Gen Z is settling into the workforce
Published 8:01 am Saturday, September 9, 2023
Since graduating this spring, the Gen Z class of 2023 is settling into the workforce and developing their new careers in a hot job market, with confidence in their investment in education, and on the other side of a global pandemic that impacted their formative college years. This new generation of workers, known as digital natives who value diversity and are committed to issues important to them, will shape the future of the workplace.
State of the Labor Market
Workers ages 16-24 typically have higher unemployment rates than employees over the age of 25, however, the unemployment rate for young adults reached its lowest in 70 years at 7.5% in March 2023, according to the Economic Policy Institute. In this market, employers want to hire new graduates—56% of U.S. hiring managers and 47% of Canadian companies plan to this year. Traditional degrees aren’t the only ones in demand. In Canada, 30% of companies are looking to hire career tech and vocational school graduates.
What Graduates Want at Work
The 2023 class experienced college during the global COVID-19 pandemic, with virtual classes and online internships being the norm. Now, 48% of graduates are expected to work hybrid schedules, while 42% will work in the office full-time, and 10% remotely, per the National Association of Colleges and Employers (NACE) job outlook survey.
A Deloitte survey shows Gen Zers are prioritizing work-life balance and say this is their top consideration when choosing an employer. More than half of survey respondents (57%) say their employers are becoming more serious about mental health.
Confidence in College Investment
According to The Harris Poll, 90% of this year’s spring graduates say college is worth the investment and obtaining a degree is the best way to have a secure future. However, according to the 2022 Graduate Employability Report, 61% of recent graduates said employers should stop requiring degrees for many jobs. The Burning Glass Institute predicts 1.4 million jobs will not require four-year degrees by 2027.
NACE’s salary survey ranks starting salaries in top-paying industries for 2023 graduates with bachelor’s degrees:
- Chemical (Pharmaceutical) Manufacturing: $73,738
- Information: $72,879
- Accounting Services: $72,560
- Utilities: $71,808
- Computer and Electronics Manufacturing: $71,625
Express Employment Professionals serves the River Parishes from its Gonzales office, which can be reached at 225-644-9675.