No, you’re not imagining it, the job market for entry level jobs has been getting tougher. In today’s rapidly evolving job market, new graduates are finding it increasingly difficult to land their first jobs. At The Launchpad Collective (TLC) we frequently speak to employers, recent graduates, newly employed professionals and college career counseling offices who have provided insights into the current market dynamics and successful strategies to successfully navigate through the challenges.
1. Increased Competition:
More graduates — In recent years, the number of college graduates in the United States has been increasing. Data from the National Center for Education Statistics indicates that US institutions conferred approximately 3.0 million undergraduate degrees in the 2021–22 academic year. With more students graduating from college than ever before, more candidates are vying for the same entry-level roles.
More job applicants — According to Fortune Magazine, in the first half of 2024, there was a 31% rise in the number of job applications over the previous year. This surge resulted in approximately four applications for every new job opening
Fewer internship slots — A traditional stepping stone to employment has been internships. But, our clients have told us that it’s become increasingly competitive to gain the necessary job experience through internships and the data backs them up. In specific sectors, such as finance, the competition is even more pronounced. In 2024, JPMorgan received 505,000 applications for 4,500 internships--over 112 applicants for each internship slot.
2. Shifting Employer Expectations:
A recent survey from Workplace Intelligence suggests that over half of hiring managers believe that new graduates lack the necessary skills for entry level jobs. And although employers are increasingly looking for candidates with practical experience (even for entry-level jobs), the lack of internships make this particularly challenging for new graduates.
Soft skills, such as communication, teamwork, adaptability, and problem-solving, are now as critical as technical skills, yet many graduates struggle to demonstrate these effectively. One Psychology professor in a large, prestigious college recently shared, “my current class of juniors and seniors are the least capable of working together on group projects that I’ve seen in my career.” She noted that she believes COVID lockdowns during their high school and early college years impacted their skill development in teamwork and communication.
3. Rise of Automation and AI
Entry-level roles that traditionally served as career steppingstones (such as administrative positions, inside sales and marketing roles, customer support and software testing) are increasingly being automated or outsourced.
In a conversation with a senior executive in the pharmaceutical industry, she shared the fact that they are literally using an AI “persona” to make outgoing sales calls with great success. As a result, they have decided to put a moratorium on hiring entry-level sales positions for the 2025 fiscal year.
While the challenges are real, there are actionable strategies graduates can adopt to enhance their chances of success:
1. Start Gaining Experience Early: Internships, part-time jobs, club leadership roles, and volunteer work during college can provide practical experience that sets you apart. Even small projects, like freelancing or contributing to open-source initiatives, can demonstrate your skills and initiative.
2. Leverage Your Network: Networking remains one of the most effective ways to find job opportunities. Connect with alumni, professors, and professionals in your field through platforms like LinkedIn. Attend industry events, webinars, and career fairs to expand your connections and learn about hidden opportunities.
3. Tailor Your Applications: Avoid the temptation to send the same resume and cover letter to every employer.Instead, customize each application to align with the specific role and company culture.o Use keywords from job descriptions to optimize your resume for applicant tracking systems (ATS).
4. Develop In-Demand Skills: Stay ahead of industry trends by learning new skills through online courses, workshops, or certifications. Focus on both technical and soft skills. For example, mastering a programming language or improving your public speaking abilities can make a significant difference.
5. Showcase a Growth Mindset: Employers value candidates who are eager to learn and adapt. Highlight instances where you overcame challenges or quickly picked up new skills. During interviews, emphasize your enthusiasm for the role and your commitment to professional development.
6. Consider Alternative Pathways: Be open to non-traditional career paths, such as contract work, apprenticeships, or entrepreneurial ventures. These can provide valuable experience and help you build a portfolio.
7. Stay Resilient: Rejection is a natural part of the job search process. Treat each setback as a learning opportunity and refine your approach as needed. Surround yourself with a supportive community, whether it’s friends, family, or a coach/mentor who can offer guidance and encouragement.
The Career Coaches at The Launchpad Collective are here to help! We specialize in career counseling for new college graduates. If you’d like to get more creative ideas and pragmatic advice about how to land your first job, contact us at info@thelaunchpadcollective.com. Your career is our mission.
Contact us for a free consultation at info@thelaunchpadcollective.com if any of the following are of interest to you: choosing a career, college graduate employment, career coaching for young professionals, interview practice, finding jobs after college, networking tips, college graduates looking for jobs, personal branding, internships for college students, salary negotiations, jobs for college graduates, optimizing your resume, finding jobs after college.
