Half a year after the Class of 2024 donned caps and gowns, even some highly skilled graduates are struggling to find jobs in their field or at the level they expected.
As The New York Times reported last month, “The hot labor market has melted away—just ask new college grads.” After a couple of years in which recent graduates had the upper hand in the job market and could make big demands of employers, the pace of hiring has slowed to 2009 levels. Some new grads have expressed frustration with lengthy and unfruitful job searches and questioned whether their work earning a degree was worth it.
They are not the first to hit the job market at an economically trying time. Unemployment entered double digits during the Great Recession from 2007-09 and the height of the COVID-19 pandemic. But in the historic pandemic recovery, employers struggled to fill positions and students expected to ride the strong economic updraft.
But this year? Not so much, according to a recent survey by the National Association of Colleges and Employers. The report projects a 2 percent dip in hiring this year—not a huge drop, but a dip nonetheless. It’s a mixed picture, certainly. “While some industries cite budget cuts or an uncertain economy as catalysts for slowing or decreasing hiring, others—such as social services, engineering services, and construction—remain committed to increasing hiring,” the report says.
During slower job markets it’s understandably harder for new college grads (and their parents) to feel bullish about the investment they just made in a college degree. You might see them showing their frustrations on their proverbial sleeves as they post the new #Desperate label on their LinkedIn status.
At times like these it might be worth reminding new graduates that, despite the slow start, most will see significant benefits from their college degrees over the course of their careers. Three-quarters of people with bachelor’s degrees, in fact, end up with good-paying jobs with benefits. That’s compared to only 40 percent of students with just a high school diploma, according to the Center on Education and the Workforce at Georgetown University. College graduates will make about $1.2 million more, on average, over their lifetimes than those without a degree. As recent survey findings from Lumina Foundation and Gallup have found, the benefits of education accumulate throughout a career, especially as workers continue to update their skills and knowledge.
Those benefits extend beyond classroom knowledge. The durable skills that students develop through college work—like collaboration, problem-solving, and time management—are among those that employers say are essential. And the relationships that students develop as part of the college experience, and the opportunities to build social capital that lead to a strong professional network, can be invaluable.
Sam Keevil experienced this firsthand. She scored a good job at a global tech company shortly after graduating from Ball State University in 2022, but she lost it in a massive layoff 18 months later.
That’s when her network of friends and connections kicked in as she applied for 50 jobs and landed five interviews.
“I used my network extensively,” Keevil said. “LinkedIn was a great resource for me, but I also talked to co-workers, friends, family—whoever I thought could make connections for me.”
Keevil’s turnaround came after just six weeks of searching, something she credits to the value of her bachelor’s degree. “It’s the new high school diploma,” she said. “It’s the only thing that has saved me.” Eventually, she wants to pursue a master’s degree.
As many young adults have learned, “dream” jobs can be hard to come by early in their careers. Finding that ideal role may only come after frustrating twists and turns, and by persisting through the unexpected challenges and opportunities most people encounter in the workplace. In the meantime, the advice from both veteran managers — and new grads like Keevil who’ve navigated job searches in the age of digital platforms and AI, includes:
- Hack the “hidden job market”—Search for roles that may not be posted yet, but that managers are quietly seeking to fill. As the Harvard Business Review explains, arranging informational interviews can help uncover those opportunities and help job seekers develop their value proposition and presentation skills.
- Fortune favors the bold: There are more openings than people to fill them, according to the U.S. Chamber of Commerce. “Get out of your comfort zone,” Keevil said. “Have coffee chats, expand your network.” You might be surprised how many seasoned professionals are willing to meet with eager young professionals.
- Start. Now. Don’t. Wait: Building individual relationships and broader networks takes time. School breaks are a great time for meeting new people, and not just at the beach. Keevil was 90 percent unsuccessful in getting actual job interviews—just five hits out of her 50 applications—but she persisted and was offered a new job within a couple of months of the layoff.
The bottom line is something students rarely hear from their advisers: The first job is just the beginning of the workforce journey, and while it may not define someone’s career over time, it can be an important entre into the world of work even if it’s not the ideal title or salary. Success comes with time and seasoning, and means something different for every person. As with so many other things in life, a career isn’t about where a person begins, but where they’re headed.
This article was originally published in Forbes.