The job market for college graduates in 2024 will be as dynamic as it is promising, according to a new report from job market analysts from Drexel University and Michigan State University. The 53rd Annual College Hiring Outlook report, produced by Drexel’s LeBow College of Business, Michigan State’s Collegiate Employment Research Institute, with the employment agency ROCS Grad Staffing, sheds light on the trends and challenges shaping this year's hiring projections.
Over 1,100 organizations across the U.S. responded to a survey about college student recruitment and hiring practices. The resulting report indicates a resilient job market, especially for those with bachelor's degrees, with a 5.3% increase in hiring opportunities compared to the previous year. The demand for advanced degrees, like MBAs, is experiencing a slight downturn, suggesting a shift in employer priorities, according to the report.
"2024 is a year of significant opportunities for college graduates," said Murugan Anandarajan, PhD, senior associate dean for Academic Programs and Faculty Affairs and professor in LeBow College, who was a coauthor of the report with Michigan State’s Phil Gardner, PhD. "The report highlights the growing emphasis on practical skills and experience over traditional academic qualifications. This trend opens new pathways for graduates, encouraging a more diverse skill set and adaptability in their career journey."
One of the most notable trends is the increased demand for candidates with specific credentials and certificates, which is seeing a 4.8% increase in hiring. This shift toward specialized skills indicates a broader change in the employment landscape.
Regional hiring patterns also offer interesting insights, according to the analysts. While there is a consistent demand for bachelor-level candidates across the U.S., graduates with advanced degrees are finding a more restrained market. The industries leading the charge in hiring include construction, education and health services. Sectors like finance and insurance are cautiously approaching recruitment.
The report also explored the burgeoning role of artificial intelligence in recruitment, with a focus on ChatGPT. The findings suggest a cautious approach toward AI adoption in hiring processes. Nearly two-thirds of organizations are not considering the use of ChatGPT at present, with only a quarter contemplating its adoption.
"While AI presents remarkable hiring efficiencies, its integration into recruitment processes is progressing slower than anticipated,” Anandarajan said. “This hesitancy reflects a cautious approach towards balancing technology with the human aspects of recruitment. However, as we move forward, the adoption of AI in hiring will become more pronounced, reshaping how companies identify and attract talent."
As the hiring landscape for college graduates evolves, the 2024 outlook offers both challenges and opportunities. Graduates are advised to remain agile, leveraging tools like AI judiciously while staying attuned to the changing economic and employment dynamics.
Anandarajan encourages readers to use the report as one of many sources to understand the labor market for graduates. "Our report, alongside others like the NACE outlook, provides a comparative perspective on hiring trends, especially from large employers," he said.
This report also covers the outlook for college talent hiring by region and academic discipline. Starting salary expectations and internships/co-ops/early talent programs are also discussed. The final section provides employer feedback about college recruiting strategies and recruiting platforms. To read the full report, click here.