So, America has > 10M vacant jobs, but it also has 7M unemployed young men that are not looking for work, & they spend 2,000 hours/yr behind a screen. Isn’t 2K hrs/yr like a real full-time job? Ugh. My students are getting worried about the job market because they are hearing about this recession. Yes, recessions tend to be VERY bad for college grads. However…there are only (sarcasm) around 10M unfilled jobs. National unemployment is 3.7% (near 50 year lows). That is not a labor recession. College grads, worry not (not even close – pick the right major & get work experience though, see below). The unemployment rate for Americans w/ a college degree has dropped to 1.9%.
Recession Graduates: https://lnkd.in/gY9FC6TR
The benefits of starting college in a recession
The top 10 most-regretted college majors — and the degrees graduates wish they had pursued instead. “Bachelor’s degree holders generally earn 84% more than those with just a high school diploma…STEM, health and business majors are among the highest-paying…Top-paying college majors earn $3.4 million more than the lowest-paying majors over a lifetime.” https://lnkd.in/gfAFzNiP.
The avg cost of college tuition & fees at public 4-year institutions has risen 179.2% the last 20 years for an avg annual increase of 9.0%. It’s a disturbing chart. BUT, while my supply chain students spend around $60K for their degree, they graduate with a job that pays $60-75K, & many are at 100K by age 30. That’s not bad ROI, right?
Education boosts earning power…Avg salary by education 2022 (inflated IMO): 1. High school diploma $98,157; 2. Two-year degree $91,204; 3. Some college $108,647;
4. Bachelor’s degree $134,037;
5. Master’s degree $163,335;
6. Ph.D. $265,606.
Over their lifetime, an MBA graduate can expect to earn $3M more than someone w/ only a bachelor’s degree.
…by 2030, the U.S. could experience unrealized revenue of $1.748 trillion due to labor shortages — equivalent to 6% of the country’s entire economy. I think it is going to be WAY worse because people are having WAY fewer kids.
If you look at this 2020-30 job growth chart closely, all things supply chain related scored VERY well (i.e., operations & logistics). https://lnkd.in/gbWAzjjK
Basically, we are going to see 20-30% growth in SCM jobs over the next decade. Also, the jobs in SCM pay VERY well. Lastly, the data science jobs scored off the charts in growth & pay. So, SCM + data science = jobs & $. Finally, automation is killing all things manual (negative job growth).
After a few thousand students, I would say this is the #1 reason my students change jobs (it’s their boss). Money becomes a factor when they can make > 20% elsewhere. FYI: WMU students can double major w/ Leadership. https://lnkd.in/gTv7gtEP