MonsterTRAK Annual Entry-Level Job Outlook Reveals Market Remains Tight for 2004 Graduates
MAYNARD, Mass.--(BUSINESS WIRE)--April 26, 2004-- While the job market for this year's college graduates has slightly improved compared to last year, competition for entry-level opportunities remains tight. As the leading careers site for college students and young alumni, MonsterTRAK today announced the results of its annual graduation survey of college students, recent graduates and the employers who will be hiring them. Among the findings, only 10 percent of this year's graduating class has secured a job (a), 16 percent has elected to head to graduate school (a), and 57 percent plan to move back in with their parents upon receipt of their diplomas (b). MonsterTRAK is a product of Monster(R), the leading global online careers site and flagship brand of Monster Worldwide, Inc. (NASDAQ: MNST).
"We are seeing a slow, but steady, increase in the number of jobs available for young workers. Sales, nursing and finance are high growth sectors filled with opportunity," said Michelle Forker, senior vice president, Monster Campus. "I challenge this next generation of workers to stay focused and embrace their career aspirations - leverage internships, network with friends and family, be prepared for interviews, and send thank-you notes. We are on the path of economic recovery and the class of 2004 will be instrumental in shaping tomorrow's workforce."
MonsterTRAK 2004 College Graduation Survey Highlights (a)
Today's market is certainly not what the class of 2004 may have expected four years ago. In fact, they are still competing in the job market with last year's college graduates, as 35 percent of 2003 graduates are still looking for a job.
Additional survey findings reveal:
- Not only are 57 percent of this year's graduates planning to move home after graduation, but 50 percent of last year's graduates are still living at home with their parents.
- As proof that the job market is still slow to recover, 51 percent of college seniors don't expect any job offers when they graduate (c) (compared to 53 percent last year and 23 percent in 2001), and only 12 percent think the job market is better for the class of 2004 than it was for the class of 2003 (d).
- Companies are beginning to hire entry-level candidates as the job market shows signs of improvement, with 73 percent of employers planning to hire entry-level workers this spring/summer. In addition, 51 percent of employers expect an average starting salary over $30,000 for entry-level workers (compared to just 42 percent last year).
- 74 percent of 2004 graduates think relevant work experience is the most important factor to land a job and 52 percent of employers agree. However, a large amount (41 percent) of this year's graduating class did not complete an internship.
- Only 34 percent of 2004 graduates are concerned that offshoring will affect their chances for landing a job. However, the class of 2003 is more wary, with 44 percent concerned about the possible adverse effects.
- Slightly more than half of 2004 graduates (56 percent) send thank-you notes after a job interview. While a handwritten note is no longer a necessity, 44 percent of employers expect to receive at least a follow-up email.
Where are the Job Opportunities?
A comprehensive analysis of Monster job postings in the United States finds that entry-level job opportunities are most abundant in Sales, which accounts for 27 percent of all current entry-level jobs, followed by Administrative and Support Services with 10 percent, Healthcare with 7 percent, and Customer Service and Call Center with 6 percent of all nationwide entry-level jobs.
The top states for entry-level job opportunities include California with 15 percent of all entry-level jobs nationwide, followed by Florida (7 percent), Texas (6 percent), New York (6 percent), and Illinois (5 percent). For the top cities nationwide for job opportunities, Los Angeles ranks first with 7 percent of all entry-level jobs nationwide, followed by New York City (7 percent), Philadelphia (5 percent), Boston (4 percent), and Chicago (4 percent).
For detailed survey findings about the graduating classes of 2003, 2004, 2005, or 2006, or to learn where your state falls in the data, please contact Kevin Mullins at 978-461-8751 or Jackie Pigliucci at 617-520-7066.
(a) The MonsterTRAK Entry-Level Job Outlook as conducted through targeted online distribution to nationwide companies and college students, recording results from over 2,000 respondents.
(b) The results of this MonsterTRAK poll is based on 1,092 votes cast by MonsterTRAK users March 1st, 2004 to March 8th, 2004, on the seeker homepage of MonsterTRAK. Only one vote per user is counted toward the final tabulation. The content of the MonsterTRAK site is targeted specifically to college students and is a password-protected site. Anyone interested in voting in MonsterTRAK's current online poll may do so by logging onto MonsterTRAK at www.monstertrak.com/seekers. Users may review the results of past polls by visiting http://content.monstertrak.monster.com/polls.
(c) The results of this MonsterTRAK poll is based on 1,915 votes cast by MonsterTRAK users March 9th, 2004 to March 17th, 2004, on the seeker homepage of MonsterTRAK. Only one vote per user is counted toward the final tabulation.
(d) The results of this MonsterTRAK poll is based on 596 votes cast by MonsterTRAK users April 5th, 2004 to April 12th, 2004, on the seeker homepage of MonsterTRAK. Only one vote per user is counted toward the final tabulation.
Celebrating its 10-year anniversary, Monster is the leading global online careers property. A division of Monster Worldwide (NASDAQ: MNST), Monster works for everyone by connecting quality job seekers at all levels with leading employers across all industries. Founded in 1994 and headquartered in Maynard, Mass., Monster has 22 local language and content sites in 20 countries worldwide. Monster is the official online career management services sponsor of the 2004 U.S. Olympic Team. More information is available at www.monster.com or by calling 1-800-MONSTER. To learn more about Monster's industry-leading employer products and services, please visit http://recruiter.monster.com.
Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding Monster Worldwide, Inc.'s strategic direction, prospects and future results. Certain factors, including factors outside of Monster Worldwide's control, may cause actual results to differ materially from those contained in the forward- looking statements, including economic and other conditions in the markets in which Monster Worldwide operates, risks associated with acquisitions, competition, seasonality and the other risks discussed in Monster Worldwide's Form 10-K and other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.