Employer Hiring Plans Reflect Boomer Retirement Expectations

April 5, 2006 (PLANSPONSOR.com) - Fifty-five percent of companies surveyed indicate they expect to recruit Generation Y employees in the near future to help fill vacancies left by transitioning Baby Boomers.

The changing workforce demographic is why MonsterTRAK believes its annual nationwide survey of employers, college students and recent graduates reveals 37% of companies expect to recruit more entry-level candidates than in 2005. Seventy-two percent of employers plan to hire 2006 graduates in the spring or summer, compared to 64% last year, according to a press release on the survey.

An analysis of job postings currently on Monster revealed entry-level opportunities are most abundant in California, followed by Texas, New York, Florida, Pennsylvania and New Jersey, the release said. The sales sector is seeking the most entry-level candidates, followed by the administrative and support services, customer service and call center, retail/wholesale and advertising/marketing/public relations sectors.

The class of 2006 shows confidence in the job market. Eighty-two percent expect to receive at least one job offer when they graduate, while 64% expect two or more offers. However, in spite of the job market advantage graduates have, 67% of employers surveyed indicated 2006 entry-level earnings would not increase over 2005 wages.

Additionally, the survey found that internship programs are growing, with more than half of employers saying they offered one, and 31% report their 2006 program is larger than in 2005. Fifty-six percent of 2006 graduates completed one or more internships during their college career.

On one last interesting note, almost half (48%) of 2006 graduates are planning to move home after graduation Forty-four percent of last year’s graduates are still living with their parents and slightly less than half of them say it is due to limited financial resources.

The survey results were recorded from more than 820 employers and over 6,000 students.