Introduction

With major shifts in workplace trends and ways of working occurring over the previous years, Monster’s annual State of the Graduate Report offers insights into the evolving motivations, concerns, and priorities of the next generation of the workforce. With this report polling 1,000 new and impending college graduates, Monster is pleased to present the 2024 State of the Graduate Report.

Report Overview

Recent years have brought tremendous changes to the employment landscape, from employers’ needs to job seekers’ priorities, and have affected nearly every aspect in between. The current economic situation, job market and political landscape within the U.S. are additional stressors on companies seeking to navigate and meet workers’ needs while addressing their own staffing needs.

As we approach the Spring 2024 graduate season, it’s critical to understand how the newest additions to the workforce are approaching employment, and what they are expecting from employers. The majority (67%) of graduates believe employers have more leverage to find the best candidate than job seekers to find the best jobs, and 77% of graduates are concerned about job security while looking for a job in the current market. However, though graduates believe that employers have the upper hand in this landscape, they maintain core requirements that they are unwilling to compromise on while job hunting.

Some of the workplace aspects that this year’s graduates are most adamant about are work flexibility, mental health, and career development. In a continuing trend from previous years, most graduates are interested in a hybrid model of work, with 60% saying they would not even apply to a company that requires a return-to-office five days a week.

Graduates also hold openness about mental wellness to the utmost importance, with 92% reporting that it’s important for them to feel comfortable discussing that topic at work. Another topic of overwhelming importance is career development, with almost all (95%) of graduates interested in learning or upskilling opportunities when they apply to jobs.

Given that 2024 is an election year, it likely does not come as a surprise that a company’s political stance is an added factor that these graduates are taking into consideration as they job hunt. In fact, politics are a big part of their decisions: 67% would not work for a company that openly supports a political topic, issue, or candidate they don’t support themselves. Given that only 17% of graduates think that politics are an appropriate topic for the workplace, it will be interesting to see how these graduates navigate the topic of politics in the workplace in practice.

Discover the factors that graduates are taking into account during their job hunt process, as well as their top priorities by exploring the insights presented in the Monster 2024 State of the Graduate Report.

Scott Gutz

CEO of Monster

Key Takeaways

• Employers have leverage: More graduates believe employers have the upper hand in the job market than in 2023, as more candidates compete for less positions.

• Job prospect and security concerns: Though graduates are confident that they’ll be able to find a job, the state of the economy and current job market is causing concerns over the quality of their job prospects, as well as their job security.
  

• Company reputation: Graduates are increasingly considering company reputation and industry stability during their job search.
  

• Career development: Upskilling and growth opportunities are a top priority for graduates.
  

• Politics: A company or CEO’s stance on political issues are a dealbreaker for the majority of graduates, who are not comfortable working with those whose political beliefs differ from their own.
  

• Mental health: The vast majority of graduates find it important to be able to discuss mental health at work, and many prioritize work-life balance.
  

• Work flexibility: Graduates continue to prefer a non-traditional workplace model, prioritizing opportunities that allow for remote work and flexible working hours.
  

Job Market Jitters

While graduates remain confident in their ability to find a position post-graduation, the state of the current job market and the economy leads them to be concerned about job security and the quality of their prospects.

• 82% of graduates who are job hunting are confident they will receive a job offer shortly after graduating, compared to 88% in 2023
• 35% of graduates who don’t have a job yet expect it to take them 4-6 months to find one
  
• 
  
• 77% are concerned about job security while looking for a job in this current market
  

• 69% are worried that the current state of the economy will impact their job prospects
  

• 52% assume they won’t be able to find a job at the company they prefer
  

• Graduates would not apply to a job at a company that
  
• 84% currently has salary freeze
  
• 79% recently had layoffs
  
• 74% had lower than average earnings last year
  

• 36% expect the starting salary at a new job to be higher as a result of the current economy, compared to 45% in 2023
  
• 26% expect the starting salary at a new job to be lower as a result of the current economy
  

Salary & Benefits

Given their uncertainty around the economy, graduates prioritize salary over other benefits, and value salary transparency during the interview process. Compared to years prior, however, pay cuts are not as much of a deal breaker for graduates.

• 59% say the most important aspect of a job is a good salary, more than health insurance (44%) and retirement benefit plans (44%)

• 44% would turn down a job at a company that doesn’t offer competitive salary and benefits
  

• 43% would “ghost” or pull out the interview process completely if the salary range for the position they applied for was not disclosed during the interview(s)
  

• 36% would quit a job if they are asked to take a pay cut, compared to 47% in 2023
  

Compromising on Job Conditions

Overall, graduates are becoming more selective about where they apply, considering company reputation and industry stability. However, they are compromising on job conditions to secure employment due to financial needs in the increasingly competitive job market.

• 67% say employers have more leverage to find the best candidates, compared to 56% in 2023
• 52% think they will not be able to find a job at the company they prefer
  

• 62% say it will be more difficult to find a job due to AI technology filling roles previously held by humans
  

• Technology continues to be a great resource for the new generation of workers. Many admit to using AI generators in the job application process:
  

• 40% Writing emails
  
• 40% Writing resumes
  
• 33% Practicing interview responses based off generated questions
  
• 29% Drafting cover letters
  

• Graduates are settling or anticipate settling on some conditions in order to find a job*:

• 46% Working in the office full-time, compared to 60% in 2023
  
• 30% A lower salary than anticipated, compared to 39% in 2023
  
• 23% A long commute, compared to 33% in 2023
  
• 18% An unpaid internship, compared to 19% in 2023
  

• 85% applied for a job they knew was not the right fit out of desperation. But why?
  

• 53% Needed the money
  
• 43% Needed experience for their next job
  
• 28% Were tired of searching for a job
  
• 25% Needed to pay off student loans
  
• 20% Didn’t think they would be able to get a job that was the right fit
  
• 18% Were under pressure from their parent(s)
  

Prioritizing Career Development

It's clear that graduates are eager to learn in an environment and culture that supports long term career growth and opportunities to climb the ranks.

• 95% of graduates are interested in learning or upskilling opportunities when applying to a position. They’re interested in:

• 40% Practical/on-the-job training
  
• 37% Ongoing certificate/training courses relevant to their industry
  
• 36% Mentoring programs
  
• 35% Structured career development programs
  
• 33% Job shadowing programs
  
• 30% Job rotation programs
  
• 30% Sponsorship to attend industry events/panels
  
• 29% Training repayment agreement provisions (TRAP)
  

• 50% would turn down a job at a company that doesn’t offer career growth opportunities
  

• 32% would quit a job if they’re not given opportunities to learn and develop in their position
  

• 69% of recent graduates feel their skill set matches that of an entry-level role
  
• 20% feel overqualified for an entry-level role
  
• 12% feel underqualified
  

Shifting Culture Priorities

Graduates weigh politics heavily in job decisions, with the majority unwilling to work for companies or CEOs supporting opposing political views. DE&I is continuing to fall lower in graduates’ priorities, compared to previous years.

• The majority of graduates consider politics to be a large factor in their job decisions
• 67% would not work for a company that openly supports a political topic, issue or candidate they do not, and 70% would not work for a company if their CEO openly supported a political candidate they do not support
  
• 63% are not comfortable working with those whose political beliefs are different than their own
  
• Meanwhile, only 17% think politics are an appropriate topic to discuss at work
  

• Fewer graduates are prioritizing diversity in the workplace
  
• 33% would turn down a job at a company that doesn’t offer a diverse workforce and leadership team, compared to 42% in 2023
  
• 28% say that lack of diversity among interviewers is a red flag during the interview process, compared to 39% in 2023*
  

• Graduates are not prioritizing relationships with their managers compared to previous years
  
• Only 38% say having great managers and leaders is among the most important aspects of a job, compared to 51% in 2023*
  
• 29% would quit a job if they don't like working for their manager/leadership, compared to 37% in 2023*
  

Work Well-Being

Mental health in the workplace and work-life balance continue to be important to graduates, and their willingness to stay at their place of employment.

• 92% say it’s important for them to feel comfortable discussing mental wellness at work
  

• 52% would turn down a job at a company that doesn’t offer work-life balance
  

• 50% say work-life balance is among the most important aspects of a job
  

• 45% would quit a job if the workplace became toxic, compared to 59% in 2023*
  

• 37% would quit for a healthier work-life balance
  

Flexible Work

Employers should take note that flexibility in where and when graduates work continues to remain a top priority.

• 60% would not apply to a company that is mandating a return-to-office five days a week, while 59% would not apply to a company that is completely remote
  

• 42% would turn down a job at a company that doesn’t offer flexible or hybrid work schedules
  

• Many graduates think that some traditional work practices are outdated, such as:
  
• 55% '9 to 5' working hours
  
• 54% Working full-time in an office
  
• 54% 5-day work week
  
• 54% Having to relocate for a job
  
• 33% Working remote full-time
  

2024 Predictions

As another wave of graduates enter the workforce, Monster remains diligent in understanding what the future may hold for the youngest generation of workers. While the state of the US economy continues to cause graduates fear, the vast majority remain confident and optimistic about finding a position shortly after graduation. It’s clear that 2024 graduates’ priorities are career growth opportunities, workplace flexibility, and salary. It will be the role of employers to meet their shifting needs.

Methodology

Resources

• Monster Intelligence
  
• 2023 State of the Graduate Report
  

*Question includes response options that have changed or been added to from the 2023 Monster State of the Graduate Report survey