Labor experts only have good news for the Class of 2022 after determining that the job market will be the brightest it’s been in for the longest time.
The National Association of Colleges and Employers (NACE) job outlook report found that employers are looking to hire 31.6 percent more college graduates in 2022 than the previous year.
“This could not be a better time to be a college graduate. Right now in the US, you have two job openings for every person looking for work,” Manpower Group Senior Vice President of Talent Solutions Jim McCoy said.
In April, the US added 428,000 jobs, with opportunities in every sector steadily growing.
With 33 percent more jobs than the previous year, the US unemployment rate is now at 3.6 percent, a massive drop from 13.3 percent in May 2020. Furthermore, overall hiring continues to surge according to NACE Director of Research and Public Policy Mary Gatta.
The Bureau of Labor Statistics projects that a large number of job openings will remain through 2030 since the youngest baby boomers will reach retirement age. Plus, college students will likely have more leverage, as employers become more open to negotiation and higher starting salaries.
“This is a wonderful time to be able to negotiate,” said McCoy. “In particular, there is much more availability around pay levels at different employers.”
Even if an applicant has asked for too much during their interview, Angie Wesley, head of talent acquisition at TIAA, said that her company’s response was not to rescind the offer.
“If their expectations aren’t realistic, we would try to understand their reasoning and provide some education and coaching if needed,” said Wesley.