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CLASS OF 2007 READY TO TAKE THE WORLD BY STORM
Yahoo! survey uncovers how new college grads rank the importance of graduate school, starting salary, benefits, career advancement and other job seeking considerations
SUNNYVALE, Calif. - May 17, 2007 - While this year's crop of college graduates are ready to jump in feet first and join the workforce, the class of 2007 also have a strong understanding of today's "real world" professional expectations and the challenges they may face post-graduation.
A recent Yahoo! HotJobs survey reveals that grads are indeed optimistic - 72 percent of college seniors think they will find a job within three months of graduation. However, they also realize that they'll need to work hard and continue to evolve along with the changing business environment. A significant 77 percent of college seniors started their job search before receiving their diplomas, and 80 percent believe they'll eventually have to return to school for a graduate degree in order to land their dream job.
"The results of this year's college survey indicate that students are becoming very astute in their understanding of the changing job market," says Tom Musbach, managing editor, Yahoo! HotJobs. "In their parents' generation, a college degree set a person apart in the business world. Today's competitive job market is demanding more from its workers, namely in the form of both experience and a higher education."
College students appreciate that experience and education go hand-in-hand. After completing their undergraduate degree, only 3 percent of this year's survey respondents expect to immediately attend graduate school. Most are instead choosing to "get out in the real world" and add a few years of professional experience to their resumes before heading back to school.
What's more, new graduates realize they need to be more flexible in discovering what job will be the right fit for them. The majority of survey respondents, 64 percent, are willing to interview with up to five companies in order to find that perfect job. Even when faced with not landing the job and accompanying experience that they hoped for right out of college, 32 percent would prefer to accept a temporary position until finding the job they really want, rather than go back to school right away or take a permanent position in another field.
Salary Smarts
College students' expectations regarding starting salary have also leveled off. While almost half of survey respondents expected their annual starting salary to be $50,000 or more in HotJobs' 2006 survey, this year's respondents are more realistic. An overwhelming 87 percent of college seniors expect a starting salary of less than $50,000, with the majority of that number anticipating to fall somewhere in the $30,000 range.
The new graduates are comfortable with this expectation. Most, 57 percent, admit that they wouldn't be likely to try to negotiate a higher salary when presented with a job offer and, in fact, salary ranks third on new grads' list of priorities in evaluating employment offers.
Class of 2007's Top Ten Priorities for Accepting a Job Offer (ranked in order of importance):
- Good benefits (83%)
- A well-defined career path/opportunity for advancement (78%)
- Strong starting salary (69%)
- A company with a good reputation (64%)
- Work-life balance (63%)
- Diversity (53%)
- Continuing education available (49%)
- Location, vacation time and job title (three-way tie at 47%)
- Stock options (45%)
- Commuting time (40%)
Primed for Job Search Success
Looking for work can be a job in itself and this year's new graduates are proactive in their hunt. They have used multiple resources in their job search, including networking with professionals in their field (48 percent), visiting their school's career center (48 percent), using an online job board like HotJobs (48 percent) and searching newspaper classifieds (44 percent). However, 44 percent of those same respondents admit that their biggest challenge in finding the "right" job is that they're not securing interviews, even though they are actively applying for positions.
Avoiding this pitfall starts with drafting a resume that will get noticed:
- Think of your resume as a billboard, not an encyclopedia. Good resumes leave the prospective employer wanting more. Give highlights of your accomplishments and make sure to incorporate relevant keywords, but save some detail for the interview.
- Apply for appropriate positions. If the position is seeking a candidate with ten years of experience and you only have one, save both yourself and the recruiter time and hassle. Apply for jobs for which you are qualified; this ensures a higher call back rate.
- Do your homework. Make sure you have fully researched the company and the job opportunity before you apply and then exhibit your knowledge in the cover letter. If the company boasts about its independent spirit on its Web site, chances are your cover letter will be noticed if you reflect similar qualities.
- Follow up, follow up, and follow up. Persistence is key. Following up with a hiring manager shows initiative and a genuine interest that separates you from the others job applicants in the stack.
Students and new graduates can also visit Yahoo! HotJobs (http://hotjobs.yahoo.com) for more tips on landing an interview and securing a job offer.
About the Survey
Data was collected from more than 600 college students nationwide via an online survey questionnaire on the Yahoo! network, as well as in-person surveys conducted on college campuses in the New York metropolitan area. Fifty-three percent of respondents were male and forty-seven percent were female. The results reflect only the opinions of the college students who chose to participate.
About Yahoo! HotJobs
Yahoo! HotJobs (
http://hotjobs.yahoo.com) is the fastest growing website among its top competitors. Yahoo! HotJobs' unique user audience grew +36% in Q1 2007 (comScore Media Metrix). As a leader in the online recruiting industry, Yahoo! HotJobs has revolutionized the way people manage their careers and the way companies hire talent. Yahoo! HotJobs' tools and advice put job seekers in control of their careers and make it easier and more cost-effective for employers and staffing firms to find qualified candidates.
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