In addition to people who already have jobs losing them, the coronavirus is likely going to set the stage for the worst hiring season for new college graduates since the 2007-2008 global financial crisis.
Newly graduated students like Claire Bradshaw, highlighted in a recent CNBC article, were previously confident in getting jobs coming right out of college. Bradshaw was banking on being a news anchor and securing a job when networks came to visit the school. Then, the newsroom recruiters cancelled.
Bradshaw said: “So many Mizzou seniors get jobs from the weekly recruiter interviews. This is how we start to build up our network and start our careers.”
Meanwhile, other publishers like BuzzFeed were announcing salary cuts across their operations, including for their CEO. Leo Rocha, another senior at the University of Missouri-Columbia studying journalism said: “I am worried about not finding a job, because we’ve never experienced an event like this.”
This week, Zero Hedge reported on the largest jobless claims ever recorded in the U.S. at 3.2 million claims.
Platforms like Handshake, which had been used extensively over the last decade for hiring, are seeing massive trend shifts. Christine Cruzvergara, vice president of higher education and student success at Handshake said: “The job search for 2020 graduates is going to be different. It’s not going to be what their peers had experienced even just a year ago or five years ago.”
But people running career centers at colleges are trying to remain optimistic.
Christian Garcia, executive director at Toppel Career Center at the University of Miami, said: “We saw a lot of students just gave up in 2008. Now I am preparing my staff to get ahead of that. Yes, it might be tough, but there are a lot of tools students have on their side, especially technology, freelance and gig jobs.”