Thinking About Working Issue #7

Thinking About Working: Issue #7

Written by Noah Leavitt, Director of the Career and Community Engagement Center

The State of the Job Market This Summer

Last week’s break gave me a lovely opportunity to make my way through a few very full menus and also through my very full newsfeed which was packed with stories about changes in the labor market and the economy. The reflective mood of the weekend got me wondering what the outlook might be for students as they are contemplating internship possibilities, summer research projects, and post-graduate plans. Last Spring the economy was roaring and the labor market was absorbing new graduates as fast as they were collecting their diplomas. Will summer 2023 be the same?

While it’s too early to gain total clarity, I want to note a few items I’m starting to keep an eye on and also share a few helpful resources that students might find relevant:

Tech layoffs: As of recently there has been a wave of announcements of job cuts at a growing list of tech companies (CNBC is tracking this here). Are these roles that Whitties would be in? Should the worry be limited to the communities with large tech sectors (such as Silicon Valley) or should everyone be worried? 

Signs of an economic slowdown: Is the strong economic growth of the last couple of years heading for a yellow (or possibly even a red) light? And, if we do enter a recession, how long or how harmful might it be? A recent Axios post describes a seemingly paradoxical situation of slower growth combined with continued hiring and job growth, which is scrambling “traditional” ways that commentators have forecast employment scenarios.

Georgia’s U.S. Senate run-off: The results from Georgia’s U.S. Senate run-off election next Tuesday, December 6. Will this final stage of the national election take place peacefully or might it trigger hostile or perhaps even violent reactions by people who disagree with the outcome?

Whitman Professor of Economics Marian Manic told me last week that because of spillover from the tech layoffs into other sectors of the economy, as well as the ongoing war in Ukraine, he believes this year will be “quite turbulent.”

Perhaps counterintuitively, this turbulence could break in favor of the Class of ’23. This recent Business Insider story notes, “Soon-to-be graduates can thank persistent labor shortages for employers’ willingness to snap them up, along with the fact that they cost less than wooing someone from a different company.”

Providing context, Jennifer Chang, a Society for Human Resource Management certified professional explained that “The ongoing labor shortage may prove to be an advantage for the Class of 2023 and those entering the workforce for the first time. Employers are struggling to fill positions since the labor pool is low, which means there’s less competition for the Class of 2023 when it comes to being selected for a position.”

In sum, “A hiring boom might seem contradictory to fears of a downturn. But the pandemic’s effects on the labor market are far-reaching, and new graduates are getting their day in the sun.”

Given this ambiguity and flux, in the Career and Community Engagement Center (CCEC) we’re thinking ahead and want to highlight a few excellent resources for students depending on where they are in their Whitman journeys:

• For students thinking about spending the summer working with a college-funded internship — we’ve already put the application online to facilitate your planning (we’ll officially “open” the summer Whitman Internship Grant cycle on Monday, January 23).
• For seniors — I invite you to take another look at the recent email from my colleagues, Career Development Specialists Lindsay Szramek and Jacqueline Erwin with lots of great ideas to start putting time and attention toward.
• For seniors and young alumni — I’ve been impressed with the new LinkedIn tool to help folks kick-start their careers, which is definitely worth a look. Also, I want to note that the CCEC hasn’t heard from any alumni who have lost work in the recent layoffs, which we take as a positive sign.

Finally, turbulent times may lead, understandably, to feelings of worry and anxiety. As Michelle Obama discusses in her fantastic new memoir, The Light We Carry: Overcoming in Uncertain Times, life sometimes calls on us to be “comfortably afraid,” which she defines as “learning to deal wisely with fear, finding a way to let your nerves guide you rather than stop you.“ First Lady Obama’s insightful outlook may perfectly suit the months ahead.

Whitties, my expert colleagues in the CCEC are wonderful and sympathetic discussion partners who understand that working toward the next life stages can be stressful. Additionally, if you want to also talk with people on campus who can explore these feelings with you in different productive ways, Whitman’s team in our excellent Counseling Center could be an option.

Welcome back and let us know how we can help you move toward your goals for 2023 and beyond!