MonsterTRAK’s Annual Entry-Level Job Survey Reveals an Improved Job Market for 2007 Graduates
Despite Strong Hiring Expectations, Competition Among Candidates Remains Fierce; Employers Expect More Than 70 Resumes for Each Open Position
MAYNARD, Mass. — Continuing the strong hiring demand seen for last year’s graduates, the class of 2007 will soon enter an even healthier labor market, according to MonsterTRAK’s annual nationwide survey of college students, recent graduates and entry-level employers. Among the findings, 76 percent of employers plan to hire 2007 graduates in the spring or summer, up from last year’s 72 percent, and 38 percent expect to recruit more entry-level candidates than in 2006. MonsterTRAK is the student division of Monster[R], the leading global online careers and recruitment resource and flagship brand of Monster Worldwide, Inc. (NASDAQ: MNST).
Survey findings demonstrate that seekers are confident as well – 89 percent of prospective graduates expect to receive at least one job offer by graduation, while 74 percent expect two or more offers, a 10 percent increase over 2006. However, despite strong demand for graduates, seekers shouldn’t feel too entitled in their job search:
* Employers anticipate 73 applications on average for each available entry-level position.
* Sixty-three percent of employers indicate 2007 entry-level wages will not increase over last year’s earnings.
“This year’s MonsterTRAK survey demonstrates that while demand for talent is on the rise, employers remain confident they will have a large number of candidates to consider for each open position,” said Julie Goldthwait, vice president and general manager, MonsterTRAK. “Consequently, rather than increasing wages to attract entry-level candidates, employers are implementing practices that help attract talent at earlier stages, such as growing their internship programs.”
Upon graduation, 48 percent of prospective graduates plan to “boomerang” and spend at least some time living at home, the same percentage as last year. Of this group, 22 percent expect to live at home for longer than six months. The remaining 26 percent, those who anticipate moving out quickly, may stay longer than expected – 42 percent of 2006 graduates say they are still living with their parents.
Employer & Entry-Level Seeker Perceptions: Connects & Disconnects
Employers and graduates both perceive relevant work experience and personal characteristics, such as interviewing skills, as the most important factor in hiring recent college graduates. Both groups also consider a candidate’s GPA least significant. Recognizing the fact that employers value relevant work experience more than a perfect 4.0 GPA, 78 percent of prospective graduates plan to complete one or more internship during their college career.
“The MonsterTRAK findings have also uncovered a startling gap between job seekers’ and employers’ perceptions in regards to job-related priorities,” added Goldthwait. “Employers perceive graduates’ top motivators to be work/life balance opportunities and salary, while in reality, the survey shows that students are most engaged by fulfilling work and growth opportunities. This means entry-level seekers have a unique opportunity to stand out from the crowd by conveying to employers their true values and ambitions.”
Moreover, employers cite lack of professionalism, such as tardiness or not sending a thank-you note, as the biggest mistake a prospect can make in an interview. Thirty-five percent of last year’s graduates say they do not send thank-you notes after interviews – a simple act that, according to employers, can go a long way.
Networking Profiles and the Job Search
Of those surveyed, one-in-five employers check candidates’ personal online profiles during the recruitment process. While 59 percent of 2006 graduates maintain an online profile, only 40 percent will modify the information when searching for a job, suggesting that entry-level seekers should realize the need to not only maintain their resume, but their overall online presence.
MonsterTRAK’s 2007 Entry Level Job Outlook was conducted from February 15 – March 7, 2007 via targeted online distribution to nationwide MonsterTRAK customer companies, as well as college students and recent alumni who are MonsterTRAK members. Results were recorded from more than 985 employers and over 2,545 students.
Founded in 1987 as JobTRAK and acquired by Monster[R], the leading online global careers and recruitment resource, in 2000, MonsterTRAK is a leading college recruitment solution that successfully connects employers with college students, recent graduates and career centers. MonsterTRAK provides a wide range of entry-level, part-time and internship job listings, along with resources that enable students to develop and execute their own career management strategies. Recognized for the last five years by Student Monitor for offering world-class customer service, MonsterTRAK maintains superior relationships with more than 3,100 college and university career centers, MBA programs and alumni associations nationwide. For more information, please visit www.monstertrak.com.
About Monster Worldwide
Monster Worldwide, Inc. (NASDAQ: MNST), parent company of Monster[R], the premier global online employment solution for more than a decade, strives to bring people together to advance their lives. With a local presence in key markets in North America, Europe, and Asia, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 Index and the NASDAQ 100. To learn more about Monster’s industry-leading products and services, visit www.monster.com. More information about Monster Worldwide is available at www.monsterworldwide.com.
Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding Monster Worldwide, Inc.’s strategic direction, prospects and future results. Certain factors, including factors outside of Monster Worldwide’s control, may cause actual results to differ materially from those contained in the forward- looking statements, including economic and other conditions in the markets in which Monster Worldwide operates, risks associated with acquisitions, competition, seasonality and the other risks discussed in Monster Worldwide’s Form 10-K and other filings made with the Securities and Exchange Commission.
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