Class of 2024 Faces Tough Job Market with Mixed Feelings
As the class of 2024 prepares to step into the job market, they are met with a challenging landscape. Nearly half of hiring managers deem Gen Z the hardest to manage. Companies are also planning to hire fewer new graduates, largely due to the increasing role of AI in entry-level positions.
Forbes recently explored the shifting dynamics shaping the job search journey for the Class of 2024 with insights into the nuanced preferences of recent grads.
SURVEY: GRADS PRIORITIZE JOB STABILITY, FAMILY PROXIMITY, AND EMPLOYER REPUTATION
A recent report from Handshake of 2,687 students planning to graduate with bachelor degrees in 2024 found that many grads have mixed feelings about the next chapter of their lives.
67% say they’re confident in finding jobs, but over half worry about covering basic expenses. Additionally, many prefer close proximity to family. 79% say they’re willing to relocate for jobs, but 86% saying they prefer staying near family. Employer reputation is also important to recent grads. 75% say they read reviews before applying for a job and another 73% admit they’re more likely to apply if the employer’s reputation is positive.
Interest in government jobs has also grown with 7.5% of the 2024 class job applications being submitted to government roles, compared to 5.5% for the Class of 2023. Additionally, the Class of 2024 is applying to a wider range of roles. Computer science majors, in particular, applied to a larger share of roles in computer hardware and information security with a smaller share of applications going to software developer jobs.
A TOUGH JOB MARKET
The Class of 2024 faces an increasingly challenging job market. New SHL research shows that companies plan to hire 5.8% fewer graduates due to AI replacing entry-level jobs. Moreover, 57% of organizations say they’re prioritize hiring and developing internal talent over new graduates.
Matt Kirk, owner of talent acquisition solutions at SHL, specializes in graduate hiring says the entry level role is an ever-changing position.
“Organizations’ emphasis on graduates’ communication, adaptability and reliability reflects the dynamic and collaborative nature of modern workplaces,” he tells Forbes. “Additionally, the need for graduates to manage up and deliver effective presentations highlights the growing importance of leadership and influence at all levels of an organization. These shifts are driven by the need for a workforce that can quickly adapt to changing business landscapes, contribute to a diverse and inclusive environment and align with the company’s strategic goals.”
Sources: Forbes, Handshake, SHL
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