The Recent College Grad Vs Unemployment

In the wake of what some people are calling “The Great Recession” unemployment rates among recent college graduates in the United States has reached its highest rate since the 1970s. According to a study done by Northwestern University and Drexel University in Conjunction with the Economic Policy Institute based on data collected by the Census Bureau’s Population Survey of the U.S. Department of Labor approximately 18.4% (more than half a million) of bachelor’s degree recipients reported unemployment. This shocking statistic can be credited to a variety of different factors including overcrowded job markets, seemingly unrealistic expectations from employers and our country enduring the aftermath of the aforementioned recession.
Despite all other factors I believe the sudden technology surge of the late 2000s was the dawn of a new era in virtually every avenue imaginable, but it took a very prominent role in the evolution of the world of business. This surge resulted in newer and more efficient innovations that changed the workplace as we once knew it into the one we see today. These new technologies made it possible for many employers to reduce or sometimes eliminate the need for some positions in the workplace by replacing human employees with specialized computers or machinery. In many cases technology is used in the workplace as a cheaper, easier to maintain alternative to human resource, often eliminating the need for entire teams or divisions in the workplace.
In recent years, employer’s efforts to stay afloat in such a harsh economy such as implementing new technologies and off shoring has downsized certain job markets and have virtually eliminated the need for certain types of employees, most commonly those usually taken by recent college grads. For example many banks have begun hiring less tellers and replacing them with numerous ATMs throughout cities. This strategy is convenient to the customer and cheap for banks to maintain but leaves very little room for opportunity within those particular firms.
Difficulty finding work is not only frustrating to the individual but there are also social and economic problems that arise with hundreds of thousands of Americans are dealing with the same issue, most affluent of which being underemployment. The term underemployment means to be in an occupation that either does not fully utilize an individual’s education-based skill set or does not require a college degree at all. The previously mentioned survey of the U.S. Department of Labor showed 35.2 % (almost one million) of recent graduates reported underemployment. Hardships such as low wages, low job security and few opportunities for advancement torment the underemployed and presumably indebted alumnus. By getting paid slightly over minimum wage it becomes extremely difficult to repay debt acquired while in college.
Another result of underemployment is the displacement of many less-educated workers who were trumped out of qualified positions by degree-wielding economic refugees. Because of the shortage of jobs many non-grads were forced into lower level jobs resulting in an increase in the likelihood of unemployment in high school dropouts. As you can see, the issue of underemployment has created a potentially economy devastating domino effect.
After analyzing all the problems that could possibly be faced by near-graduates including myself the only question that comes to mind is, “How do we fix it?” Well, in my opinion the job market and economy has changed and evolved in such a way that the only way to succeed in today’s world is to evolve along with it.
The evolution starts first with the undergrad. As this new process in growth and learning begins students should reflect on their dreams and aspirations often and commit to them by making their own personal Road Map of Life. Along this journey research and experience help to become knowledgeable in the student’s field of interest. As the college days begin to wind down an emphasis on skill-set development should be a priority along with proper planning and preparation. Students should approach graduation with their Map in hand plotted with realistic goals and objectives.
The next step of the evolution is the population of recent graduates. Our approach to post-graduation needs to start with staying in line with the plans made during undergrad and adapting to any obstacles or detours. There needs to be a change in the typical application process, the old method of mass distribution of a generic resume to any and every available employer then aggressively (sometimes annoyingly) calling and making follow up visits is obsolete. Instead carefully tailor the resume to each recipient according to the knowledge and skills required to perform the tasks of the applied position. In other words, the application process needs to be less tedious and more tactful. The last and one of the most important tasks for a recent grad is establishing a network, striving to place themselves at the epicenter of a hub of connections in their particular area of expertise and as many others as possible. The biggest advantages of having a well established network is that it builds credit and validity to the resume and it could also mean many opportunities could possibly become available that may not have been otherwise. There is an old saying that goes, “Sometimes it’s not what you know, it’s who you know.” Well in today’s world what you know means nothing if no one knows that you know it.
The final and arguable most crucial of all is the evolution needing to take place at colleges and universities. I believe that educational institutions not only owe a quality education to students but I think more effort to show students the benefits of their current labors would make a huge difference in attitudes about school which would then reflect on grades. This could start by strengthening the alumni network of the college, having regular guest lecturers and career fairs to show students what they are working towards. I think that educational institutions taking a more proactive role in developing the young minds of the future have the chance to manufacture polished young men and women who are ready for the world.
Despite the vast number of hardships endured and the social and economic issues that arise because of them, there are ways that we as college graduates or future graduates can improve life in our county but it starts with one’s self. Though education, planning and networking one may acquire a “good” job, but only through evolution will success be achieved.