Job Hunt Update From MSU: Hiring And Starting Salaries For College Graduates On The RiseBy Emily Marks
Finding a job right after college has been difficult for some of the recent graduates of the past years. Fortunately, that's about to change.
It was previously reported that the rate of unemployment among fresh graduates has reportedly worsened in the slowing Singapore economy. For degree holders in Singapore, it has risen from 3.5 percent in Jun. 2015 to 4.3 percent in June this year. This is the highest figure since 2009.
Job experts noted that fresh graduates are taking the hardest hit. There are estimated to be about 25,000 unemployed graduates in June last year and about 34,000 this year.
However, in a report by U.S. News, it was revealed that hiring and the starting salaries for college graduates will be higher than they've been in years. The data is based on Michigan State University's annual release of reports on recruiting, hiring and salary trends.
The study showed that hiring of college graduates throughout all degree levels is expected to go up by 23 percent. This is believed to be largely caused by company growth and employee turnover. Those who will graduate with bachelor's degrees can expect a 19 percent spike in hiring.
Moreover, the biggest hiring increases will be for graduates who have earned associate degrees, with an estimated 37 percent increase. Those with a master's degree in business administration will reportedly have a 40 percent increase in hiring rate.
"The hiring of college graduates has been moving at warp speed for the past two years," Phil Gardner, survey author and director of MSU's Collegiate Employment Research Institute, said. "And signs in the early fall of 2016 point again to another explosive year of hiring."
The research also found that employers are planning to hire more than 107,000 graduates this year. 70 percent of the total will be graduating with a bachelor's degree.
They will benefit from some of the best starting salaries in a decade as well. Salaries for graduates across all degrees can see an increase by an average of 4 percent.