Data released in October by the US Bureau of Labor Statistics revealed that the national unemployment rate had dropped to 3.5%, the lowest percentage in 50 years in August this year.
Given the fight for unemployment just two years ago, when rates hit their all-time high in the first few months of the pandemic, record-setting on the other hand seems to point to a growing US workforce
As well as the 10.1 million additional job offers contained in the latest report of the Bureau of Labor Statistics.
However, despite reports that there are two jobs for every unemployed person in the United States, recent college graduates still struggle to find a job.
After a summer marked by rising inflation and labor talks, including the Great Retirement, and other separation phenomena, including a silent departure and a silent deceleration, an experiment by Biznes.pl revealed how difficult it is for even the most qualified candidates to secure even a job interview.
Over the 10 weeks of June, July and August 2022, a group of four Business.com interns – with degrees from accredited US universities and previous internship experience – submitted 311 job applications to LinkedIn, Indeed and other job sites work.
Seventeen applications met with employers’ interest, and 22 were notified that the posts were filled.
The remaining 272 remained completely unanswered.
Ryan McGonagill, director of industry research at Business.com, attributes this blatant lack of response to the mismatch between entry-level employers and potential employees, as well as the growing presence of technology and AI across the recruiting landscape.
“We’ve been talking about this for years,” said McGonagill Newsweek. “You see these tasks at the entry level, then you scroll down and you see they want four to seven years of experience.
“There is a discrepancy between the entry level and the desired experience, and the advent of platforms that use artificial intelligence or keyword matching to guide you through the algorithm and determine your match,” continued McGonagill. “This is beneficial in terms of saving time, but does not necessarily allow for a holistic assessment of the candidate.
McGonagill also said Newsweek that this year’s class of interns at Business.com was “certainly super qualified” as they had previously completed many internships, achieved high average grades and above-average levels of community involvement.
“They were still fighting,” said McGonagill.
Last year, the share of the US population living in multi-generational homes, defined by the Pew Research Center as “comprising two or more adult generations,” was 18 percent.
After decades of decline, this number stands out, especially when compared to 7%. Americans living in multi-generation homes in the 1970s.
The main reason for this increase, according to Pew Research Centerthere were financial problems – often caused by unemployment.
It has long been believed that higher education, internships and other extracurricular activities are pieces of the puzzle that guarantee a profitable, well-paid job.
And according to recent employment figures, Americans over the age of 25 who hold a bachelor’s degree or higher are less unemployed than other demographic groups.
But recent university graduates, as well as young adults entering their final semesters, find themselves in a very different situation, regardless of their qualifications.
While 88 percent of all job applications submitted as part of the Business.com experiment remained unanswered, an even greater number – 91 percent – of those that met 90 percent of employers’ desired qualifications remained unanswered.
McGonagill, whose research has shown that application times and personal availability can increase a candidate’s chances of receiving a response from an employer, said Newsweek that while repeated rejections can sometimes lead candidates to fabricate resumes and cover letters, authenticity should remain a top priority for young adults entering the labor market.
“Because companies focus on culture, diversity and inclusion … I think applicants have to be really, very honest right from the start with who they are and what they want,” said McGonagill.
However, authenticity is a two-way street.
“Job interview,” said McGonagill, “[is] like dating … you’re not married yet, trying to see if it will work.
“You will both be unhappy if you don’t talk honestly about what you need, [about] what are your expectations, ”added McGonagill. “This holds true for things like … salary or benefits … because in the end you want to make sure it’s a win-win.”
Have you had a similar dilemma in the workplace? Let us know via email@example.com. We can ask experts for advice and your story can be presented on Newsweek.
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