Unemployment and salaries in a tough spot

College graduates worry about finding a job, but also fear for the sake of their future salaries and compensation rates

By Lauren Perry, PerryL4@Findlay.com

College students entering the work force in the near future may have a few things to be apprehensive about.

Women are suffering the most when competing for salary equality with their male counterparts, according to CNN News. Not only are jobs at risk and employment rates fighting to get back on track, but the average salary for jobseekers is also fluctuating quite a bit. The Federal Reserve are trying to tackle inflation and slow the economy down by raising borrowing costs, which caused banks to be stricter when it comes to lending money, according to CNBC News.

According to the Federal Reserve Bank of New York survey, the labor market in the U.S. is experiencing an all-time high in unemployment rates since the pandemic. The U.S. Bureau of Labor Statistics explained the likelihood of becoming employed has jumped to three percent.

Students who soon make the transition from college to employment may need to turn their attention to the upcoming problem of job scarcity, especially if the numbers continue to rise. They may benefit from monitoring these trends and staying aware of what they could face in their upcoming responsibilities.

However, college students don’t always look into employment rates and perhaps for the right reasons.

“I don’t want to discourage myself now while I’m trying to get my degree,” senior Brooke Coulter said. “I’m just going to hope for the best and just let it happen.”

Men feel more equipped to request higher compensation rates than women, with the statistical data at 39 percent for men and 25 percent for women, according to a Hired.com survey. With the ever-present concerns of gender inequality, this expectation gap can raise some red flags.

“Women might be more willing to get less pay, so that they are more likely to be hired as more of job security,” Coulter said.

On the other hand, senior Sam Hardenbergh expressed his concerns for the future of employment rates and job opportunities.

“I do keep tabs on it for my own personal interest,” Hardenbergh said. “I personally like to see where the businesses and the economy are going.”

The groups that anticipate the most money from employers are men and recent college graduates, according to CNN News. Todd Beitzel, professor and internship coordinator at UF, noted the expectation for higher salaries could stem from college graduates considering paying back their tuition and student loans.

“I think that might carry over to the expectations of salary and job markets,” Beitzel stated.

As for his fellow classmates and peers, Hardenbergh believes this could be a chance for some reflection.

“It’s not scary, but it’s worrying,” he explained. “It’s more of an eye opener of what are you thinking about doing when you get out of college.”