The Class of 2020 had been looking forward to graduating; now, they’re merely hoping that they get to. In retrospect, even the uncertainties that awaited them in the “real world” sound preferable to our current situation.
Many had been giving interviews ad nauseam, hoping they’d have a job by the time they graduated.
However, COVID-19 put a stop to all that. The Class of 2020 is going to graduate (if they graduate) during a recession.
Moreover, strict social distancing rules and lockdowns around the world have led to a wave of furloughs and layoffs. There’s a crucial link between employment and education; a recession would mean that new graduates and young workers will be hit the hardest.
The upcoming recession is expected to have lasting consequences for the Class of 2020—results that might outlast the economic downturn.
Young participants of the workforce always have trouble finding their place in the job market. And this difficulty increases multifold when there’s a recession.
During a recession, young people and people looking to re-enter the job market find it beyond difficult to avail career opportunities. This means they’ll have limited access to health insurance—making them vulnerable to the physical and financial risks of this pandemic.
The economic recession will hit the Class of 2020 the hardest. Research suggests that students who graduate in the middle of a downturn end up earning 10% less than they would have under normal circumstances. The acceptance of lower wages means that the Class of 2020 will take more time to settle into the economy than their seniors or juniors.
However, historically, the recession didn’t affect all graduates in the same manner. Those who are highly skilled or graduated from top colleges take lesser time to recover from the hit and progress to higher pays sooner.
Some students might also decide to continue studying to avoid graduating in such uncertain times. This is a reasonable step that will buy them some time until the economy settles down.
If you belong to the Class of 2020, we understand the tough position you might be in right now. But you can ask your peers, professors, and industry professionals to help you out. For now, stay safe, graduate, and remember to keep social distancing.
You can also log in to Jobslog to look at available job postings across the US. We work as an online job posting website to bring you vacancies from around the country.