Only 19.7 percent of spring 2009 graduates who have sent out a résumé have a job, according to a recent survey by the National Association of Colleges & Employers. Even worse: Fewer than 60 percent of undergraduates have bothered to look for employment.
The state of the job market was addressed in a business conference hosted by the Virginia Chamber of Commerce, which about 200 attended at the Richmond Marriott Hotel. Business leaders spoke about the economic recession and the future for business opportunities.
VCU Director of Career Services for the School of Business, Mike Eisenman and Finance Insurance and Real Estate Professor, David H. Downs attended. Eisenman and Downs listened as keynote speaker John Allison, BB&T Corp. Chairman, addressed the primary causes and cures for the current economic recession along with other business leaders and political speaker including gubernatorial candidate Bob McDonnell.
“I get a sense of where the economy is going, which segments of the economy are doing better . where to spend our time working with companies that are likely to hire,” Eisenman said.
He said he brings companies to interview VCU business students and said it is key to know which companies are doing the hiring.
The last two years have not been consistent and federal government hiring in the last year and a half has been stronger relative to other industries with an increase of 18 percent in job offers.
“Manufacturing and other segments have been down,” Eisenman said. “We have spent a lot of time working with the office of public accounting, the general accounting office and various federal agencies to try to get them to come to school and recruit students.”
Eisenman said the financial service businesses and the insurance industry provide good opportunities for students.
However, Eisenman said companies that were hiring up to 20 people are now hiring one or two.
The National Association of Colleges and Employers states on its Web site that employers responding to NACE’s Job Outlook 2010 Fall Preview survey plan to hire 6.9 percent fewer graduates in 2009-10 than they hired in 2008-09.
Both Eisenman and Downs said they encourage students to engage in their job search early on.
“It may be a tough message to hear but it is what you want to hear,” Downs said. “You’re back in school, you’re investing in your future . taking responsibility for your own life.”
Downs said in economic downturns there will always be certain industries and career tracks moving forward. He said job seekers should look beyond big businesses for job opportunities and consider small companies that are growing. Downs said for students to tap into the job market today, they have to network.
“Students have to get out there,” Downs said. “That is getting out on the street, pounding the pavement, meeting people, working on your handshake and trying to go to events you wouldn’t normally go to. That’s a little outside of the box in terms of the traditional ways you apply for a job.”
According to Downs, the recession might not be measured in months and quarters but years and students should remain optimistic and realize their careers are typically going to be much longer than that.
Downs said VCU students are often recognized for their school’s work ethic, which gives them the upper hand.
“You never know who that person you say hello to . is going to be in terms of finding your next opportunity.” Downs said.