Good News for the Class of 2008

College seniors fretting about finding jobs amid an ailing economy may want to come in off the ledge. The economy, it seems, is not deterring employers from recruiting college graduates.

Several college career counselors say the economic downturn will, in fact, benefit college students looking for job opportunities this spring, according to a study released today.

Companies have not been dissuaded from recruiting, the study suggests, because it is too early still to determine how widespread the economic downturn will be.

"Right now the economy is hitting mid-level employees because students are not expensive to hire compared to people who have four or five years of experience," Trudy Steinfeld, executive director of New York University's Wasserman Center for Career Development, told Portfolio.com.

Another factor sustaining college recruitment, the study says, is a shrinking workforce.

"Regardless of the current economic situation, companies across the country are facing significant worker shortages as aging baby boomers reach retirement age and start leaving the workforce," said John A. Challenger, author of the study.

Only 12 percent of the 100 human resources executives interviewed for the study said they had scaled back their college recruiting strategies. And 14 percent of those polled said they expect to hire more than originally planned.

Several career center representatives, however, said it could be the class of 2009 that feels the impact of a slowing economy because college recruiting typically falls behind economic activity by several months.

"This summer, companies will project what their hiring needs will be, and companies have told me that if there is erosion, we will see it in the fall," said Steinfeld.

by Alfonso Serrano F.

2008 Spring Grad Outlook

Source: Challenger, Gray & Christmas