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Navigating the 2008 Job Market Challenges

Explore the tumultuous job market conditions for the class of '08, with insights on declining opportunities, sectors in demand, top employers, and salary trends. Discover strategies and sources to navigate the tough job market successfully.

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Navigating the 2008 Job Market Challenges

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  1. For Class of ’08, A Scramble for Jobs Tiffany Arnold Abbey Bertsch Dan Brodnik Russell Burgett

  2. Current Situation • Unemployment Rate • National: 5.1% • Ohio: 5.5% • Cleveland: 5.7% • Columbus: 5.1% • Cincinnati: 5.4% • Toledo: 8.3% • US Employers have cut 232,000 positions this year already

  3. Outlook for ‘08 Grads • “Rockiest job market in recent years” • Entry-level hiring is scaled back • 17% drop in hiring new graduates from 2007 • Current climate has employers saying: • “Don’t call us, we’ll call you”

  4. Reasons for the Decline • Worsened economic conditions • Ripple effect from sub-prime crisis • Firms are facing higher input costs • Weak dollar • US consumer spending is maxed out • Cutbacks in spending hurting the economy

  5. Where are the Cutbacks? • Financial Service Firms • Overall hiring is anticipated to fall 7.5% • Citigroup Inc. hiring is down 10% • Merrill Lynch & Deloitte LLP’s hiring is flat • IBM’s hiring is flat for a second year • Bear Stearns has rescinded about 100 job offers to graduating seniors

  6. Bright Spots • Large firms are not taking as big of a hit • Sectors with high demand: • Health care • Information Technology • Computer Science • Nonprofit • Government • Energy companies

  7. Top Employers for New Grads • Enterprise Rent-A-Car - 8,500 new hires • Walgreens - 5,924 new hires • Progressive Insurance - 4,208 new hires • Bank of America • Lockheed Martin • General Electric • Intel • Northrop Grumman • Deloitte & Touche • Ernst & Young

  8. Salary Information • Average entry-level salary $39,500 • Increase from $36,000 in 2007 • Accounting & Finance graduates • Salary increase of 1.9% • Business-Administration & Management grads • Salary increase of < 1% • Computer-Science grads • Salary increase of 7.9% • Engineering graduates • Salary increase of 5.7%

  9. Source: WSJ.com

  10. Outlook for the Juniors • Tougher job market for ‘09 graduates • Best way to land a job: • Land at least 1 internship

  11. Questions?

  12. Sources • http://www.bls.gov/home.htm • http://online.wsj.com/article/SB120707629451581051.html • http://www.black-collegian.com/issues/2ndsem08/job_outlook.htm

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