The current economy has low unemployment rates, a good sign for the class of 2023.
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Nothing sends a chill through a college senior faster than the query, “So, what are your plans after graduation?”
But it’s likely college seniors need not worry — low unemployment rates in the economy mean the job market is looking good for the graduating Class of 2023.
“Organizations are actually looking forward to hiring new graduates. Because of the strong job market, there are a lot of jobs out there for seniors,” said Assistant Director of Career Services Sharon Rupp.
According to the National Association of Colleges and Employers, businesses plan on hiring 14.7% more graduates from the Class of 2023 than they did from the Class of 2022. Although some experts believe the economy may be in recession and several large companies like Morgan Stanley, Amazon, and Twitter have recently fired many employees, college seniors should still have a good chance to land a job.
“The current economy, while being constrained by the actions of the Federal Reserve in raising interest rates, still has very low unemployment rates,” Director of Economics Gary Wolfram said.
Most Hillsdale students will be pursuing careers in service industries which continue to have a high demand for labor, Wolfram explained.
“I think the job market seems kind of the same as it’s been over the last few years, and maybe a little better,” Associate Professor of Finance Robert Atra said.
Hillsdale students have a strong record of pursuing their career goals. According to the latest Career Services Graduate Placement Report, 91% of the class of 2021 reported that their post-Hillsdale destination is related to their career goals
Career Services offers many resources to seniors seeking jobs, including practice interviews and advice on cover letters and resumes. The department also hosts 30 programs throughout the semester. Tools like Handshake allow students to find job listings for recently graduated seniors.
“We are partnered with the companies at Handshake, and so we know a little bit more about the organizations,” Rupp said. “We know who the hiring managers are, and we’ve had a conversation with someone within this organization at one point, so we know a little bit more about their hiring process.”
Career Services connected with over 400 new organizations last semester and about 600 the semester before.
“We’re continuously vetting organizations and talking with them, which obviously brings more opportunities,” Rupp said.
Rupp advises that students update and polish their resumes and meet with Career Services.
“We’re here to help. So many students don’t think of us, and we’ve got a great team: student career coaches and staff,” Rupp said. “Make sure you set time aside weekly to do some job searching.”
Seniors should keep an open mind to opportunities and remain flexible.
“I always tell my students to try to be flexible on location and try to be flexible pretty much in all aspects. Your first job should be a learning experience,” Atra said.
When it comes to the kind of job and salary students should settle for, Wolfram suggests they pursue their interests.
“My advice is to seek a job in a field in which you have an interest,” Wolfram said. “As for salary, my favorite line is from the 1964 Walt Disney movie “Mary Poppins”: ‘Enough is as good as a feast.’ Enjoy what you are doing.”
