We’re now well into the swing of college graduation season, and the newest crop of alums has even more to celebrate than many of their predecessors—including ample job prospects and higher-than-usual starting salaries.
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According to a new survey from CareerBuilder, 65% of employers say they plan to hire recent college graduates this year, up from 57% last year. This is the highest outlook since 2007. Moreover, one-third will offer higher pay than last year, and one in four will pay $50,000 or more.
"New college graduates have better prospects this year than in years past—both in terms of opportunities and salary offers," says Rosemary Haefner, chief human resources officer of CareerBuilder.
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What Can New Grads Expect to Earn?
One-third (33%) of employers that plan to hire recent college graduates will offer higher starting salaries than they did last year. Fifty-seven percent expect no change in salary offers, and one in 10 (10%) expect a decrease in starting salaries.
Nearly half of employers (48%) say they will make offers to students before they graduate. Expected starting salaries for recent graduates break down as follows:
- Under $30,000: 26%
- $30,000 to less than $40,000: 28%
- $40,000 to less than $50,000: 20%
- $50,000 and higher: 26%
These numbers, however, are not set in stone: The majority of employers (65%) say they are willing to negotiate salary offers.
Salaries May Be Solid … But Are the Graduates?
While prospects are better, some employers are concerned that new college grads may not be ready for the real world. Twenty-one percent do not feel academic institutions are adequately preparing students for roles needed within their organizations. When asked where academic institutions fall short, these employers cited the following concerns:
- Too much emphasis on book learning instead of real-world learning: 46%
- I need workers with a blend of technical skills and soft skills gained from liberal arts: 38%
- Entry-level roles within my organization are more complex today: 22%
- Not enough focus on internships: 15%
- Technology is changing too quickly for academics to keep up: 14%
- Not enough students are graduating with the degrees my company needs: 10%
When asked to name which skills they think recent college graduates lack for the workplace, most of these employers cited interpersonal or problem-solving skills:
- Interpersonal or people skills: 52%
- Problem-solving skills: 46%
- Oral communication: 41%
- Leadership: 40%
- Written communication: 38%
- Teamwork: 37%
- Creative thinking: 36%
- Project management: 26%
- Research and analysis: 16%
- Math: 15%
- Computer and technical: 13%
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Who’s Most in Demand?
Demand for students with business and technical majors has typically been high among employers, and this year is no exception, with 38% of employers naming business as the most sought-after major. Other in-demand majors include:
- Computer and Information Sciences—27%
- Engineering—18%
- Math and Statistics—14%
- Health Professions and Related Clinical Sciences—14%
- Communications Technologies—12%
- Engineering Technologies—12%
- Communication and Journalism—10%
- Liberal Arts and Sciences, General Studies and Humanities—9%
- Science Technologies—8%
- Education—7%
Information technology (30%) and customer service jobs (28%) top the list of position types hiring managers are primarily looking to fill. Opportunities also abound in finance/accounting (22%), sales (21%), and business development (19%).
While things are looking good for college grads, what about the younger members of the workforce? Coming tomorrow, we’ll check out summer job prospects for today’s teens, plus an introduction to the helpful solution from BLR®, the Job Descriptions Encyclopedia.
Very interesting to see the employer responses on grads’ problem areas. The lack of problem-solving skills isn’t much surprise in a world where their well-meaning parents have probably gone above and beyond in ensuring they’ve had as smooth a road in front of them as possible. In the long run, it ends up hurting the kids.