Posted April 27, 2020 by Mark Perna
To weather the economic storm, many businesses are rethinking offers. Mark’s article, “Coronavirus’s Latest Casualties: Recruiting And Internships,” published at Forbes.com on April 27, 2020.
It’s a tough year to launch your career—as recent college graduates and interns are about to discover firsthand.
The National Association of Colleges and Employers (NACE) is conducting an ongoing survey regarding trends in college recruiting, hiring, and internship. And the results, while not dire, are far from encouraging.
Friday’s results show that 19% of employers are revoking offers to interns, and 3.5% are revoking offers to new college graduates for full-time positions—up from 14% and 2% earlier this month.
Though 59% of employer respondents report plans to maintain their offers to interns and graduates for full-time positions, that number represents a 5% drop since April 10. It’s likely that this number will continue to fall as the economy staggers back to its feet. Meanwhile, in a “wait and see” approach, 22% of employers are still considering revoking internship and full-time employment offers.
Internships are by far the biggest losers in the coronavirus shuffle. On April 10, 65% of employers reported they were changing their summer internship programs. Now, that number has jumped to 78 percent. 42% of respondents are moving interns to a virtual program and 40% are reducing the length of the internship by delaying the start date.
Nearly 4 million individuals will graduate college in the 2019–20 school year. Courtesy of the coronavirus pandemic, many of these young professionals just entering the workforce will experience a career delay. Exactly how many years it will take to catch up to where their careers ought to be is hard to predict, but for those whose offers were just revoked, it’s one year at minimum—maybe more.
But these young professionals can take heart. It’s always been a competitive field in the job-seeking world—the pandemic just made it more so. Now is the time to hone your competitive advantage and ramp up the job search even more. And as Chameleon Resumes founder Lisa Rangel notes, “Not every industry slows down in an economic downturn…And not every company within an industry slows down.”It’s always been a competitive field in the job-seeking world—the pandemic just made it more so. Click To Tweet
Bone Fide Wealth founder Douglas A. Boneparth, himself a Millennial who entered the workforce during the 2008 recession, has some been-there, done-that advice for Gen-Z college graduates: live within your means, continue to increase your knowledge and tap your creative self to generate some side income. He writes, “If there’s anything I learned from starting my adult life during the Great Recession, it’s that no matter how bad things might look or be at the moment, there’s a world of opportunity still waiting out there. Giving up or getting down in difficult times solves nothing.”
Persistence is the name of the game. Rangel says, “Do you know who gets hired during economic shifts? Those who didn’t stop job searching and, instead, kept going.”
What the class of 2020 is about to learn is something that can’t be taught in the classroom: patience, stamina and a hefty dose of perseverance. But, like the Millennials before them, they’re up for the challenge.