A City College of New York graduate takes a selfie during the school’s graduation ceremony.
Mike Segar | JOBsNews
“The fact is that the labor market has remained stronger and more resilient than expected,” he added.
Still, those entering the job market may be in for some surprises.
“Often, college graduates come out expecting to land an executive job making $100,000 a year, and that’s not realistic,” according to Ivan Misner, founder of business networking organization BNI.com.
Starting salaries are similar to last year, but there is likely still a disconnect between what recent graduates expect and what they will get, Misner said. Recent college graduates earn slightly more than $62,000 a yearon average, according to ZipRecruiter.
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Some employers are scaling back their hiring plans altogether. Overall, hiring projections for the class of 2024 fell 5.8% from last year, according to a report National Association of Colleges and Employers Reportor BORN.
The report found that the decline follows a historic hiring boom following the pandemic, suggesting that this year’s drop is a return to “business as usual” hiring plans.
The class of 2024 now believes employers have the upper hand in the job market, at least compared to last year, as more candidates compete for fewer positions, according to Monster 2024 State of the Graduates Report.
And yet, there are some things that young adults entering the workforce aren’t willing to compromise on, especially when it comes to work-life balance.
Monster found that graduates are prioritizing flexible schedules and mental health support. Most want a hybrid schedule, and 60% say they wouldn’t even apply to a company that required them to return to working five days a week.
“Students graduating this year were in high school during the pandemic; they just knew about multiple options,” said Monster career expert Vicki Salemi. “For them, this isn’t even the new normal. This is normal.”
But in the future, those just starting out may have few remote work options. Full-time workers between the ages of 20 and 24 are less likely to work completely remote compared with other age groups, due in part to seniority level, according to another study. Recent Graduate Hiring Report by payroll provider Gusto.
Companies that offer remote work opportunities will allow job seekers to cast a wider net, Salemi said.
“In terms of quality and quantity, they can get jobs beyond the constraints of a particular zip code,” Salemi said.
And when it comes to location, opportunities and salary can vary wildly.
After years of high inflation, recent graduates must also deal with rising costs for food, transportation and housing, depending on where they go.
Buildings in Manhattan, New York
Stockbym | Istock | /JOBs Apply News/Getty Images
New York City has the highest rate of hiring recent graduates, but is also the least affordable city for new entrants into the workforce, according to the Gusto report.
New York’s average starting salary of $64,134 might seem like just $28,479 when adjusted for the Big Apple’s high cost of living, according to Gusto’s report.
On the other hand, salaries in Austin, Texas, are the highest compared to major cities in the country. There, the cost of living is 1% lower than the national average and the average recent graduate earns $57,418, on average.
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