The Class of 2024’s Labor Market
Hello and welcome back to the Recruitonomics Newsletter. This week, we’re focusing on all the proud graduates and their labor market prospects!?
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This Week on Recruitonomics:?
What Kind of Labor Market Awaits Gen Z Graduates?
The college graduates crossing the stage this month are the first to completely witness higher education in a post-COVID world. These young adults are quintessentially “Gen Z,” a generation of people that have been uniquely impacted in their youth by technology, political challenges, and this pandemic. Now, they’re entering the workforce. How will their career opportunities differ from those offered to previous generations? Well, this batch of college graduates is actually experiencing a far stronger labor market than Baby Boomers or Millennials (Gen Xers were a bit luckier). Compared to slightly older Gen Zers, though, the graduates of the last three years, the class of 2024 is experiencing a weaker labor market, with growth in entry-level positions slowing. Meanwhile, underemployment remains a particular challenge for college graduates, with over 45% of workers underemployed, even ten years after graduation!?
What does this mean for recruiters??
Recruiters should be ready to engage with these recent college grads through honest communication about benefits, wages, and career growth within the company. Remember, these are no longer children, and Gen Z college grads want to be treated as the adults they are.??
Read the full article here.
Recruiting Tips:?
Join us on June 7 at 10 a.m. ET for the June Edition of the Appcast Brief! Appcast Labor Economist Julius Probst, Economic Data Analyst Josh Previte, and Solutions Engineer JC Perez will be discussing May’s United States jobs report, the latest developments in recruitment marketing, and take an inside look into the candidate’s journey to a hire.?
Register today and watch out for an invitation to join the webinar from Stepstone!?
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Recently on Recruitonomics:
The media is full of stories about rising inequality and how things are getting out of hand, but is that only because doom and gloom sells better? While it is true that wealth inequality has risen substantially in recent decades, it’s mostly a result of rapidly rising real estate and stock prices. Therefore, most people assume that income inequality has risen as well. However, the U.K. has actually experienced quite a remarkable wage compression over the last decade, with incomes at the bottom growing more rapidly than incomes at the top. We will see that declining wage inequality is the result of policy. More specifically, the U.K. has progressively increased the minimum wage to very high levels, which caused incomes at the bottom to rise. Meanwhile, more than a decade of mediocre economic and productivity growth has caused wage stagnation at the top.??
Read the full article here.
What Recruitonomics is Reading:
We discussed the general labor market outlook for recent college grads, but what are specific entry-level jobs telling us? Lindsay Ellis and Kara Dapena, reporters at the Wall Street Journal, analyzed the contents of hundreds of entry-level job advertisements. What they found is that employers are still in “sales mode” – offering new employees a litany of benefits, commitments, and opportunities. Despite the slight softening in the labor market, employers of entry-level positions are still working hard to showcase how they stand out from (or at least live up to) their competitors, meaning college grads who can land the positions are set up very nicely to succeed. Read their piece to peer into the contents of entry-level job advertisements without spending a second job searching.
?More Data & Insights:
Thank you for reading! Stay tuned for next week's Recruitonomics Newsletter and check out Recruitonomics.com for more data-driven insights.