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What Employers Want Most and Get Least from
Grads
SXSWedu Session Submission
What you need to know
• Almost half of recent grads are underemployed – over 60% for some majors
• Yet, employers say skills gaps are a leading cause of entry-level vacancies
• The skills employers want most have very little to do with knowledge acquisition
• Colleges, employers, and third parties are responding with innovative, hands-on solutions
Almost half of recent grads are underemployed
Source: Are Recent College Graduates Finding Good Jobs? Jaison R. Abel, Richard Deitz, and Yaqin Su. Federal Reserve Bank of New York in Current Issues in Economics and Finance, Volume 20, Issue 1, 2014.
The underemployment rate of recent grads was 44% in 2012, up from 34% in 2001
Underemployment varies significantly by major
Source: Are Recent College Graduates Finding Good Jobs? Jaison R. Abel, Richard Deitz, and Yaqin Su. Federal Reserve Bank of New York in Current Issues in Economics and Finance, Volume 20, Issue 1, 2014.
Criminal Justice
Business Management & Administration
Health Care Administration
General Studies
Sociology
English Language & Literature
Graphic Design
Liberal Arts
Education
Psychology
62.4%
60.0%
57.6%
54.5%
52.5%
52.1%
51.5%
50.3%
50.0%
49.5%
Top self-reported under-employed majors
Source: PayScale.com, 2014
Where are the underemployed working?
Source: PayScale.com, 2014
Patient Services Representative
Nanny
Retail Sales Associate
Cashier
Teacher Assistant
Daycare Teacher
Data Entry Operator
Sales Associate
Assistant Property Manager
Warehouse Worker
Personal Assistant
Orderly
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
87%
78%
78%
77%
76%
76%
73%
73%
72%
71%
71%
70%
Jobs with the highest percent of self-reported underemployment
Median pay
$29.5k
$26.7k
$20.9k
$18.0k
$21.3k
$21.5k
$25.6k
$21.5k
$21.7k
$36.5k
$26.4k
$33.2k
Where do employers wish they were working?
Source: PayScale.com, 2014
Marketing Finance Customer Service Executive Level Sales Engineering Management IT0%
5%
10%
15%
20%
25%
6%7%
10% 10%
15%
18% 18%
22%
What kind of positions do employers have a hard time filling?
Employers blame skills gaps for vacancies and would pay more for the right talent
Source: McKinsey & Company, “Education to Employment: Designing a System That Works,” 2013
Educators, employers, and students disagree on how well grads are being prepared for work
Source: McKinsey & Company, “Education to Employment: Designing a System That Works,” 2013
The skills employers want most have very little to do with knowledge acquisition
Source: McKinsey & Company, “Education to Employment: Designing a System That Works,” 2013
The Koru5 Competencies – what employers say distinguishes early-career hires:
1. Grit: Is tenacious and resilient in fast-paced, ambiguous environments
2. Business Impact: Communicates effectively and collaborates with diverse teams
3. Rigor: Prioritizes time and actions to drive business value
4. Professionalism: Is authentic and confident across business settings
5. Ownership: Takes initiative in service of others
Source: Koru employer interviews
Colleges, employers, and third parties are responding with innovative, hands-on solutions
Source: McKinsey & Company, “Education to Employment: Designing a System That Works,” 2013
Strategies to provide students applied learning opportunities:
1. Experiential and service learning (e.g., study abroad)
2. Applied capstone projects
3. Undergraduate research (e.g., College of Wooster)
4. Bridge programs (e.g., Koru, Tuck Business Bridge, Coro Fellowship)
5. Funded internship programs (e.g., Connecticut College, Mount Holyoke College)
Source: Expanded from AAC&U’s high impact practices