Former students of the 2009 collegiate year are going out into the unfamiliar in the most terrible labor market since their parents graduated. Many graduates will get into careers that have nothing to do with their degree, if they get a job at all. With a general average 9% unemployment rate, it is obvious that throwing extra job seekers into the marketplace does not provide the finest statistics for employment acquisition. Even worse, they will make inferior wages for at least the next decade, as opposed to persons who graduated in healthier times, such as 2006 and 2007, before the economy partly disintegrated.

For most 2009 college graduates, chance will be the key. According to Lisa Kahn, a Yale School of Management economist, the harm that can be done to a brand new career by a depression can last for up to 15 years. She used the National Longitudinal Survey of Youth, a authority data base, to judge the effects of a depression on an persons career by tracking wages of white men who graduated previous to, throughout and later than the deep 1980s recession.

Kahn found that for each percentage-point increase in the unemployment rate, those who graduated and joined the workforce through the recession earned 7% to 8% fewer in their fields than comparable workers who graduated in improved times. The effect persisted over numerous years, with recession-era grads earning 4% to 5% less by their 12th year out of college, and 2% less by their 18th year out. Essentially, someone who graduated in December 1982 when the unemployment rate was at more or less 11% made, on average, 23% less his initial year out of college and 6.6% less 18 years out than one who graduated in May 1981 while the unemployment rate was under 8%. For a normal worker, that would mean earning $100,000 less over the 18-year time.

According to economists and experts, one reason behind declining wage potential is that the quality of jobs obtainable in a downturn, and their accompanying salary, tend to suffer. High-end firms employ fewer people and force down salaries because jobs are in high demand and people are possible to accept a job for less and less money. In turn, it also means that loads of graduates end up with inferior-wage, lower-skill jobs at lower quality, less prestigious firms or in firms out of their field of interest. As soon as the economy picks up and they try for improved jobs, these workers have to be trained skills they should have been developing directly out of college. In the meantime, colleagues who graduated in a better economy have by now developed these skills and progressed much further, making them more possible to receive a superior position.

This year, employers will sign up 22% fewer college graduates than last year, according to the National Association of Colleges and Employers, an organization of career counselors. All together, colleges are anticipated to see the maximum number of graduates in a decade. The average starting salary for former students who do get jobs, meanwhile, dropped to $48,515 this spring, down 2.2% from the same time most recent year. Not to fret though. College education was not for nothing. Collegiate level workforce still make more than those with high school diplomas.

Choosing a career is a huge and complex decision. For many people it is simply a case of following in the footsteps of a parent, and for some it is merely a question of what pays well. Unfortunately, this results in many unhappy people who made bad career choices.

In choosing a career, a number of factors have to be taken into consideration. What are you good at, and what would you like to do? What you are good at may not be what you want to do for the rest of your life. On the other hand, in doing what you enjoy, will you be able to come to terms with everything the job entails? For instance, if you want to help people by becoming a doctor, will you be able to deal with losing a patient, or having a patient in pain who cannot be helped?

Your personality and emotional character could very well play a huge role in your future. Some jobs are accompanied by great amounts of stress, which you may or may not be up to. Some people perform better under pressure, and others panic, or become disorientated.

Choosing the right career means choosing something you will be willing to put all you effort into. If you are not happy in what you do, chances are that you will never be very successful at it, because you lack the passion needed to advance. Keep in mind that even though you may choose a direction against the recommendation of others, the mere fact that it was your choice, and something you want to do, will improve your chances of success. You will be putting more effort into your passion than you would put into another line of study.

Keep in mind, though, that it is good to have options open. Qualify yourself for an industry, and not a specific job. As you grow older, your needs and preferences may change. You may still enjoy working in the chosen industry, but in a different capacity. Don’t limit yourself.

While most people think a recession increases productivity, the opposite is actually true. Research shows that people become less productive and, in fact, companies become less effective during a recession. Why?

The simple answer…fear. Most people are too busy worrying about what will happen to their job, their business or their career. Few are willing to pull their team or colleagues together and talk about what’s happening and most importantly what they can do to be a part of the solution.

You want to harness this opportunity? If you are already in a leadership position, bring your team together and share all you’re allowed to share. More importantly, provide a space for your team to share their concerns. Most importantly, get them focused on being a part of the solution – ask them to generate ideas.

If you are seeking to be in a leadership position, go to your leadership team and ask what you can do to be of support. Do your research – go to them with ideas and assume responsibility for the actions required to make your ideas come to fruition. Enlist the support of your colleagues to help you achieve the results, which will ultimately help your organization pull through this recession – this is leadership.

Want to skyrocket your career? Step up! Your title, generation or experience level are irrelevant – you’re focused on being a part of the solution.

Rock on!

If you are a fresh graduate looking for your first job, the times could not have been tougher. The global economic downturn and its impact on the job market is for all to see. While companies across sectors across the globe are cutting jobs to control costs, there has been little or no hiring in companies. Some companies that are still hiring are doing it only on strict need basis. Thus, for graduates looking for fresher jobs, it has become very tough to land a job to launch their career. Barring a few, engineering colleges and B-schools across the country are finding it tough to place students. The placement cells in colleges and university campuses are working overtime to invite companies and arrange jobs for the passing out batch.

People who are already employed are hanging on to their jobs and attrition levels are at an all-time low leading to no fresh hiring. There may have been no increments or promotions but people are getting a pay cheque at the end of the month which is enough to make them stick to their job. That brings us to the topic of fresher jobs rather the lack of it in market today. With this gloomy scenario in the job market, what is it that a fresher needs to do to ensure that he gets a job. What is the change in attitude or mindset that is required to prepare a fresher for the prevalent market conditions?

Some sectors used to hire in hordes before the economic slowdown derailed the markets. The Information Technology sector that used to hire freshers in bulk from campuses has given a miss to campus placements this time or has hired very less number of freshers. To cruise through this tough time, frshers need to be all the more aggressive and prove their worth to the recruiter in any chance of interaction that they may get with the recruiter. It is important to highlight your strong points and all that distinguishes you from the crowd of other jobseekers. Talk not just about your degree and qualification but also about your soft skills, the attributes that you possess to succeed in the job, the projects or trainings that you have undertaken during your entire education, the accolades and certificates that you have earned in school and college. All this will highlight why you are the right candidate for that job and help the recruiter see reason in offering you that fresher job.

Also, you need to set your expectations right. Don’t go by the average salaries offered to your seniors a year or two ago. Those times were different. There have been reports from across the educational institutes that average salaries have dropped considerably for those students who were hired by the limited companies that recruited from campuses. Thus, it is important that you accept whatever is offered as long as the profile is decent and will get you in business. Remember it is better to be employed at a lower salary than sitting idle. Also, if you have funded your education with a loan, it is important that you start getting a steady pay cheque to pay it back.

Sooner you accept the changed realities, better it will be for you. The market scenario has changed considerably and the changed scenario throws up newer challenges that have to be dealt with differently and unconventionally. The same is true when it comes to jobs for freshers. Just scale back your expectations till the market changes for better. No doubt you have studied hard and invested a lot of money in your studies so this comes as a rude reality blow to you. But don’t worry, this is an economic situation that will not last and better times will come back. Just be patient and cling on to what comes your way.

It would also be advisable to be a little flexible about the industry that you want to join. If big IT companies are not hiring, you can look to get a job in a smaller company or a start-up or any other company in a different industry that may have a similar role to offer. You may also want to consider new functions and roles. As of now, just get into a well-running job. You can always shift to the job of your choice when economy recovers. Another thing that you can consider is studying further and acquiring an additional degree or diploma to make you more marketable when the situation improves. As a first time job seeker, you need to compromise on these tings in face of the worsening economic situation to get that fresher job to start your career.