When Whitney Griffin graduated from Duke last spring, she thought she had it made. The economy had not slowed too much, and she was able to secure a job with Pricewaterhouse Coopers, the largest professional service firm in the world.
But her excitement turned to disappointment when she learned that her start date would be pushed back as late as November. The company did not offer her any compensation.
"I think it really, really sucks, especially since they are not going to let us know for sure until August whether or not we will be starting in September," she wrote in an e-mail, noting the added burden of finding housing in Washington, D.C. before she knows her start date. "I may get stuck with two months rent and no salary."
Griffin's story is not unique. Although Duke does not keep statistics, Associate Director of Career Development Tom Halasz says several other students have had similar experiences. Furthermore, about six members of last year's graduating class had their job offers rescinded.
Listen to the news, read the paper or watch the stock market, and you cannot help but wonder if the Class of 2002 is destined for unemployment upon graduation. There are earnings warnings and layoff announcements almost daily. Applications for unemployment benefits have reached a five-year high. Some companies are postponing and even rescinding offers they have already made.
Senior Jason Walker is already worried. "I am somewhat concerned because I've heard too many stories of qualified people not getting jobs. I just feel unlucky that I'm not part of the last couple of graduating classes," he says.
But rising seniors should not despair just yet.
According to the National Association of Colleges and Employers, there will be a significant increase in spring hiring this year. Each fall NACE conducts a survey, which this year projected an 18 percent increase in spring hiring, and www.CNN.com reports that the recently graduated college class has "one of the best job markets ever."
Furthermore, Halasz says even students' whose offers were rescinded have found other jobs, and most companies are offering temporary compensation to those with late start dates.
"The market's not red hot anymore, but it's still hot," Halasz says. While some of the employers that Halasz has spoken to are recruiting less, he says that many will actually increase their focus on Duke.
He adds that Duke students have not been affected on the scale of other college students. "They know how to network in order to find positions and opportunities," he says.
Still, Halasz warns that graduates must not limit themselves to one dream job. He says the technology industry has been particularly hard hit, lowering its hiring rate by about 10 to 20 percent. And students who want to be consultants should also think twice.
"When you have a downturn," says Halasz, "the first thing that many companies look at is consulting." Investment services, on the other hand, should be going strong throughout the economic cycle.
Georgia Spalding, a staffing consultant at Aetna, Inc., says that while the company has let its job offers stand, in the future there may be "some internal decisions that take a little longer."
Lynne Berkowsky, a college relations representative at Hershey Foods Corporation, echoed Spalding's sentiments.
"We are approaching our hiring practices more strategically than ever," she wrote in an e-mail, adding that Hershey would be relying heavily on its intern program to highlight prospective hires.
Other intern programs have served as the saving grace for some students seeking employment. At Corning, Inc., an undisclosed number of full-time job offers were withdrawn, but the intern program is still going strong, says Kirra Elliott, a college and university recruiter for the company.
Not every undergraduate should rely on an internship, though. With an economic downturn, intern programs are often the first things to go, and though Hershey and Corning's programs are still growing, other companies have been forced to make cutbacks.
According to the Denver Post, internships are becoming more scant, "particularly in the fields of high tech and finance."
Employers are having a hard time too. Their biggest challenge is planning ahead. Ellen Glazerman, director of university relations for Ernst & Young, says that the human resources decisions in her firm are always tied to the economy, and they plan ahead on an 18 to 24 month time-frame. And though the company responded to shifts in recent economic outlook, "we didn't make a radical change," she notes.
Still, it is unlikely that this year's rising seniors will face rescinded offers, says NACE spokesperson Jerry Bohovich. He says that companies are reluctant to withdraw offers since, as one employer told him, "The student grapevine is very powerful." He adds that some companies also decide not to rescind offers for fear of jeopardizing their long-standing relationship with colleges.
But what can students do to guarantee they get the job in the first place?
Get started in the job search as soon as possible, says Halasz, and recognize that some fields are better prospects than others. Students should also know the timetable for each field they pursue. For example, students interested in investment banking should start looking much earlier than those who want to work in public relations.
But Halasz stresses that being a Duke student alone is a big boost, and Berkowsky adds, "Top notch candidates are pretty much in the driver's seat," something not even economic troubles can ruin.
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