Comments on: Graduating into the Recession and What Next

By: Lloyd Morgan

Lloyd Morgan — Tue, 18 Aug 2009 09:52:43 +0000

@Steven I disagree, although I suppose opinions on this are exactly that: opinions based on personal anecdotes. My opinion, however? Even with a well-paying, enjoyable and secure job in finance I'm itching to do something on my own. I have a number of friends in situations exactly like this, too. Why? I believe that this recession is making employees realise that as long as you're exactly that--an employee--your work life isn't in your control. It's not about being your own boss, or being able to choose your own hours, it's about being the one responsible for the successes and failures you encounter.

By: Steven

Steven — Wed, 12 Aug 2009 18:06:54 +0000

As a 2008 college grad (then unemployed from an office job by 2009 and now working part time 5 to noon) I can tell you that, “There’s a strong sense of entrepreneurship with people my age now, even if they aren’t all acting on it. There’s an itch to go do something on your own.” is total bullshit. It should read, “there is a strong sense of drowning, we are doing whatever we can to survive.”

By: Paul

Paul — Wed, 12 Aug 2009 08:46:22 +0000

Hi Alex

In terms of the number of positions available, the situation is not worse yet. It is already worse than the 2002–2003 dot com crash in IT though — and that one was nasty so your point that it is a severe job market is taken.

The government’s recommendation that graduates basically “bugger off abroad for a year or so” seem to be pinned on a recovery arriving soon. My point is really directed at people who believe that. Japan created a lost generation after their credit bubble burst and I can see no reason why the UK should fare any better. In fact our policymakers appear to be repeating a lot of their mistakes.

If I were a computing graduate again now, I’d be setting up a business doing iPhone and G1 development and ignore the corporate ladder.

By: Alex J. Mann

Alex J. Mann — Tue, 11 Aug 2009 12:33:11 +0000

@Lloyd. Thanks for posting this.

@Paul. I haven’t looked at the historic data. But, from my perspective, jobs, even the corporate type, aren’t available like they were in the bull market 3 — 4 years ago. The mid-1990s was a different economic culture with less technology and less opportunities of scale for employers. I can’t see it being as competitive then as it is now.

And, my expectations are low for any economic condition to improve. If you read the interview, you’d realize I’m not waiting for any catalyst. My entire point of the interview was you don’t need to.

By: Paul

Paul — Tue, 11 Aug 2009 09:36:16 +0000

The only advice I can give is that according to historic data, the number of jobs advertised now is no fewer than were advertised in the mid-1990s when I graduated. My first job had 149 applicants, for a £12,500 salary. The company had never employed 'a graduate' before in the role. Also, don't expect it to get better. Cynicus Economicus points out that if you're waiting for the economic situation to get better then you need to ask yourself - what is the catalyst you're waiting for exactly? Ignore the media telling us we can go on as before. This is the recovery.