The COVID-19 pandemic and its subsequent shutdowns in different states caused millions of people to suddenly lose their jobs. Though the stock market has almost fully recovered and many people are back to work, the job crisis is affecting one segment of adults more than others. Young professionals who recently graduated from college are having a difficult time finding work after school.
The Job Crisis and Young Professionals
The Washington Post reported that entry-level job postings dropped by 73 percent in recent months. In the past, these entry-level positions attracted young graduates who used them as a means to gain experience after college. The lack of employment prospects is posing financial hardships that could affect a young professional’s mental health. A June 2020 study by the Center for Disease Control found that anxiety, depression and substance abuse have all increased among this age group since the pandemic began.
What Can Be Done
Recent college grads may not have many job prospects, but the current job crisis does have its perks. Many experts recommend that young professionals move home and try finding a remote position. Moving in with parents can help save money on living costs while looking for a job. Another option is putting off getting a job and attending graduate school. This may be why graduate school applications are up by three percent compared to previous years. Taking courses in a professional skills program can give recent grads an advantage over other applicants; these programs are available across the country and may help graduates stand out.
How Businesses Can Help
Businesses that are looking to hire graduates for entry-level positions should support their employees. Providing stability can help alleviate the anxiety and depression that many are facing. Many states are offering tax incentives and grants to businesses who hire apprentices as a way to stimulate the job market. Businesses should take advantage of this opportunity to help recent grads find work.
Graduating from college should be an exciting time for young professionals as they begin their new life in their chosen career field. Though the pandemic has decreased the number of available jobs, it doesn’t mean that getting a job is impossible. Finding ways to stand out and looking for companies who are hiring entry-level employees are the best ways to secure the right position.