A new report from Grace College found that unemployment has fallen about 7% for 20- to 24-year-olds. There are many reasons for upcoming college graduates to be optimistic about their job searches, but there are also noteworthy trends that should keep expectations in check and even inspire extra effort. Internships and other work-and-learn opportunities continue to be a step toward work readiness and, in many cases, job offers.
The Class of 2015 has planned ahead for the future. According to Dan Kadlec of Time, 82% of current seniors considered the availability of jobs in their field before choosing a major – a 7% increase from 2014. The Accenture Strategy 2015 U.S. College Graduate Employment Study backs this up: 63% of 2015 grads were encouraged to pursue a STEM degree (Science, Technology, Engineering and Math), compared to 52% of grads from 2013 and 2014. Jobs in STEM fields are often high-wage and high-demand, and STEM was the most popular major this year.
However, current job market realities are not all inviting for recent grads. Accenture found that 85% of the Class of 2015 expects to earn more than $25,000 per year out of the gate. But right now, 41% of the Classes of 2013 and 2014 earns $25,000 or less per year and nearly half of that group considers themselves underemployed.
Despite these trends, internships are one of the greatest reasons the Class of 2015 should feel confident as they begin their careers. Along with online and offline networking opportunities, internships can help graduates maximize their chances of landing a job. According to Accenture, 72% of current seniors participated in an internship during college. The reason for optimism? Nearly half of prior-year graduates found a job as a result of an internship, apprenticeship or co-op.
Internships have become less of a “bonus” on young professionals’ résumés and more of a necessity. Real-world work experience coupled with network building make experiential learning opportunities critical for students. That’s why it is so important for Indiana employers to offer structured, experiential opportunities and strong mentorship for tomorrow’s workforce.
Indiana INTERNnet exists to help increase the number and quality of internships throughout the state and connect employers with prospective interns. With all the statistics in mind, this work is key not only for each individual’s professional growth, but for strengthening Indiana’s future workforce, business climate and economy.
Check out this small sampling of stories about internships that led to full-time jobs on Indiana INTERNnet’s blog: Paige Prather; Lucas Hill; Chris Jones; Casey Spivey, and yours truly.
Indiana INTERNnet is the catalyst for expanding the creation and use of experiential learning opportunities as a key strategy in retaining Indiana’s top talent. The online resource, www.IndianaINTERN.net, provides valuable information and tools to assist Indiana employers with their internship programs. Its searchable database links employers with thousands of individuals seeking internships. Register for your free account, post your internships and begin connecting with potential candidates today.