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April 7, 2009
When Yoni Dolev, a senior at Northwestern University, landed his first job last November, months before graduation day, he was on top of the world.
The 22-year-old felt his future was secure. Four years of hard work as an industrial engineering major had paid off. The industrial supply firm in suburban Chicago had called him with the offer, discussing benefits and retirement plans but no actual salary. In his interviews, executives had boasted about the company's solid footing despite the bleak state of the economy. When the company called to rescind the offer two months later, Dolev was shocked.
For college seniors lucky enough to receive a job offer before graduation, stories like Dolev's are the stuff of nightmares. The news of a cutback can dash expectations, leaving students with no salary in sight and an onslaught of student loan payments and rent bills just ahead.
Mark Risk, a New York City attorney who specializes in employment law, believes graduating seniors should go to school - on job offers. Employment agreements between students and companies are rarely binding for either party, he says. "Most employment in the U.S. is employment at-will. Legally, in most states, absent any employment discrimination, it is terminable at any time." To the surprise of many seniors, the cherished job-offer letters they may receive and sign carry with them no real guarantee of a job. While the documents may specify salary, 401K and benefits, they offer no job security.
As businesses hurt by the economic downturn shed workers by the thousands, it's likely that fewer seniors will manage to lock down jobs by graduation day. Recruiters are still on campus, but they are targeting students with specific skills and they intend to hire fewer of them in the 2008-2009 season, according to a nationwide survey of 945 employers by the Collegiate Employment Research Institute at Michigan State University in East Lansing.
And a new protocol may be emerging for the lucky few who do receive and accept early offers. With the prospect of losing a job before or even after a start date more likely, career advisers are recommending that graduating students continue to network, even after accepting a position. What once would have been considered a breach of employment etiquette has become a matter of career savvy among the ranks of the next generation of employees.
There's a double standard, Risk says. "The law views the employer and the employee as equally free to end the relationship, but with today's economy the market is hardly equal for companies and employees," he points out. It's still considered bad form for students to withdraw their acceptance of one job to take a better offer yet it's considered "just business" for a company to renege on an offer for economic reasons, says Risk.
While students with job offers in hand should not continue prospecting for jobs and presenting themselves as job candidates, they would do well to keep in the swing of networking, just in case. Networking, experts say, is the best option for graduating seniors looking to be prepared for anything. According to the U.S. Bureau of Labor Statistics, nearly 70 percent of jobs are found through networking. And the deteriorating economy calls for new jobseekers to be resilient and armed with fallback plans.
"The contract between employers and employees has changed. You have to have Plan B and a Plan C after that. You can't take anything for granted," says Leslie Kohlberg, the director of career services at the University of Wisconsin-Madison. "It's understood that employees will continue networking throughout their career."
Christine Timm, associate director of career services at the University of Nebraska-Lincoln, cautions students who have a job offer and who also continue networking to tread lightly and communicate effectively. Be honest about the offer you have in hand, she says. Reach out to companies you are genuinely interested in and let them know you are interested in learning more and keeping in touch about future openings, in case your job-in-hand somehow falls through.
"You always want to be identifying opportunities and talking to people, as your employer-to-be or something somewhere down the road," adds Michael Novack, president and CEO of Kiosite, LLC, a St. Louis recruiting company. "It can uncover later opportunities. If a company does rescind an offer, it provides you with some sort of hedge."
Students should not hesitate to ask pointed questions during interviews. "Ask questions that delve into a company's economic status," says Matt Berndt, director of communication career services at the University of Texas Austin. "Anything that helps you better understand the company."
Include questions about the specific projects available for entry-level employees, says Kelly Clearly, senior associate director of career services at the University of Pennsylvania in Philadelphia. Ask questions such as, "What are your future initiatives and projects?" and "What's the longevity of those projects?" Clearly advises.
It's also important to research companies carefully. "It's about personal due diligence," Berndt says. "Know more about the company beyond what the recruiter says and the interview. Read trade publications about the industry and follow their finances, like stock [prices] and earnings." If you see a drop in the company's earnings, be proactive, reach out to the employer and ask questions. "Are you confident that entry-level positions are safe from future budget cuts? How does this recent news affect my future with the company?"
If you're in Dolev's shoes and only have a verbal offer, experts recommend asking for the offer in writing and continuing to interview with other companies until you have the agreement in hand. If you're a student with a written contract but no start date, keep in close contact with the employer.
Some students with written offers are seeing start dates deferred. If that happens to you, see if there's any bargaining room, experts suggest. "You can apply to other positions," Cleary says. "You should ask if an employer can cover your lease in the meantime, or negotiate a higher salary." Find out if there is any compensation for postponement and at what point you need to accept this new agreement. "You've committed to certain terms," Berndt says. "You can graciously accept or professionally withdraw. Employers understand there is going to be fallout."
Northwestern senior Yoni Dolev now plans on traveling after graduation before relaunching his job search. This time, he says, he'll be better prepared to look out for himself, ask the right questions and understand his position with a potential employer. "I've been talking to a lot of my friends in the same position," Dolev says. "I advise them to network as much as possible with their managers and project directors. Now is the time to work harder than the next guy."
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