Job prospects up, average starting salaries down for 2013
According to a survey of 450 Canadian employers, the class of 2013 can expect to receive more job offers than in previous years.
In a study conducted by the Canadian Association of Career Educators and Employers (CACEE), 61% of respondents said that they expect to hire more young job seekers than they did in 2012. In a similar survey completed last year, about half the number of employers (31%) expected to make more offers than they in the previous year.
While hiring appears to be going up in the coming year, employers were unable to fill many open (and well-paying) positions in 2012. Of the total number of vacant positions, 28% were for engineers and another 18% were in the finance and banking industry. In addition to unfilled, well-paying positions, the average wage for recent grads is down 5% to $51,014 (the 2011 average was $53,717).
“We have graduates who can’t find work and employers who can’t find workers…We have a case of mismatched supply and demand, and it needs to be addressed,” said Paul Smith, the executive direction of the CACEE.
Although alarming, this information shouldn’t be surprising. Canada holds the second highest underemployment rate out of 17 countries falling under the Organization of Economic Cooperation and Development (the OECD). Almost 40% of Canadian university grads (nearly 20% more than the average) between the ages of 25 and 29 were classified as “working at low skill levels,” according to the OECD in 2010.
Whether the result of too many university graduates, programs that don’t teach job-related skills or a weak job market, university grads aren’t having an easy time finding meaningful, consistent and stimulating work. A university degree — no longer the ticket to a thriving career — is what you make of it, and employers agree, citing academic performance combined with out-of-class activities, demonstrated teamwork, problem solving, communications and analytical skills as desirable traits.
Workopolis recently surveyed senior executives from companies across the country, and they also told us that they are planning to hire in 2013. However, the younger demographic is often seen as not a viable source of talent. Read the full research report on what top business leaders told us.
Soon-to-be grads: are you worried about finding work in the industry you’re interested in?