With many college graduates unable to find full time employment and a new crop ready to come up, many of them are starting to wonder where they will find a job. It wasn’t long ago that a college degree all but guaranteed you a stable career and higher earning potential. Now, many are not seeing the same returns they once did. So is a college degree worth it in today’s economic terms? How do you quantify who earns more?
One area to look at is recent graduates from the past 5 years when the Great Recession began. The data shows that of those people who graduated college – nearly 90% were employed – when compared to people who did not graduate college who were employed at 64%. These figures do not show whether these graduates were employed in a field related to their degree or not. But, another telling fact is that college graduates are earning almost double that of people without college degrees. This advantage will likely stick with them throughout their working careers. Another Option
Another way that we assess the value of receiving a college degree is to compare the rate of return from investing in a college degree versus using the same amount of money for investment opportunities. College degrees are obviously expensive. Tuition, books and housing all add up to well over $100,000 for a four year degree. This is only average as some colleges cost considerable more.
So let’s say you have a recent high school graduate who has $100,000 to invest in their future. Is college the right option or would you use that money for something else? Would investments such as stocks and bonds outweigh the lifetime earnings that a college degree would bring?
The correct answer is, technically speaking, investing in a college degree. A college degree has a rate of return of 15% a year for $100,000 invested. Compare this with the average returns on the stock market at 6.5%, along with the rate of corporate bonds at 3% and other stable investments and you’re not even close. Higher Rates of Return
A better rate of return translates into higher lifetime earnings as well. Over their lifetime, the average diploma holder will earn over $550,000 more than the average person with a high school diploma. So the incentive to receive a college education is high.
Some high school students would do well to invest in technical or trade schools that offer specialized skills which will keep them employed throughout any recession. There are opportunities out there for everyone and remember – many people who never graduated college have become successful in different fields. Think of the Bill Gates’, the Paul Allen’s and the Larry Ellison’s of the world. Not having a college degree never stopped them and it should not deter anyone from achieving their dreams.
Some states have better economies than others, some have not seen the tremendous job loss and mass exodus that states like California have seen–or my home state of Michigan at 10.5% as of June 2011– and other states have a robust economy with opportunity for job growth. With unemployment averaging over 9.0%, finding the right job can be frustrating and time consuming, but one thing you might consider is looking out of state for employment options. You could find a job that suits your skill set, while allowing you or your family to branch out into a new area. Yes, it can be scary to pick up and move to a completely new place, but you’ll meet new people and have a new experience that changes your life in a positive way. So how do you know if you should move out of state for employment? Well there are a lot of different things to think about before you decide to move. Take your time when considering the move and try to follow some of the following ideas. Before you decide exactly where you’re going to move send out some resumes to different business in that area. Pick at least 5 different locales that would suit your job needs and start sending out resumes to them. If you have a degree that’s more popular in one area, you might consider moving to that area to take advantage of higher job growth. If you have a degree in engineering and can not find anything but a servers position, then look at what areas around the country have a high need for engineers. There is a lot of opportunity out there, but you may need to look high and low for it. Consider contacting a headhunter. If you’re serious about finding employment in a new area, then find a headhunter who knows the city and can find you a position that would match your work experience. A temp agency might be one option but you want to find full time employment and most of these only offer contract work. They can be a good stop-gap option for you while you’re getting your feet wet in the new town, but a lot of people are wary of moving without full time employment. How do you move when you have a family? One option is to pack early and get all that out of the way. You might want to have your spouse or significant other stay with the children before your start your new job. You should go and get settled before moving the family to you. This allows them to step into their new situation with the house in order and avoids any culture shocks. Make sure you do a lot of research on your new location – read the newspaper online, listen to local radio shows online or just Google your new city. There’s so much information to be found online and you should take advantage of that.
It can be tough to find a job even when the economy is thriving, but during down times it seems almost impossible to find a position that fits. Recessions take their toll on just about every job sector. But, that doesn’t mean you have to be discouraged by the lull in the market. Now is a great time to show your resiliency, improve your skill-set and prove how qualified you are. So how do you begin your job search? Prepare Yourself
Education is key. It’s a perfect time to take additional courses or go for accreditation in your field. Subscribe to your industries newsletter, find out about upcoming projects, look at what firms are hiring, which market segments are experiencing growth, so that you can target your job search appropriately. Connect yourself. Join online groups like Facebook, LinkedIn or Fastpitch.com. Now is the time to make the internet work for you, make yourself the authority in your field online and you will see the job market expand. It’s imperative to keep up with the changing landscape, so do what you can to stay abreast of trends. Reach Out and Connect
Your network is the most valuable asset you have, but it’s only strong when you utilize it. Make a list of business associates, friends, owners, coworkers and anyone else that you’ve ever known or done business with. Get yourself out there and let these people know that you are available and looking for work. You may just be the missing piece that their company has been looking for. Until you have one, networking should be your full-time job. Contact friends, family, old school roommates, vendors or anyone else that might allow you to find a job. Time to be Flexible
Flexibility will help you find a job no matter the economy. However, in a down market, you have to be open to trying different things. Maybe your full-time job will get its start through a small contract position. Some firms are reluctant to hire a full-time position due to fears of failing financially – so getting a contract position could give you an in that you need. Just get your foot in the door and be open to positions that are not related to your work experience. Always be Prepared
Remember, everywhere you go, no matter if it’s dinner with friends, a social gathering or networking event – it could lead to job opportunities. Finding a job is your job now, so you have to do everything in your power to find a job. There are so many opportunities to work with people who will help you find a job. Who knows, maybe the next person you strike up a conversation with will know of an open position. You don’t know, so you should always be prepared to showcase what you can do.
Try to leave a lasting impression with the people you meet. Many people have found a job just by talking to people they meet at parties or through friends. Keep those eyes open.
Many job seekers stress over cover letters more than they do their own resumes. It may surprise some, besides cover letters are typically a one-page preface to your intricately prepared resume. But, the truth is, that your resume may look dull without a good cover letter to introduce it. Cover letters introduce you to HR managers and set the tone for how your resume will be received. You can have a perfect resume, but if the cover letter is not well done, then your resume will not get the type of attention it deserves. Everyone looking for a job should have a professional cover letter and resume in order to find the career that’s right for them. When you first enter the job market (most of us at around 21 years of age) don’t know how important cover letters are for you, much less how to write one that sells you. Many people are not aware of the benefits that a simple, well-crafted cover letter to a prospective employer can have. They introduce you to your prospective employer, but also they give a glimpse of your personality. Just a few weeks into your job search, you will realize that a well-crafted cover letter is not an option, it’s a necessity. Through the support of a professional resume and cover letter writer, you can finally have the cover letter that sells your individual personality and traits. If you have a cover letter, it could always use another eye on it in order to see where you can make changes or additions. You want to sell yourself in your cover letter, your resume speaks to what type of experience and qualifications you have, that’s why it’s important to have a cover letter that sets you apart. But, just having one is usually not enough. After a few weeks or months of unanswered applications and fruitless job searches, you begin to come to a final conclusion. When you, or your cover letter writer, writes your first letter, the primary focus is on presentation and the format. How long should the cover letter be? Where to assign the date? What type of font is right for my cover letter? But, throughout you want to focus on one thing – quality content. If your cover letter is full of buzz words or just inane babble, then it’s not worth the paper it’s printed on. It’s always important to remember, before you start writing, that content is king. It’s fairly easy to lose sight of what’s important and lose focus instead of paying attention to what’s important. That doesn’t mean that there are not guidelines to follow, but your cover letter writer can help you deal with the details. You do not want to have spelling or grammatical errors in your cover letter. That’s an instant turn off to any prospective employer. Remember that the main point of your cover letter is to get noticed and sell yourself.
Is it Bad Etiquette to Ask For Another Job While Interviewing?
A lot of people will browse a company’s website and see if they have open jobs available, nothing wrong with that and some people will even apply to more than one job while on the page. Nothing wrong with that either. It’s when you get to the interview phase that things can become tricky. Job interviews never seem to get any easier – even if you have gone on more interviews than you can begin to count. You keep meeting new people, talking about yourself and what you offer, and sometimes getting the third degree from employers. But, what if you go into an interview for one job, but you know the company has something that would be a better fit for you?
No one is going to go into an interview and start talking up the merits of one job versus another, but if you interview with a HR representative first it does give you the ability to mention other jobs you might be interested in. So, what can you do to show your interest for another job while interviewing? Practice makes Perfect During a usual interview, you may be sweating bulletsabout the questions or how you appear, but if you took the time to learn about the company and the open positions you are qualified for, you can converse intelligently about the open positions. Think of actual examples that you have used in the past that works well with the job you want. Providing evidence of past work in that field is a great way to shift focus towards other positions. Prepare for all Contingencies Prepare a response so that when you ask about other positions you have a quick response to why you are interested in that position. Make sure that you know about the company and the positions that are available. Try and relate your past experience with the skills needed for the other position, sometimes interviewers will know that you are not qualified for one position and will offer you others. Watch and Learn
Look at what others have done to find a way to bring up other positions lightly. You do not want to go into the interview proclaiming how you are right for another position, the interviewer will not respect that position and it will damage your chances at either job. Get yourself Ready
Make sure that you are dressed the part, no matter what part it is you’re applying for. Try and look neat, tidy and appropriate for any situation. Bring clean copies of your resume that highlight the relatable experience you have and bring a pen and pad for notes. Staying Calm During the job interview try to relax and stay calm, if you need a moment before the interview, take it. Now is the time to get your mind right for dominating the conversation and letting your desires be known.
It may not work every time but if you can get yourself in an interview; you may be able to transition away from one position into interviewing for the one that is right for you.
How Has Job Hunting Changed in The Last Ten Years?
The Internet has changed a lot about our world in the last ten years─including how we look for jobs. The basics may be the same: the old finding an opening and applying for it, but the internet has completely revolutionized the employment process. With more than 9% unemployed, according to U.S. Bureau of Labor Statistics, many people are going to be using every single tool at their disposal to find their next employment opportunity. Networking has been the traditional way to find a job, but over the last ten years this has changed to social networking sites like LinkedIn, Twitter and Facebook. These sites are now the second-most effective tool in your job-hunting arsenal, according to job placement firms. Searching for jobs at trade fairs or by looking through newspaper classifieds has long been replaced by the internet. It’s not about the old school anymore, today’s job seekers have to be on the web to find a job. Social networking sites have exploded with popularity, people look to connect with old friends, loved ones and business partners alike, so there is always opportunity to meet someone with a job offer online. Facebook has over 500 million users worldwide, Twitter’s traffic has increased exponentially in the last year and LinkedIn, despite not being as robust as the other social media options, is perhaps the most useful of any social networking site when it comes to actual job hunting. LinkedIn’s traffic has nearly doubled in the past year, thanks to its usefulness as an employer posting site and networking capabilities. You all know how I feel about LinkedIn. Employment posting sites have been popular over the last decade as well. There are a lot of options out there for these sites and many are household names. Job posters look for these sites because they know prospective employees are going to frequent them in hopes of finding something. These sites experienced great growth early in the decade but social media sites and other factors have contributed to a loss of traffic. One of the factors in the decline of job posting sites has been the boom of Craigslist. Craigslist is a privately held company that specializes in free internet postings. It’s basically like an online classified section for the internet, users can post jobs or even garage sales. Much of Craigslist’s earnings come from job postings, Craigslist’s success has meant tough times for the newspaper industry. Total revenue from classified listings for newspapers has fallen by as much as 42.5% in 2008 to just $2.2 billion, which makes it the worst drop in the history of the industry. The internet is definitely where people look for jobs, but the ease at which prospective employees can send out resumes has made it tough for HR managers. They have to sift through a huge pile of resumes to find the right candidate and with jobs scarce at the moment, it can be hard to get through the clutter. People who rely on one method for their job search will find it much more difficult to find employment than others.
Every year experts in their respective fields talk to employers, look at statistics and then take their best guess about what will happen in the job market. Of course 2011 is no different. People want to know if there will be more college graduates hired, will salaries go up or go down and is there a chance employees will see an increase in their performance reviews?
According to available information the job market has begun to look up and there are hopeful signs everywhere. Unemployment rates have held steady at around 10 percent, so it’s good to see some kind of recovery start to take shape. Recent College Graduate Outlook
The good news is that recent college graduates may have better luck finding jobs. The National Association of Colleges and Employers released their Job Outlook 2011 Fall Preview survey and employers expect to hire at least 13.5 percent more new college graduates from the 2011 graduating class compared to 2010 college graduates. Of the participating employers, nearly half of them expected to increase hiring, where about 40 percent expected to maintain the same level of new college hires.
However, some college degrees still pay more than others. Particularly those college students with engineering degrees still have the highest level of being hired out of college. In fact, all engineering degrees are expected to see growth. Salary Projections and Increased Salaries
For those that are not recent college grads, but still want to know their job prospects and salary projections for 2011, there is a small flicker of sunlight on the horizon. Projected salary increases for 2010 were thought to be around 2 to 3 percent and the outlook for 2011 is a little bit better. The projections for 2011 are that employers will be able to raise their budgets enough to work with a 3 percent increase in salary according to Plan Sponsor.
That does not mean that each and every employee and job seeker will receive a 3 percent salary increase just because their employer’s budget increased, so don’t go in expecting the increase to hit suddenly. Annual salary increases usually work by creating a pool of cash, which is set aside for each independent department, so that it is the equivalent of 3 percent of that department’s salaries. The pool of money is then divided between employees based on seniority and role within the company.
So as experts begin to predict growth for the 2011 job market there creates good news for soon to graduate college students and those who are still looking for work. Things are looking up but it still might take some time to fully recover. Rome wasn’t built in a day and your financial security and job prospects won’t be either. Keep your ear to the grindstone and start pounding out connections because you never know when that dream job will be right around the corner.
In this new digital age, more and more employers are turning to the Internet for their hiring needs.Whether posting open positions on a company owned website, utilizing job boards or social media, job seekers are becoming increasingly aware of the importance of understanding how to post resumes online. Because of the various formats that are needed, developing a strong portfolio of resumes is critical for those hoping to find the perfect new job. Take a minute to consider the different forms of resumes. Electronic, print, plain text and full HTML are the most popular options. The reasons for the various forms are simple: prospective employers use a variety of tools to collect and collate resumes. Deciding which is appropriate and properly formatting it is critical for success. The traditional print resume (like Microsoft Word, for example) often doesn’t translate well online. Because of this job seekers are encouraged to develop a variety of electronic formats for their resume.
Text: A simple text resume that focuses less on fancy formatting and more on presenting clear details is a must. Resume writers also call this an ASCII (American Standard Code for Information Interchange). This format is ideal for posting resumes into formats on websites. While it is still important to review the post, sticking with a clean text format often removes many of the formatting issues seen.
Email: Even more basic than the text format, creating an email ready resume takes into consideration line spacing rules often imposed by email providers. Often a simple matter of tweaking a copy of the text resume, creating an email ready version allows you to post your resume directly in the body of an email.
HTML: As more and more people turn to the Internet for their business needs, many are creating HTML resumes. This is perfect for those that wish to create an electronic portfolio of their work. A word of caution: providing too much information is an easy pitfall of the HTML resume as is simply creating a flashy version of your resume. Only utilize the HTML format if you have basic HTML knowledge.
It is important to acknowledge that where you post your resume onlineis almost as important as the format it takes. While it may seem like a good idea to attach your resume to a personal website or social media profile, remember that doing so gives potential employers access to all sorts of information that is often best kept private. Marital status, past health issues, ethnicity, political leanings and more can often be found directly on a personal website. It is best to avoid giving potential employers access to this information too early in the process. In a world where technology is quickly becoming a necessity, not understanding the basic differences in formats is a big mistake. A poorly formatted resume can make you look disinterested and technologically inept. Be sure to spend the appropriate amount of tie developing resume formats to ensure your resume makes the statement you want it to.
