Graduates see sweeter deals!
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Posted By: Jehan Bunch on June 20, 2006 June 8, 2006, 2:07AM Graduates see sweeter deals Tighter labor market brings extra incentives By L.M. SIXEL Copyright 2006 Houston Chronicle WHEN Olu Adewoye received her bachelor's degree in accounting last month, she graduated with something that's becoming increasingly common — a job. The Texas Southern University graduate nailed down her position with PriceWaterhouseCoopers early in her senior year. And Adewoye, who will be earning in the high $40,000s when she starts in August, negotiated a better financial package than she expected. "I had options to look for other jobs," said the 22-year-old, who spent two days interviewing at the firm and was impressed with its friendly and outgoing culture. "But it was right for me." "This year is one of the hottest job markets in about five years," said CEO Heather Galler of JobKite.com, a job board based in Tampa, Fla. College recruiting visits are up. Signing bonuses are back. Starting salaries are rising. "It's pretty cutthroat," said Galler, referring to the environment for employers as they seek the best and brightest graduates. Demand for engineers — chemical, civil and aeronautical — is especially strong, said David Small, assistant vice president for student services and director of University Career Services at the University of Houston. So is demand for software developers and computer science majors. While Small hasn't run the figures yet, he estimated that 80 percent of engineering and business graduates who were looking for jobs had offers in hand when they graduated this year. Last year, he estimated 66 to 68 percent had pre-graduation offers. To find students, more recruiters are flocking to campuses to conduct traditional interviews. The University of Houston, for example, hosted 320 campus recruiting visits this year, compared with 141 two years ago. More employers are also participating in job fairs. At Rice University, 82 employers attended the school's career fair this year, compared with 60 last year, said Jackie Hing, associate director of career education. And it's not just the big energy, consulting, accounting and investment firms that are hiring. More small companies that don't have the budgets for on-campus recruiting are posting openings, Small said. Internship is one path Companies are also relying more heavily on internships as a way to recruit students who are close to graduation. Many times, internships during the students' junior year turn into post-college job offers, said Patricia Payton, assistant director of recruiting for Rice University's Career Service Center. And that means many students aren't even entering the recruiting pool by the time they become college seniors. H-E-B is one of the companies that has dramatically stepped up its recruiting efforts at Houston-area universities, which includes taking on more interns than in previous years. The chain, which is expanding in the Houston area, is hiring for its store management positions. Internships offer students who hadn't previously considered careers in retail a chance to try it out, said Mayerland Harris, director of human resources for H-E-B's Houston division. The program is also attracting more diverse candidates from a variety of backgrounds who discover they enjoy the grocery business, she said. Making the rounds To attract students, the chain visits area colleges, such as the University of Houston, Sam Houston State and Prairie View A&M, with its team of recruiters and an employee who is a recent graduate of that school. H-E-B has taken on 15 interns this summer, more than it had last summer, Harris said. Like other employers, H-E-B is making offers to lock in students before they graduate. Graduates, especially those in management and engineering, are also receiving signing bonuses between $2,000 and $4,000, Small said. Those were virtually nonexistent during the past three years. Payton said she's also seeing more signing bonuses this year, with banking and finance firms reaching $5,000. And the competition for top students is also showing up in higher salaries. Investment banks, for example, have bumped up their starting salaries to between $55,000 and $65,000, compared with $52,000 to $63,000 a year ago. Engineers graduating from the University of Houston with bachelor's degrees are receiving between $46,000 and $52,000, a 2 percent to 6 percent increase from last year, Small said. Graduates going into sales are receiving starting offers of $38,000 to $46,000, an increase of 3 percent to 6 percent from a year ago, he estimated. Lagging behind So who's not doing as well? Small said he hasn't seen much demand for electrical engineers. And there seem to be more accountants available than there are jobs for them, he said. Accounting enrollments increased during the past few years after reports of shortages, and now there is more supply than demand. While the high price of energy has slowed things down for the hospitality industry, starting salaries are still up between 3 percent and 4 percent this year to the low to mid-$30,000s, he said. The hospitality business typically pays lower starting salaries than other industries, but the earning potential can be high once you've paid your dues by working 60-hour weeks, Small said. Managers in hospitality can earn in the six figures. Combine a lot of aging baby boomers with tighter cost controls for health care and you have one of the best-paying careers going — pharmacy. The pharmacy doctorate program is six years instead of the typical four years for a bachelor's degree, and newly minted pharmacists are getting starting offers between $75,000 and $85,000 a year, said Harry Clack, director of TSU's Cooperative Education & Placement Services. Overall, he said, starting salaries are up about 10 percent compared to last year, graduates are getting multiple offers and some are getting signing bonuses. Mario Kelly seriously considered three job offers this spring but decided to go with Walgreen Co. in Palm Springs, Calif. Walgreen is expanding in the Palm Springs area, so there is opportunity to move into pharmacy management, said Kelly, who received a doctor of pharmacy degree from TSU in May. His starting pay will be $51.25 an hour, which works out to $106,600 a year. In addition, he's getting $30,000 for relocation expenses. "I can't wait," said the 25-year-old, who is working at a Walgreen store in Houston until he starts his new job in August. "It's a great time to graduate with a degree in pharmacy," said Kelly, who didn't get either a bachelor's or master's degree along the way. "You can do a lot." lm.sixel@chron.com If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Jehan Bunch
From Columbus, OH Central State University class of 2005 Member Since January 2006 |
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