Job Market for the Class of 2023

A challenging job market awaits the class of 2023. National Association of Colleges and Employers data shows employers plan to hire 3.9% more college graduates from the class of 2023. Sounds positive, but it's a sharp drop from the 14.7% hiring increase projected earlier.

Consider the technology industry. It bulked up its workforce during the pandemic but is now downsizing, dealing a significant blow to new graduates. The information industry, too, is scaling back. It projects a 17% decrease in hiring, a stark contrast from an expected 87% increase just a year earlier. Computer electronics manufacturers also join the trend, with an anticipated hiring increase of 19.1%, down from a projected 41% in the fall.

Still, it's not all doom and gloom.

Opportunities exist. Tech graduates remain in demand. As per NACE, two-thirds of employers plan to hire computer sciences majors from the class of 2023. That's a silver lining.?

Graduates can leverage this by casting a wider net. Interviewing with multiple companies across diverse sectors and locations is key. Career advisors recommend a strategic approach by starting with a sector, industry, or geography, then search for growing and large companies that are hiring.

Transferable skills are another major asset. Coursera lists data analysis, software development, user experience, web development, project management, account management, and content creation and management as the most in-demand, high-income skills. Graduates with these skills are like gold dust across multiple industries.

Networking is crucial too. Instead of submitting applications into the void, reaching out to people directly at companies can pave the way to interviews. Advisors suggest a systematic approach. Start with your first-degree network, then the second-degree network, and finally, if necessary, the third-degree network, the cold call.

In a competitive job market, selling oneself effectively is a must. Career coach Natalie Fisher recommends specificity. Ditch generic statements, provide solid examples of skills and achievements instead.?

The job market might be challenging for the class of 2023, but opportunities exist. Proactivity, skill development, effective networking, and impressive self-presentation are the keys. Remember, you've made it this far. Congratulations, Class of 2023! You're going to be great!