As college graduations commence around the country, a new survey has found that this year it’s going to be tougher than usual for college graduates to find a job. Among the employers who are hiring, what starting salaries will they be offering to college grads?
The CarreerBuilder survey, conducted among over 2,500 hiring managers and HR professionals, found that amid economic uncertainty, employers are proceeding with caution when it comes to hiring recent college grads. In fact, the percentage of employers planning to hire them has dropped significantly: Just 43 percent of plan to hire college graduates in 2009, a drop from 56 percent in 2008 and 79 percent in 2007.
CareerBuilder's Annual College Job Forecast found that the economic downturn will also impact entry-level salaries. Only 11 percent of employers planning to hire will increase their starting salaries compared to what they offered last year. Meanwhile, 21 percent said they will decrease their starting salaries. The remaining 68 percent said their salary offers would remain the same as 2008.
So what can 2009 grads expect to earn? Over one-third of employers (36 percent) plan to offer starting salaries less than $30,000. Meanwhile, about one third (33 percent) plan to offer between $30, 000 and $40,000, and 17 percent will offer between $40,000 and $50,000 according to CarreerBuilder. The remaining 14 percent plan to offer more than $50,000.
Thirty-three percent of employers plan to offer recent college graduates starting salaries ranging between $30,000 and $40,000. An additional 17 percent will offer between $40,000 and $50,000 and 14 percent will offer more than $50,000. Thirty-six percent will offer less than $30,000.