Employers’ entry-level hiring plans remain
uncertain amid a national economic slowdown, according to MonsterTRAK’s
annual nationwide survey of college students, recent graduates and
entry-level employers. The findings reveal that 59 percent of employers
surveyed expect to hire 2008 graduates in the spring or summer, a
decrease of 17 percent year-over-year, while 29 percent are still unsure –
nearly twice as many who reported indecision in 2007. MonsterTRAK is a
leading online resource that connects college students and recent
graduates with employers looking for qualified entry-level and
internship candidates and a division of Monster®,
the leading global online careers property and flagship brand of Monster
Worldwide, Inc. (NASDAQ: MNST).
Despite the apprehension, 85 percent of surveyed employers who do plan
to hire will offer as many, if not more, positions than in 2007.
Additionally, one-third expect to increase entry-level salaries by one
to five percent.
“MonsterTRAK’s Job
Outlook concurs with the notion that there is hesitation about how
aggressively some employers will hire as we await further economic
developments,” said Mark Charnock, vice
president and general manager, MonsterTRAK. “Entry-level
candidates should not be discouraged because the labor market remains
healthy. Considering our 2003 survey revealed only one-third of
employers planned to hire recent graduates, there will be plenty of
opportunities available for the Class of 2008.”
Students Remain Confident, Focused on Job Attributes
Speculation of a stagnating employment market is not causing pessimism
among the Class of 2008; instead the survey demonstrates that their job
offer expectations remain consistent year-over-year: 73 percent expect
two or more upon graduation. Additionally, both recent graduates and
students are placing greater emphasis on non-monetary benefits:
Of those surveyed, 81 percent ranked growth opportunities as very or
extremely important; 79 percent felt strongly about finding a job that
offered personal fulfillment.
Only 57 percent felt that base salary offerings were of great
importance.
Moving Back to the Nest
While last year’s survey revealed only 22
percent of 2007 graduates expected to move home for more than six
months, 43 percent extended their stay and have yet to leave –
primarily due to limited financial resources.
Charnock noted, “42 percent of 2007 graduates
report student loan debt that exceeds $25,000, while another 33 percent
have a credit card balance of more than $5,000. It is no surprise that a
growing number of young professionals are spending more time back at
home than initially anticipated.”
Conversely, continuing a three-year trend, just under half of
prospective graduates plan to boomerang – or
move home – upon graduation, down from an
average of 58.5 percent in 2004 and 2005.
Overcoming Student Misconceptions
Often-overlooked, making a professional impression on employers is a
critical part of the hiring process – in
fact, 43 percent of employers report personal characteristics as most
important when assessing college graduates. However, only 19 percent of
2007 graduates recognized it as such.
Additionally, 48 percent of students think relevant work experience is
the most influential factor during potential employers’
evaluations. Contrary to that belief, only 21 percent of employers agree –
a nine percent decrease since last year. That said, 77 percent of
students plan to complete at least one internship during their college
career, which implies how prevalent this type of experience has become
in entry-level resumes.
“While previous experience and academic
achievement are certainly important, a candidate’s
personality can be far more powerful,” added
Charnock. “One out of three employers
reported the most common interview blunder made by entry-level prospects
is not doing their homework. Human resource executives use interviews to
see beyond a resume; they want to know why an applicant should become
part of their organization. Demonstrating a keen understanding of the
company’s business is one way for entry-level
contenders to present themselves as attractive hires.”
Employers also noted other common interview mistakes including general
lack of professionalism, wearing inappropriate attire and arriving late.
They also expect thank-you notes, either via email or traditional
letter. Fortunately applicants are catching on –
in 2003, 48 percent did not follow up after an interview, while only 28
percent of 2007 graduates made this mistake.
Employers’ Online Profile Research Rises
Seventy-two (72) percent of 2007 graduates have online profiles, up from
the 59 percent of 2006 graduates who reported maintaining one last year.
Currently, more than half modify them to create a more employer-friendly
overview for curious recruiters, while 23 percent of all 2007 graduates
are actively using their online profile as a job search tool. Regardless
of whether job seekers are volunteering this information, it is
well-advised to maintain a sense of professionalism online –
26 percent of employers actually check candidates’
personal online profiles, up from 19 percent last year.
Survey Methodology
MonsterTRAK’s 2008 Entry Level Job Outlook
was conducted from February 12-22, 2008 via targeted online distribution
to nationwide MonsterTRAK customer companies, as well as college
students and recent alumni who are MonsterTRAK members. Results were
recorded from 1,117 employers, 654 of which qualified to take the entire
survey, and 3,603 students and alumni. This poll is not scientific and
reflects the opinions of only those Internet users who have chosen to
participate.
About MonsterTRAK
MonsterTRAK is a leading online resource that connects college students
and recent graduates with employers looking for qualified entry-level
and internship candidates. With more than one million registered users,
employers gain unprecedented reach, and today’s
emerging workforce benefits from MonsterTRAK’s
suite of career development tools designed to help them highlight their
strengths and identify the best opportunities. Additionally, college and
university career centers are able to showcase specific, relevant
opportunities to students based on their individual interests using
Career Ad Network, Monster’s patent-pending
job syndication technology.
Founded in 1987 as JobTRAK, MonsterTRAK was acquired by Monster,
the leading online global careers and recruitment resource, in 2000.
More information is available at http://www.monstertrak.com.
About Monster Worldwide
Monster Worldwide, Inc.
(NASDAQ: MNST), parent company of Monster®,
the premier global online employment solution for more than a decade,
strives to bring people together to advance their lives. With a local
presence in key markets in North America, Europe, and Asia, Monster
works for everyone by connecting employers with quality job seekers at
all levels and by providing personalized career advice to consumers
globally. Through online media sites and services, Monster delivers
vast, highly targeted audiences to advertisers. Monster Worldwide is a
member of the S&P 500 Index and the NASDAQ 100. To learn more about
Monster's industry-leading products and services, visit www.monster.com.
More information about Monster Worldwide is available at www.monsterworldwide.com.
Special Note: Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995: Except for historical information
contained herein, the statements made in this release constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements involve certain risks and
uncertainties, including statements regarding Monster Worldwide, Inc.'s
strategic direction, prospects and future results. Certain factors,
including factors outside of Monster Worldwide's control, may cause
actual results to differ materially from those contained in the forward-
looking statements, including economic and other conditions in the
markets in which Monster Worldwide operates, risks associated with
acquisitions, competition, seasonality and the other risks discussed in
Monster Worldwide's Form 10-K and other filings made with the Securities
and Exchange Commission.
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