This May, approximately 1,500 University of Memphis graduates will be looking for jobs.
But while this year’s graduates may have a few more job opportunities than last year, the economy this spring is nothing to look at lightly, experts said.
The job market for graduates is weak, and it’s not going to get better any time soon, said David Ciscel, a U of M economics professor.
“The unfortunate news is that we continue in a period of economic stagnation,” Ciscel said. “People are hanging onto the jobs they have, and hiring is not a priority with a lot of companies.”
Ciscel said like last year, students might want to consider going back to school to work on a second bachelor’s or master’s degree and wait out the sluggish economy that has employers waiting to hire new workers.
“Last year, we said the economy wasn’t looking good, but we were going to be optimistic,” Ciscel said. “This year, we’re saying the economy isn’t looking good, and we aren’t going to be optimistic. Nobody is expecting a turnaround in the next six to 12 months.”
Along with their fellow graduates, Ciscel said, people entering the job market will also be competing with workers re-entering the job market after being laid off from companies downsizing.
However, Ciscel said there are two pieces of good news graduates in Memphis may be glad to hear.
“First, in Nashville and in Memphis, the job market is better than in the United States in general,” Ciscel said. “Second, outside the area of information technology, there is moderate hiring in other areas of business.”
While Ciscel said there have been dramatic excesses in the labor supply in the information technology field recently, Clay Woemmel, assistant director of career and employment services, said jobs might still be found in the field.
“Nationwide, there is still a demand for majors such as management information systems, but not as much in Memphis, which is not a technology-driven economy, like Boston or other cities,” Woemmel said.
The fact that Memphis is not technology driven may lead to graduates having to consider moving to find a job.
“But in order to get these jobs, people need to be willing to relocate,” he said. “A lot of students who come from the Memphis area do not want to leave, and that closes off a lot of opportunities for them.”
In Memphis, Ciscel and Woemmel both listed healthcare as an area where jobs are abundant, as well as the transportation industry.
Education, sales-oriented positions and financial services positions, like financial advisors, also made Woemmel’s list of jobs posted in the career and employment services office. Others include retail and accounting positions.
“Advanced technical skills are still in demand, but people have to make themselves stand out from others by highlighting their special skills or prior experience,” Woemmel said.
Students considering going straight back to school after graduation should consider their specific goals, and question whether they need more education to get the job they want, he added.
“Sometimes, students need experience instead of more skills offered in a classroom, but sometimes you may need a continuing education class to give you the extra skills you want,” Woemmel said. “Going back to school depends on the individual.”
Woemmel stressed that students hoping to find a job should use every resource available to search for positions.
“Search the Internet, come to our offices, and network, which is still, we’re finding, one of the most common ways people find a job,” Woemmel said.
