Recent college graduates may be facing a difficult job market, but some industries are still looking for new talent.
Key Details
- Tech layoffs represent a difficulty for college graduates as the most recent hires are often the first to go when reducing headcounts.
- Apple, Google, Amazon, and Meta Platforms have reduced or slowed hiring, and several have implemented mass layoffs in the last year, making these big companies risky options for college graduates.
- Hiring in the overall job market has slowed, but tech, finance, and logistics are no longer the industries vying for graduates’ attention, USA Today reports.
- Healthcare, education, retail, and construction are among the industries most likely to hire college graduates.
Why it’s news
The labor market remains strong, but employment opportunities are moving to other industries—a significant change from the norm in the labor market over the last several years. Tech and finance may no longer be reliable industries to enter the workforce, at least for now.
As recently as last year, companies were hiring employees rapidly as they looked to fill the gaps left behind by the labor shortages during the pandemic. Employers posted nearly 11.4 million openings last year, USA Today reports.
However, many Americans who did not work during the pandemic have returned to the workforce, resulting in tougher job competition. In March, there were around 9.6 million job openings. While this still represented 1.6 jobs for each unemployed American, the drop is much lower than last year.
Though graduates may not be able to get into the industries they expected, they are still finding employment after graduation, USA Today reports. In March, retail, education, healthcare, and accounting have seen more hires of workers in their 20s.
- Food and beverage increased by 9.6% annually
- Retail 7.7%
- Education 7.2%
- Health care and social assistance 5.9%
- Accounting 2.4%
While some tech and supply chain industries are canceling or reducing internship programs, construction, healthcare, education, and packaging companies are increasing recruitment programs.
Accounting firms like Frank, Rimerman & Co. are looking for college graduates to hire but struggling to find enough to meet their quota. The San Jose, California, company plans to hire 60 to 100 graduates but found that fewer students are studying accounting.
The firm is also competing with other accounting firms looking for college graduates. For students meeting the accounting credentials, there are plenty of options available.
