While the economy may be in a state of flux, there is one overwhelming certainty for today's college graduates: they must be prepared to show prospective employers they have a "passion for the position," according to the 32nd annual "Recruiting Trends" survey conducted by the Collegiate Employment Research Institute at Michigan State University.
To find the perfect job, college graduates are going to have to show they have an understanding of the mission and purpose of the company, said Phil Gardner, director of the Collegiate Employment Research Institute at MSU's Career Services and Placement and author of the study.
"The jobs are out there, but they will be hard to find," Gardner said. "Graduates are going to have to research companies well, show employers how they can contribute to the firm and how they are the perfect fit. As the labor market opens up, new graduates are going to be finding themselves in competition with their peers of the last two or three years."
Gardner said that although the economic "hemorrhaging" has stopped, there is still a long, slow and painful recovery period ahead, and that many employers are still waiting for better economic news before finalizing hiring intentions and actively recruiting.
"Thanks to the hiring activity by small employers (300 or fewer employees), the dramatic decline in employment opportunities experienced in the last 18 months has been stemmed," he said. "While the labor market is expected to remain at last year's levels, unevenness prevails."
Thirty-six percent of the respondents have set firm hiring targets for 2002-2003 as opposed to 10 percent who will not be hiring this year. Employers with definite plans to hire will improve the market by 6 percent, but employers with only preliminary hiring plans or who are uncertain will reduce their hiring by 14 to 21 percent, according to the survey.
"While firms with 301 to 1,600 employees will increase overall hiring by 3 percent, they will actually reduce hiring of bachelor's degree recipients by 4 percent and those with master's degrees by 17 percent. The largest firms will continue to contract, decreasing 9 percent," Gardner noted.
"Engineering and computer science majors will see job opportunities contract, but graduates in other majors, including business and the liberal arts, will see a brighter year," he said. "Economic sectors expecting to increase their hiring include construction, retail, transportation (except airlines), food and lodging and health services."
Global instability, health care issues, the lack of consumer confidence and very few incentives to stimulate the economy can be attributed to the sluggishness in the job market, he said.
A majority of the 376 survey respondents indicated that hiring would likely pick up by the end of the first quarter next year, and likely continue at the same pace into the second and third quarters of the year.
"Salaries are bouncing around, but for the most part are up slightly," he said. "Many companies and employers are still playing a waiting game before hiring, trying to see how the economy will play out and aren't going to set figures until they have dealt with their internal restructuring. We can probably expect a range of 2 to 4 percent in terms of salary growth, which is consistent with inflation."
Employers are still looking for graduates who have the "total package" -- the verbal and written communications skills, leadership and teamwork and computer skills, but also key to the package this year is an emphasis on ethics and integrity in job candidates, Gardner said.
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