Even as the global economy heads into recession, the world’s largest cosmetics maker is preparing to increase youth employment.
L’Oréal For Youth offers a range of opportunities for people under 30, including jobs, internships and apprenticeships in the French companies behind brands such as Lancôme and Kiehl’s. This global program offered 18,000 locations last year, and L’Oréal is aiming for his 25,000 enrollments in 2022.
Stephanie Messner, the company’s talent acquisition director for France, said job seekers are gaining an edge in a tight labor market. “Graduates are in a very fortunate position. There is far more demand for talent than talent in the world, so they can pick and choose their jobs. Candidates, not employer driven. It’s a consumer-driven market.”
As the threat of recession mounts, some large companies have announced hiring freezes and layoffs, and it remains unclear how long this will last. But for business school graduates, there are reasons for optimism.
Hiring forecasts remain bullish, according to a February and March 2022 survey of 941 companies in 38 countries by the Graduate Management Admission Council (GMAC), which administers business school entrance exams. Nearly 9 of her 10 corporate recruiters expect to hire a Master of Business Administration (MiM) graduate in 2022. That’s up from his 79% of the same recruiters who actually hired her MiM last year. Most of her MiM graduates take the program immediately after completing their first degree and have little or no prior professional experience.
To attract top talent, U.S. companies plan to increase starting salaries for 2022 master’s degree graduates from last year, GMAC has revealed. For example, the average salaries of graduates with a master’s degree in finance and a master’s degree in data analytics programs have increased by $15,000 and $10,000, respectively, from 2021 levels.
Reflecting rapidly rising inflation, GMAC found that educational assistance, such as tuition reimbursement, has become an increasingly common benefit. His 54% of employers offer this in 2022, up from 35% last year. Additionally, the school said companies are offering flexible remote work options to attract young recruits who want to improve their health and work-life balance while maintaining access to networking and mentorship in the office. increase.
Satya Outer, Employer Relations Manager at the Rotterdam School of Management at Erasmus University in the Netherlands, said this summer that graduates with master’s degrees in business entered a red-hot labor market despite heightened economic vigilance. said. “Students have power in their hands,” she says.
The top three recruiting industries at Rotterdam are Consulting, Financial Services and Information Technology, roughly in line with other schools. One of the recent changes is that there is more interest in sustainability than ever before. Many students move into purpose-driven careers, and some shy away from groups such as fossil fuel companies, whose businesses are harmful to the environment and society.
“More than ever, business students are looking to companies for their impact, their environmental commitment and their value,” says Margot Lebourgeois, who graduated from MiM at HEC Paris this summer. She took an elective focused on sustainability and confirmed her interest in responsible business practices. Lebourgeois currently works as a sustainability and responsibility expert at French spirits maker Pernod Ricard in Paris.
Zoe McLoughlin, executive director of the Career Center at London Business School, said employers should look to MiM graduates for their strong business acumen, highly developed soft skills, including adaptability, and diverse backgrounds in a globalized world. He says he appreciates his ability to work effectively with a team.
McLoughlin has previously been hired by the Boston Consulting Group, and says MiM graduates were typically hired at the same level as undergraduates, but were promoted much faster. “They have an extra layer of knowledge, experience and gloss,” she says.
That said, amid growing fears of a recession, graduates cannot be complacent, warns Cathy Savage, senior manager of the UCD Career Network at Dublin’s Smurfit Business School.
“It’s still a competitive process, and if you can’t do it, you won’t get the job,” says Savage. Job opportunities generally outstripped supply, but some candidates were “disillusioned” with prospective employers and didn’t hear back after applying, she said.
“Some of the hiring processes are pretty rigorous, sometimes five, six, seven interviews,” says Savage, who encourages students to plan their job search early and ask alumni for help. I added that it should.
Some sectors, especially technology, are holding back on hiring, says Maren Kauss, director of career services at the Frankfurt School of Finance and Management. Alphabet, the parent company of Amazon, Microsoft, Apple, and Google, has faced economic headwinds and slowed adoption in some regions, after a surge in adoption over the past few years.
Business schools offer a wide range of career services, including coaching, skill development workshops, and networking opportunities. We host more and more virtual recruitment events. This is because students have access to a wider range of employers than possible on campus.
Additionally, lifelong development is becoming more of a focus as alumni change jobs more frequently amid the “big resignations” that Covid has caused many to reassess their priorities. Jean-Amiel Jourdan, senior executive director of careers at HEC Paris, says careers his services are becoming “less traded.” HEC ensures graduates have access to career services throughout their working life, not just their first job after graduation.
The school has also moved career development from the academic fringe into the core curriculum, making workshops mandatory rather than optional for all MiM candidates. Ultimately, Jourdan believes such preparation will benefit graduates regardless of their prevailing economic circumstances. “Despite the possibility of a recession, I am very optimistic,” he says.