A recent report from the American Institute for Economic Research (AIER) ranked Boston as the third most popular major American city among young college graduates.
This trend appears to be a reversal of a study two years ago that found a “brain drain” occurring as recent college graduates were leaving New England at a faster rate than any region in the country.
Among the eight economic and quality-of-life factors in AIER’s Employment Destinations Index that influenced migration patterns of college grads ages 22-35, the most important were:
- A high density of people with a college degree
- A low unemployment rate
- The ability to get around without a car
Other factors in the Employment Destinations Index included bars and restaurants per 1,000 residents, as well as earning power, rents, competition for jobs, and ethnic and racial diversity.
Massachusetts’ unemployment rate recently fell to its lowest rate since 2008 and the unemployment rate for workers with college degrees is about half the national average.
Despite the MBTA’s recent troubles, Boston takes public transportation seriously. Several PSG clients have chosen to relocate to more accessible, urban locations when upgrading their office space. This is an important consideration for attracting Millennial workers who may be eschewing car ownership.
PSG clients, and other Boston-area employers, are also attracting younger workers with state-of-the-art office design that promotes collaboration. Benefits such as providing free and healthy meals are also popular recruiting and retention tools.
What is your organization doing to attract younger workers? If you’d like help recruiting and hiring talent from this demographic, give PSG a call today.
More than half (54 percent) of employers surveyed recently by CareerBuilder.com and CareerRookie.com say they plan to hire recent college graduates. Last year 46 percent said they’d be hiring new college grads and in 2010 44 percent planned to hire new graduates.
The survey also asked employers which college majors they looked for and 39 percent responded that business degrees were most desirable. Computer and information sciences (24 percent) and engineering (23 percent) are also in demand.
The 2012 responses mark the first time since the Great Recession that a majority of employers plan to add recent college graduates to their staff. Read more about the survey here.
A recent survey by the National Association of Colleges and Employers (NACE) found that businesses expect to hire 9.5 percent more college graduates this year than last, broadening a recovery since 2009 when such hiring plummeted 22 percent.
The Collegiate Employment Research Institute (CERI) at Michigan State University also reported that it expects hiring of new college graduates to rise 7 percent, which is a moderate rate compared with last year’s. Based on the responses it received, CERI reports that “This year’s market appears to be broader and a little deeper and shows a more consistent pattern of growth across industry sectors as well as by company size. Uncertainty has lessened somewhat among these employers and is reflected in a higher intention to hire college students, approaching the optimism of the 2007-2008 college labor market. More confidence is leading more employers to increase their hiring targets. Still one-third have decided to cut their hiring goals for this year.”
According to CERI, nearly 40 percent of employers will be hiring candidates from all majors, seeking the best talent regardless of field of study. Computer science majors are still in strong demand in nearly every sector, and the supply of graduates will not be sufficient to fill all available positions. Accounting, most engineering disciplines, finance, and supply chain are expected to do well this year. Some of the strongest growth will be among marketing, advertising, and public relations; sales positions are increasing as well as related services to extend employer brands. Nursing, clinical laboratory scientists, human resources, chemistry, statistics, and mathematics are just some of the majors that will see more opportunities this year.
Unemployment among college graduates up to age 24 dropped from 9.8 percent in February 2011 to 8.1 percent last month, according to the U.S. Bureau of Labor Statistics. But that is well above the 4.6 percent rate in 2008. February’s unemployment rate for the same ages with just a high school diploma was 22.5 percent.