaders and job supervisors. Network with professionals and set up informational interviews, which LaBombard says are "a great way to break the ice with limited expectations."
Research growing companies and industries with a focus on smaller and medium sized employers. Insurance, logistics, health care, technology, commercial real estate and manufacturing hired a lot of new grads in 2014. The bad news? Employers probably won't be breaking down the door of most prospective 2015 grads, says LaBombard. The good news? "There are great jobs out there."
Contact Matt at jobslink@startribune.com.
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