The Employment Issue

STUDENT MEDIA AT THE UNIVERSITY OF WISCONSIN

THURSDAY, MARCH 28, 2019 · EMPLOYMENT AND RECRUITMENT ISSUE · BADGERHERALD.COM

Employment Issue

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JOB PROSPECTS

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MILLENNIAL RECRUITMENT

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MORE THAN A RESUME

Job prospects for UW graduates look favorable With economy improving since Great Recession, older generation retiring, UW graduates in good position for finding work

by Grady Gibson fmr. City Editor

In light of favorable unemployment numbers and economic growth prospects in Wisconsin and throughout the country, economists are saying the job market is favorable for college graduates.

In Wisconsin, the unemployment is at 3 percent for the ninth month in a row, a state record. Additionally, by the end of last year, private sector jobs were up by 32,000 from 2017.

Scott Hodek, an economist with the Wisconsin Department of Workforce Development, is optimistic about the prospects for recent graduates.

“The outlook is very favorable — probably the most favorable we have seen in a very long time,” Hodek said.

Hodek said there are two main factors contributing to the favorable economic outlook for recent college graduates.

The first factor is that the United States has enjoyed a growing economy since the Great Recession. While the rate of economic growth has not been as high as that seen during the 1990s, which saw as much as 5 percent gross domestic product growth per year, there has been 3 to 4 percent GDP growth in recent years.

The second factor contributing to the favorable economic outlook is aging demographics, Hodek said. The “baby boomers” were the largest generation America has ever seen, and now that group is retiring. Hodek said economists initially started to see some of that generation retiring around the Great Recession, but that number has grown even larger as of late, with the trend continuing to intensify.

“If you look at things in terms of occupations, you always see new jobs added,” Hodek said.

“But in addition, the number of jobs from these retirees that need to be filled dwarf even the new positions. So, even in industries that are not necessarily growing or are mature and have hit a stable employment level depending on occupation, you still see a lot of openings.”

Hodek further explained that these job openings have manifested themselves in fields like education and protective services, like police and firefighters.

Nathan Barker, director of marketing and

communications at SuccessWorks, said the favorable economic conditions in Wisconsin are only part of the equation in the optimistic prospects for University of Wisconsin graduates.

Opportunities offered by the university to develop career-related skills can’t be overlooked in the success enjoyed by UW students’ after graduation, Barker said.

UW hears from companies in Wisconsin and around the country that they want more students with well-rounded skills, Baker said. The university makes efforts to help students develop those skills, with SuccessWorks as a branch of that effort for the College of Letters and Science.

“If a student graduates with just the education, with just the academics, a lot of times what they lack is the experience they need to have tried out different careers or to be ready for an entrylevel job on day one,” Barker said. “So what we emphasize with students is that by engaging with SuccessWorks early on through our programs, through events, through internships that we can help connect students to, students are going to

Kirby Wright The Badger Herald

get that necessary experience so by the time they graduate, they can hit the workforce with confidence and with a sense of what kinds of opportunities they want to go out and seize.”

Hodek also commented on the immense opportunity the generation currently graduating from college will have for moving up once they find work, as positions held by older generations are being vacated.

Hodek said much of what makes a recent graduate stand out for promotion is “non-routine … skills” like decisiveness, critical thinking, adaptability and flexibility — skills that best fit the “exponential” rate of change in the technology-dominated workplace, Hodek said.

Additionally, Hodek said focusing on the ability to “get in there and keep learning” will make a college graduate’s chances for promotion better.

“This generation will see promotional opportunities, the likes of which we have never seen,” Hodek said.

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Old Sugar Distillery was founded in 2010 by UW alum Nathan Greenawalt on a shoestring budget and a leap of faith. All the spirits are crafted, beginning to end, in house using a 220 gallon modified pot-still made by Colonel Wilson of Alma, Arkansas. Compared to column stills, pot stills provide more pass-through of flavor from the original ingredients, making it a better choice for producing brandies, whiskies & rums. Furthermore, the still is heated directly by three large burners rather than indirectly by steam, as is common in the industry. Direct fire creates caramelization during

the distillation process, allowing for a more robust and flavorful final product.

Old Sugar Distillery recently collaborated with another UW alum, Walker Fanning, to create a line of hard ciders under the name Hidden Cave Cidery.

Hidden Cave’s flavors include Rose Hip Rosemary, Hibiscus Juniper, and Lemongrass Lavender, with additional flavors released seasonally.

Old Sugar Distillery’s tasting room features craft cocktails, including the multi-award winning Honey-Cap. Cider Flights are also available.

To recruit students, companies help with loans Madison-area company Esker announced their new employee benefit last month in an effort to attract millennials

by Anna Walters Campus Editor

A 401K and health benefits are both great perks of working full time, but the rapidly increasing student loan debt in the U.S. has seen a new employee benefit that is meant to attract and retain recent college graduates: student loan repayment assistance.

Figures on national student debt are staggering.

Today, there are more than 45 million people contributing to $1.5 trillion worth of student loan debt.

That’s about $521 billion more than the total U.S. credit card debt.

The average monthly student loan payment is $393 and 11.5 percent of debtors are more than 90 days delinquent, meaning they can’t pay their monthly payments.

It’s predicted to get worse. The Congressional Budget Office estimates that $1.27 trillion in new federal student loans will be added between 2018 and 2028.

At the University of Wisconsin, the average student loan debt for those graduating with a bachelor’s degree in 2016 was $28,255.

The latest company to offer student loan assistance in the Madison area is Esker.

Anne Donarski, Esker’s controller who oversees their finance departments, said any employee is eligible for this benefit on their date of hire.

For one to two years of employment, Esker will contribute $100 to a worker’s monthly loan payment.

For two to three years of service, the benefit increases to $125 per month. And for four or more years of service, they will pay $150 per month on the employee’s behalf.

This benefit lasts up to five years.

“We are using this as both a recruiting and a retention tool for employees because we are doing a lot of recruiting and hiring a lot of millennials,” Donarski said.

“Student loan debt is a daunting thing that we know many of our graduates are facing.”

Esker is not the only company in Madison to acknowledge the problems facing their workforce are changing.

In early 2018, American Family Insurance in Madison announced they would be offering a similar benefit. In a press release, American Family Insurance Chief Human Resources Officer Jim St. Vincent said the benefit would not only improve the employee’s experience, but also assist the company in recruiting new talent.

“Student loan assistance is a benefit increasingly being offered in the private sector as companies

recruit employees in a tight labor market with low unemployment,” according to the Wisconsin State Journal.

Fifty-four percent of young workers report that, right now, paying off student loans comes first and saving for retirement will come later. Employers around the country are tailoring their benefits to cater to this new landscape of applicants.

By 2025, millennials will make up an estimated 75 percent of the U.S. labor force, based on the Current Population Survey, and 86 percent say they would commit to an employer for five years if the company helped pay back their student loans.

Wisconsin has consistently struggled to attract college-educated young people from universities across the country to move here for employment. Only six states — Pennsylvania, New York, New Jersey, Ohio, California and Michigan — have a lower in-migration rate of college graduates than Wisconsin.

Despite the desire for student loan repayment benefits among the millennial workforce and a state that struggles to attract out-of-state talent, just 25 percent of Human Resources professionals nationwide reports offering any guidance or assistance regarding student loans.

Don’t forget: You are more than just a resume While summer internship and job applications are important, it is crucial not to lose oneself in process

by Kate Geary ArtsEtc. Staff Writer

These past few weeks have been littered with internship applications and resume updates galore as I attempt to find my place in the professional world for this upcoming summer. I’ve fine-tuned every application to perfection, written countless cover letters that no one is likely to read, and scoured the internet for internships with the enthusiasm of a middle schooler who recently discovered Instagram.

In times like these, I begin to question if I am good enough on paper, finding it difficult to see value in myself beyond the applications I submit.

When I think about who I am, what I’ve been through and how I treat others, I am proud of that person, confident in where I’ll end up.

Yet seeing my collective life efforts put into paper for the judgment of potential employers seems to steal this confidence in the process. Though I’m still happy to be me, I begin to doubt my chances of getting a job, assuming that the paper representation of my life is lackluster in comparison — a version of myself that no one would want to hire.

As defeating as that feels, I understand why the world of employment works in such a way. If I were looking for an intern, their work experiences would be of greater interest to me than their life experiences. While getting through a hard break up, or battling mental illnesses are admirable life skills, they don’t show one’s competence in Microsoft Excel or your ability to meet a tight deadline.

So how do we, as job seekers and providers alike, cope with the different realities of our personal and professional existence? That’s a question I am still working to answer for myself, but figured I’d share the progress I’ve made thus far in the hopes that you too can begin to feel better about joining the workforce, in whatever capacity that may be.

Apply, apply, apply Your chances of getting your top choice for an internship may be slim, but that doesn’t mean you can’t use this summer or upcoming job season to work toward your future dream job. If you can find an actual job opening that would make your career dreams come true, look hard into what kind of a candidate they’re looking to hire. What experience is required or types of skills are preferred? Though you may not be the CEO of anything just yet, that doesn’t mean you can’t work toward becoming one.

It’s likely the types of experience a more specific or prestigious dream job requires are skills that thousands of opportunities might offer. In addition, you’ll get a better taste for what type of work you actually enjoy, allowing you to narrow down what your eventual dream job truly is.

Don’t forget who you are In theory, this seems simple, but the reality of a busy life can prove the opposite. Taking time to dream about the kind of personal life you want to live beyond your professional one, and acknowledging the parts of yourself that you already admire is a good place to start. This is especially true when you imagine through drawing or writing your thoughts down, you can connect with your mind in a new way.

Introducing your visions with a physical medium allows you to keep your dreams nearby. When you can reference a physical source of your life goals, they begin to serve as a reminder of who you are and who want to be every day — simultaneously allowing that person to influence your present decisions as well as your future ones. If the broad idea of wildly dreaming seems too daunting a task, take a look at this Ted Talk that has been my go-to strategy for dreaming since high school.

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Just because you didn’t get the job doesn’t mean you aren’t worthy This is probably the most important part for anyone to consider when searching for professional opportunities. Remember that finding a job is not a race, nor is it a reflection of who you are. I’m sure we all know people who seem to have skipped the job hunting process entirely and jumped straight into their personalized dream career. Though that’s fabulous for them, it is not the norm. Finding the right opportunity takes time — not to mention energy which students don’t always have the ability to give while maintaining an education. Setting small goals for yourself like applying to three jobs a week or looking up campus resources to utilize like the Career Center can help to keep you focused on your own journey instead of feeling jealous of someone else’s.

Entering the workforce is not only an intimidating feat, but it’s also a right of passage into the world of adulthood. No matter how stressful and tedious the search can be, don’t forget that you are the one in control of what you do and where you end up. Take pride in this ultimate freedom of choice, remembering who you are all the while.

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