How Not To Remain Unemployed with a University Degree

Grow the right skills and network your way into the job market

Bangladesh’s leading English newspaper, The Daily Star, recently published a story based on a government-initiated white paper reflecting the sorry state of educated unemployment in Bangladesh. Titled “Labour market: A ticking time bomb,” it described how the unemployment rate among the tertiary educated youth has sharply risen in the last decade from 3.5 to 9.1%.

But how did it reach this sorry state? The white paper bluntly states the root cause: "The graduates are not only oversupplied, they are ill-prepared for the market and have little skills, both hard and soft, to offer."

Graduate unemployment is a global challenge, though its severity varies. Developed economies like the US experience lower unemployment rates, around 4%, but underemployment is a concern. The OECD average is about 6.5%, with countries like Germany and Japan having low rates due to strong vocational training, while Southern European nations face higher rates due to economic woes. In developing economies, the situation is more acute. Even with a large economy, India struggles with skills gaps, as only 51.25% of graduates are deemed employable.

As graduates or soon-to-graduate, what can you do to find a job and start a meaningful career? Here are some tips to help you out.

1. Skill Up: Become an In-Demand Graduate

• Identify Industry Trends: Actively research your target industry. What are the emerging technologies, software platforms, or certifications that are highly sought after? Which companies lead the way, and what skills do they prioritize in their hiring process?
• Plan a Learning Journey: Explore online learning platforms like Coursera, edX, and Udemy to acquire in-demand technical skills.
• Cultivate Essential Soft Skills: Practice communication, teamwork, problem-solving, and critical thinking abilities through active participation in clubs, volunteer organizations, or part-time jobs.

2. Craft a Compelling Portfolio

• Internships: Actively pursue internships, even if they are unpaid. These opportunities provide invaluable insights into your chosen field, allow you to build your network, and demonstrate your commitment to learning.
• Freelancing: Leverage online platforms like Upwork and Fiverr to offer your skills as a freelancer. This allows you to gain practical experience, builds your portfolio, and demonstrates your ability to manage projects and meet deadlines.
• Volunteering: Contribute your time and talents to organizations that align with your values. Volunteering provides a platform to develop valuable skills, expand your network, and demonstrate your commitment to making a positive impact.

3. Network Strategically: Build Meaningful Connections

• Industry Events: Attend conferences, workshops, and career fairs to connect with industry professionals, learn about current trends, and discover potential job opportunities. Engage in professional seminars, ask insightful questions, and participate as much as possible.
• Increase LinkedIn presence: Create a LinkedIn profile that showcases your skills, experience, and aspirations. Connect with professionals in your field, engage in industry discussions, and join relevant groups to expand your network and stay informed.
• Informational Interviews: Reach out to people in your desired roles and request informational interviews. These conversations provide valuable insights into the job's day-to-day realities, the required skills, and available career paths.

4. Master the Job Search: Navigate the Application Process with Confidence

• Tailor Your Applications: Customize your resume and cover letter for each job, highlighting the skills and experiences that align with the job description. Showcase your understanding of the company and its values.
• Interview Preparation: Research common interview questions, prepare thoughtful answers and practice your delivery. Research the company thoroughly to demonstrate your genuine interest and understand its culture.
• Follow Up Strategically: After an interview, send a thank-you note to express your gratitude and reiterate your interest. Follow up periodically to stay on the employer's radar and demonstrate your persistence.

5. Embrace Entrepreneurship:

• Identify Opportunities: Look around you. What problems exist that you are passionate about solving? Develop a business idea that addresses a need in the market and offers a unique solution.
• Develop a Business Plan: A well-crafted business plan is essential for guiding your entrepreneurial journey. It outlines your vision, target market, competitive landscape, financial projections, and marketing strategies.
• Seek Support and Mentorship: Connect with entrepreneurial networks, incubators, and accelerators to gain valuable support and guidance. Find mentors who have successfully navigated the entrepreneurial landscape and can offer advice and encouragement.

6. Cultivate Resilience:

• Embrace Challenges as Opportunities for Growth: View setbacks as opportunities to learn and refine your approach. Each interview, each application, and each networking interaction provides valuable experience and insights.
• Develop a Growth Mindset: Embrace the belief that your abilities are not fixed but can be developed through dedication and hard work. Continuously seek opportunities to learn and grow, both personally and professionally.
• Celebrate Small Victories: The job search is a marathon, not a sprint. Acknowledge and celebrate your achievements, no matter how small they may seem. Each step forward is a testament to your dedication and resilience.

Conclusion

While the current job market presents undeniable challenges, graduates can navigate this landscape and build successful careers by adopting a proactive and strategic approach. Focus on continuous learning, gain practical experience, make meaningful connections, and cultivate resilience. Remember, your journey is unique, and with determination and perseverance, you can achieve your career aspirations.