B-School Career Center Insights into the COVID-19 Job Market
The last few months have brought about quite a bit of change for our members, and for the business school and recruitment industries as a whole. Most teams are now working remote, and classes have been moved online for the short-term (and long-term in some cases). Recruiting has shifted to a virtual world as well, with interviews, information sessions and even career fairs taking place remotely. While it's too soon to speculate about the long-term impact on the job market, schools have noticed some initial trends.
A quick survey of our school members showed early signs of shifts in summer internships for 2020:
- 79% of schools indicated that employers are moving some or all of their internships virtual
- 79% of schools indicated that employers are reducing the number of internship hires
The survey also indicated that, in terms of overall recruiting, most companies seem to be taking a “wait and see” approach. This makes sense given the ever-changing nature of the situation and unknown impact on various industries and job functions. Some jobs lend themselves to remote work more than others, while some tasks simply can't be done remote.
Generally speaking, the industries that seem to have the most impact on short-term recruiting are: tourism, airlines, and hospitality. Some industries are still hiring, and some even increasing opportunities, including technology, government, food and beverage, online retail, healthcare and insurance.
Schools are taking creative approaches to helping students with their job search. Although outreach has become virtual, one-on-one connections have increased in some cases. School career management teams are not only assisting students with their job search, but also with managing anxiety and uncertainty in general. Coaching and workshop topics include: staying resilient, using virtual recruitment platforms, project managing your career, and how to pivot to execute alternative career plans. Virtual job search groups have been formed, with students assisting each other. Some schools are creating short-term projects for students to keep them engaged while they wait to hear about internship or full-time job opportunities.
Even with the uncertainty and operational shifts, business schools and recruiters are still innovating, connecting, engaging and adjusting to the “new normal” together. Our members have been tremendously supportive of one another through communication channels and virtual round table sharing sessions. The value of a strong professional network has never been more clear.
Stay tuned for more recruitment trends and survey results!