Wednesday, December 19, 2012

2012 Graduate Job Market Scenario / What is the job scene for MBAs and other graduates in general, in 2012?

Useful Links:
Short and Quick answer: No, the scene is NOT very good right now, at the end of 2012. So what happened? The answer? Not only is there is flat job market due to a flat economy, but there has been a change in the nature / characteristics of the job market.

  • There are new and skilled immigrants coming into Canada every year
  • There are new graduates coming out of schools every year
  • People are hanging on to their jobs and delaying retirement, instead of retiring early.
  • Employees are being laid off from varous industries due to a flat economy
This means that there is increase in supply of workers while there is a decrease in demand for workers. Salaries are not that high / are not undergoing an increase.

What we really need right now, is for the economy to be stimulated! Yes, there could be another market boom in 7 to 10 years, but we need something miraculous to stimulate the economy in North America right now!

The following are some of the changes in the market in the year 2012:
  • Employers' needs are more specific
  • Employers have become more innovative
  • Students see only the tip of the iceberg called job market
  • Mass / multiple job applications by individual applicants are on the increase
  • Digital literacy is helpful in finding a job
  • The pressure to get high grades in the final year of grad studies may lead to less focus on job search
  • Students need to get work experience
  • Recession hit industries are working to adapt
Here are some useful employment related graphs in 2012 (US Market), from the link:

The two graphs below show how the job markets were adversely affected during various recessions in the past. But what makes this particular recession (The Great Recession of 2008) so nasty?
  1. HIGH Unemployment RATE
  2. PROLONGED DURATION of high unemployment rate

Red Line shows high unemployment rate in 2012 (almost 8%)

Red line shows PROLONGED DURATION of unemployment even during 2012 (more than 50 months since beginning)

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