An overwhelming majority of soon-to-be graduates say they have no first job lined up after graduation, according to a new report.
Staffing agency LaSalle Network polled more than 2,000 students from the Class of 2021, representing a wide range of majors, about their career prospects in a new report, dubbed "COVID Generation: Recruitment Expectation Index." The report found that 88 percent of polled students said they have not accepted a job yet outside of school — the highest such figure LaSalle has seen over the last five years.
These figures were unsurprisingly due to the ongoing effects of COVID-19, as 79 percent of 2021 graduates believe the pandemic will make it more difficult to find employment right out of school. (Ninety-four percent of graduates in the Class of 2020 felt the same, according to LaSalle.)
"The class of 2021, whom we have nicknamed 'The COVID Generation,' spent the entirety of their senior year and a portion of their junior year navigating the effects of the COVID-19 pandemic," LaSalle wrote in their report. "As the uncertainty of the pandemic continued throughout the year, so did their uncertainty regarding the jobs market and what opportunities it would bring post-graduation. This has impacted how 2021 graduates are searching for jobs and what they expect from their first company after graduation."
When asked what their biggest concerns were entering the job market, the Class of 2021 cited three: a lack of experience, compensation and job security. All three concerns were again linked to the pandemic, as compensation and job security stemmed from the many companies still in financial recovery from 2020, and a lack of experience due to many students not being able to take on internships or jobs during last year's various lockdowns.
Still, despite students' understandable pessimism surrounding their current job prospects, LaSalle noted that unlike last year, 2021 is in the midst of a historic economic recovery.
"Amid perhaps the fastest rebound in history, the class of 2021 is walking across the stage and entering the strongest jobs market we’ve seen in decades," the staffing firm wrote. "After unemployment spiked from 3.5 percent to 14.8 percent just one year ago, the market has bounced back to a candidate driven and highly competitive hiring landscape with more jobs being added daily. Graduates are likely to be provided many opportunities and options throughout their job search, and as companies compete for this in-demand talent they must know what graduates are looking for in order to attract the strongest candidates."
Other notable findings from the survey include:
- Seventy-one percent of the Class of 2021 said they plan on staying with their first company out of college for three or more years (compared to 55 percent of the Class of 2020).
- Eighty-one percent of the Class of 2021 said they would consider temp or temp-to-perm employment in a first role.
- Forty percent of those polled said they would consider "any industry that will hire me" out of college.
- Fifty-seven percent of those polled said they have not yet been employed, with 32 percent stating they have not held an internship during their collegiate careers.
- Thirty-seven percent of those polled who are currently unemployed said they would be willing to take an internship this summer.
- Work-from-home and student loan repayment benefits were deemed "very important" by only 8 and 10 percent, respectively, of those polled.
- The top three desired benefits cited by the Class of 2021 are company culture, location and benefits.
- Of these benefits, medical coverage, 401(k) match and flexible hours are the most requested.
For the full report, head to LaSalle Network's
