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Employers are rolling out the red carpet to grads with signing bonuses, remote work options, and vacation stipends
SANTA MONICA, Calif., May 25, 2022--(BUSINESS WIRE)--Today ZipRecruiter released its inaugural report, "The Class of 2022: The Job Market Outlook for Grads" revealing that newly minted college graduates are entering a sizzling job market with two job openings for every unemployed person1. Employers are rolling out the red carpet to grads with perks like signing bonuses (nearly 800%2 growth in recent years), remote work options, help with student loan payments, and vacation stipends.
"Young people spend a large share of their income on food, rent, and gas, so inflation is hitting them hard. But new grads are well-positioned to go after job opportunities now that can set them up for long-term success," said Ian Siegel, ZipRecruiter Co-Founder and CEO. "Fortunately, the class of 2022 is entering a very favorable job market. If you graduate into a slow market, the negative effect on your earnings can last 10-15 years. But if you graduate into a hot job market like we’re seeing today, the benefits can last a lifetime."
Report highlights include:
The Pandemic Has Lowered Barriers to Entry for Recent Grads – To combat labor shortages, employers have lowered the experience requirements for millions of roles, making new graduates eligible for jobs that were once out of reach: 9% of job postings in 2022 listing a bachelor’s degree requirement vs. 13% in 20183.
Workplace Benefits New Grads Love—and Where to Find Them – The two-thirds of new graduates who borrowed for college have about $28,4004 in student loan debt, on average, and employers are taking note. 90k job postings now offer student loan repayment as a perk5.
Internships: The Missing Rung on the Post-COVID Opportunity Ladder – The traditional internship model needs to change in the new world of remote and hybrid work. Currently, 1% of all internships nationwide are remote6 and many programs remain on hiatus, leaving key learning opportunities for developing job seekers on the table.
Show Me the Money: Expectations vs. Reality – Those who successfully complete a college degree can expect a wage boost, with new college grads earning 59% more than workers with only high school diplomas7. College grads are also underselling themselves with the ability to command $10k more than they expect to earn8.
What New Graduates Want in a Job – There is a clear generational divide in the workforce, with first-time hires caring substantially more about learning opportunities and diversity and inclusion efforts vs. traditional perks like retirement. Interestingly, 21% of first-time hires said they prioritized finding a low-stress job as part of their search efforts9.
Why Younger Workers Want Remote Work – Working remotely allows young people to save on transportation costs and rent by living at home, or allows them to combine a full-time job with freelance or gig work.
"More than 6 in 10 job seekers want remote jobs, but only 1 in 10 jobs is remote10. So if you’re applying for remote jobs, expect more competition and send more applications. If, on the other hand, you’re prepared to work in an office, the odds swing to you," said Julia Pollak, ZipRecruiter Chief Economist.
The report also details the hottest job markets in the U.S. for 2022, top entry level jobs for new grads, most common industries for first-time hires, and what skills are most in demand. "Different parts of the country are best for different kinds of careers. Choose wisely. Starting a career in health care at a top-ranked hospital in Massachusetts, for example, could expose you to best practice and innovation, setting you up for lifelong career success," added Renata Dionello, ZipRecruiter Chief People Officer.
To view the full report, including additional data insights and methodology, please visit: https://www.ziprecruiter.com/grad-report.
ZipRecruiter® (NYSE: ZIP) is a leading online employment marketplace that actively connects people to their next great opportunity. ZipRecruiter’s powerful matching technology improves the job search experience for job seekers and helps businesses of all sizes find and hire the right candidates quickly. ZipRecruiter has been the #1 rated job search app on iOS & Android for the past five years11 and is rated the #1 job site by G2.12
Visit us at ZipRecruiter.com and ZipRecruiter.com/blog.
1 U.S. Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) March 2022.
2 ZipRecruiter’s 2022 Grad Report, pulled from internal data pulled from January 1, 2016 to December 31, 2021.
3 ZipRecruiter’s 2022 Grad Report, pulled from internal data pulled from January 1, 2018 to April 30, 2022.
4 2021 CollegeBoard Trends in Student Aid 2021 report
5 ZipRecruiter’s 2022 Grad Report, pulled from internal data pulled from January 1, 2018 to April 30, 2022.
6 ZipRecruiter’s 2022 Grad Report, pulled from internal data pulled from January 1, 2018 to April 30, 2022.
7 National Center for Education Statistics calculations based on U.S. Department of Commerce, Census Bureau, Current Population Survey (CPS), Annual Social and Economic Supplement, 2020.
8 ZipRecruiter’s 2022 Grad Report, pulled from internal data pulled from January 1, 2018 to April 30, 2022.
9 ZipRecruiter’s 2022 Grad Report, pulled from internal data pulled from January 1, 2018 to April 30, 2022.
10 ZipRecruiter Recent Hire Survey, pulled from sample of recently hired job seekers over December 2020 to April 2021
11 Based on job seeker app ratings, during the period of January 2017 to January 2022 from AppFollow for ZipRecruiter, CareerBuilder, Glassdoor, Indeed, LinkedIn, and Monster.
12 Based on G2 satisfaction ratings as of January 1 2022.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220525005344/en/
Chief Economist, ZipRecruiter