52% of College Graduates are “Underemployed” a Year After Graduation

 -THIS WEEK- 

• 📉 The Layoff Report - Bumble, Sony, Expedia…

• ⚡️ Quick Tips - ChatGPT Cheat Sheet For Your Dream Job

• 🧑‍✈️ Career CoPilot - 52% of College Graduates are “Underemployed” a Year After Graduation

• 📊 Job Market Data - Job Postings Are Ditching Degree Demands, Opening New Doors for Applicants

• 🛠️ Tools & Resources - Maching, Multiverse AI, Lemmi

 -THE LAYOFF REPORT- 

📉 Bumble, Sony, Expedia…

Just a few days after shaking things up at the top with some big changes to its leadership team, 🐝 Bumble has shared some tough news: they're reducing their team by 37%. That means about 350 of the folks who've been working there will be leaving. The new CEO, Lidiane Jones, who came over from Slack not too long ago, says this is all part of a plan to mix things up and bring out some fresh, exciting experiences for users (thanks Lidiane). Despite hitting the impressive milestone of over $1 billion in revenue last year, it turns out they're still spending more than they're making 🙄.

Other Notable Layoffs this Week

• Sony is laying off 900 employees in its global video games division, Bloomberg reports. The cuts affect about 8% of the company's workforce.

• Expedia is cutting its global workforce by about 9%, or 1,500 employees, as part of a restructuring, The Wall Street Journal reports.

• Yahoo has laid off around 10 people from its tech publication Engadget, including its editor-in-chief, The Verge reports.

• DCist, a local news site in Washington, is shutting down and laying off 15 employees, Axios reports. Its parent company, WAMU, an NPR affiliate, says the company is now focusing on audio.

• Vice Media is ending publication on Vice.com and laying off hundreds of employees, The New York Times writes. The company is also likely to sell its woman-focused brand Refinery29.

• The U.S. Army is eliminating around 24,000 positions, many of which are currently vacant, as part of a restructuring plan, Forbes writes.

 -QUICK TIPS- 

🤖 ChatGPT Cheat Sheet For Your Dream Job

AI is spilling into every crack of the job seeker journey, but very few people are leveraging it properly and even fewer AI platforms are truly helpful in landing your next role.

Drik Zee on LinkedIn posted a very useful cheatsheet for using ChatGPT, or other generative AI, platforms to help you find your dream job. There’s a lot in here, so we’ve selected some of our favs below.

Let’s list out some of our favorites with a TL;DR.

Prompts:

1. Identifying Your Dream Job - “Could you list the essential skills, experiences, and educational qualifications typically required for a [desired position] within the [specific industry], considering current market trends?”

2. Job Search Strategies - “What are the most effective job search strategies for uncovering hidden opportunities in the [specific industry or location] for someone with my background in [your field or expertise]?”

3. Interview Prep - “What are some advanced interview preparation techniques specifically for a [specific job title] position, including common industry-specific questions and effective response strategies?“

4. Career Progression - "What strategic steps should I follow to seamlessly transition from a [current job title] to a more advanced role such as [desired job title], within the next few years?"

CustomGPTs:

1. JobrightGPT - Jobright.ai is an incredible standalone platform that leverages AI for job matchmaking. They now have a CustomGPT for a more portable option.

2. ResumeGPT - Surprise surprise, this is by the same very talented team who built Jobright. Not only will you get very specific resume assistance, but it will follow up with the jobs appropriate for your role and experience based on your resume content.

3. InterviewGPT - Most GPTs are hard to navigate to leverage its full potential. This GPT is very straightforward on the first action you must take, and then proceeds to walk you through real interview questions with immediate feedback.

*Little tid bit: Not all CustomGPTs are created equal. In fact, most are garbage. Those that use custom actions will ask you to “Allow” it to proceed. That’s when you know you’re tapping into a custom API to get some juicy info. Jobright and Resume (above) both use custom actions btw.

 -CAREER COPILOT- 

🎓 52% of College Graduates are “Underemployed” a Year After Graduation

New findings from the folks over at the Burning Glass Institute and the Strada Institute for the Future of Work have shed some light on a pretty concerning trend: about 52% of college grads find themselves landing in jobs that don't really ask for or make the most of their hard-earned degrees. And if you're thinking time might fix things, well, the outlook isn't too rosy there either. A decade down the line, a whopping 73% of those who started off underemployed haven't managed to shake off that status, the study points out.

Key Points:

• Rising Skepticism in Higher Ed: Confidence in higher education has significantly dropped, with only 36% of Americans feeling confident in it last year, a stark decrease from 57% in 2015.

• Underemployment Woes: A whopping 52% of college grads find themselves underemployed, working in jobs that don’t fully utilize their degrees, one year after graduation. Even a decade later, 73% of those initially underemployed remain in that state.

• Quantitative Fields Win: Majors in quantitative fields like mathematics, engineering, and computer science report the lowest underemployment rates.

• Persistent Challenge: Despite changes in hiring practices, such as skills-based hiring and some companies no longer requiring degrees for certain jobs, underemployment remains a stubborn issue.

• Major Matters: The choice of college major and whether a student completed an internship in their field significantly impact the likelihood of underemployment.

• Internship Impact: Having an internship can drastically reduce the chances of being underemployed, with grads who’ve completed internships having 49% lower odds of ending up in jobs that don’t require a degree.

• Strategic Education Choices: For those passionate about less marketable majors, supplementing education with quantitative skills through minors, certificates, or bootcamps is recommended to enhance employability.

Takeaways:

1. Be Major-ly Selective: Before choosing or if you're already enrolled, critically assess the market demand for your major. Consider fields with lower underemployment rates, particularly those in quantitative disciplines like mathematics, engineering, and computer science.

2. More Data Skills!: Regardless of your major, acquire quantitative and data analysis skills. This can be through a minor, certificate programs, or bootcamps. These skills are in high demand across various industries.

3. Engage in Work-Based Learning: Look for opportunities to engage in work-based learning, such as co-op programs, internships, or part-time jobs related to your field of study. These experiences make you more attractive to potential employers.

4. Consider Alternative Credentials: If your chosen field is known for high underemployment rates, consider earning credentials in complementary areas that are in higher demand. This could include digital literacy, project management, or specific technical skills.

 -JOB MARKET DATA & TRENDS- 

📊 Job Postings Are Ditching Degree Demands, Opening New Doors for Applicants

In a pretty interesting turn of events, as of January 2024, more than half of the job ads on Indeed in the US – that's 52% to be exact – didn't bother mentioning any need for formal education. That's a jump from 48% back in 2019. Also, the number of jobs asking for at least a college degree has dipped from 20.4% to 17.8% over the past five years. This is great news for the 64% of US adults who don't have a bachelor's degree, as it opens up a lot more opportunities for them.

It looks like the trend of moving away from strict educational requirements is happening across nearly all sectors. Indeed found that since 2019, mentions of needing a college degree have dropped in a whopping 87% of the occupational groups they looked at. It's a sign that employers might be starting to value skills and experience over just having a degree.

Source 

 -TOOLS & RESOURCES- 

🛠️ Maching, Multiverse AI, Lemmi

Maching

maching.ai

Gotta love a good retro site UI these days. Combine that with AI job matchmaking?! Yes please.

Multiverse AI

www.themultiverse.ai

The truth is, none of us want to put in the required effort to look good on LinkedIn. However, now you can for $24 and while still wearing no pants!

Lemmi

lemmi.io

Your AI-powered career companion. Boost your resume, craft inspiring cover letters, and job hunt effectively with proven job search methods – don't overlook opportunities.

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