Why the current job market has been such a bad match for the college degree and recent grads

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Recent college graduates are struggling to find jobs in a strong labor market, but the decline in the value of a degree is not as simple as it seems.

Demand for jobs that don’t require a college degree are outstripping demand for those that do, but recent grads are also fixated on certain positions with too many applicants rather than high-demand roles.

"What we are seeing from these younger generations is that they are working harder than ever but have nothing to show for it because no one will give them a job," Wells said. For instance, Lightcast's data shows that job postings for bachelor's degree holders with two years or less of experience from Jan-May '23 to Jan-May '24 saw little difference in top occupations, industries, and skills demanded. However, there were 148,500 fewer job postings in that period for '24 than in '23.

Not only is there a bifurcation between those who hold degrees and those who don't, but there also is a similar gulf in the degree skills market, with some jobs drawing scores of applicants while others sit unfilled, making the competition for the jobs recent grads want even more intense. "It's easier to teach someone a technical skill than how to be resilient and find creative solutions to problems," Schelling said."That's why, in interviews, candidates must highlight their appetite for continuous growth and intellectual curiosity. Large companies, now more than ever, are investing in employees and are committed to building skills."

 

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