Helping new graduates find their way

The past year has caused employment challenges for many in the United States in a variety of industries, with one of the hardest-hit groups being recent college graduates seeking professional starts. According to U.S. Labor Department statistics, unemployment for those in their early 20s is now over 20 percent, as opposed to low-teens percentages for other age groups. A recent survey conducted by the National Association of Colleges and Employers found that 22 percent of employers have rescinded job offers due to COVID-19, while others have delayed start dates. Job postings for entry-level positions requiring a college degree are down 57 percent since last February, reported ZipRecruiter, with positions such as entry-level software engineers, once in high demand before the pandemic, showing a deep decline. Positions in marketing, advertising, and design were also among the jobs adversely affected. 

Young people worry that they will fall behind in their careers, and an increasing number are staying or moving back in with their parents. The Pew Research Center noted that 52 percent of 18-to-29 year-olds live with their parents, up from 44 percent a decade ago.

Additionally, employers don’t always return calls from job seekers, or they ask for several years’ experience. This has led to a discouragement among many new graduates and their settling for lower wages, as competition intensifies for available openings. Additionally, many graduates have large student-loan debt despite limited job options.

While this trend has likewise affected the young adult children of some Legatus members, fellow Legates have stepped in to offer help.

Helping young professionals

Bucks County Chapter member Steve Raymond, who lives in the New Jersey suburbs of Philadelphia, is an active member of Legatus Networks’ Deals Group which has 20+ active members who offer each other “business-tobusiness contacts, making one another aware of business opportunities.” Group members gather online monthly to hear presentations by members or guest speakers on business and faith books they might find of interest, or to participate in open forums in which members share thoughts on the business climate, the effects of the pandemic business shutdowns, and future plans of deals group members.

The group also has a “needs and leads” element of their discussion, which in recent months has included offering employment advice to the children of Legates seeking work. One of the first assisted was Brendan O’Connor, son of Boston Chapter members Austin and Mary O’Connor of Hingham, Massachusetts, who recently graduated from college with a finance degree. Brendan was introduced to deals groups members who were able to offer helpful introductions and advice, including David Caccese, a member of the Philadelphia Chapter. David is a senior vice president and financial advisor with RBC Wealth Management, specializing in helping business owners create and manage their financial plans, and help them to plan for, and navigate, business transition planning.

David said, “I shared with Brendan what I do, and tried to find out the area of finance in which he was interested.”

Though David has been working remotely from his West Chester, PA home since last March, the past year has been a strong one for his business, he said, yet there were few opportunities available for young people interested in interfacing with clients. He was able to offer Brendan introductions to his contacts in the finance industry, however.

The aid indeed helped Brendan land his first job, reported father Austin, who said, “I’m sure the feedback he received from the deals group helped him land his current position.” He extended his thanks to Steve and all who helped. It should be noted that Legatus’ Professional Edge group has been created recently for the specific purpose of helping Legates (and family members) with new careers, mentors, and internships.

Getting ‘seen’

Others who have benefitted from the Deals Group’s employment advice include Peter DeMatteo, son of Boston Chapter members John and Kristine DeMatteo. Peter was the first to take advantage of an online bulletin board for members’ children who are looking for work; Peter was invited to attend a deals group meeting to share his background and experience as well as receive input from David and other members of the group.

“Many 20-somethings don’t seem to want any help in their job search, but Peter has a willing and teachable spirit, something I look for in a client,” said Garry Burry, a wealth management architect from the Louisville, Kentucky Chapter, the first to reach out to Peter when he saw his posting on the bulletin board.

Garry continued, “A few of our guys wanted his resume. I don’t know where Peter is in his job search at the moment, but with 20 Legatus guys in on the call, he can get a ton of introductions.”

Floyd Carl, a wealth advisor specializing in retirement planning from Yardley, Pennsylvania — also a Bucks County Chapter member — added, “We suggested Peter market himself in meetings with professionals such as at the deals group, and do what he can to keep his name and face out in front of people.”

While there are still opportunities for young people in finance in today’s economy, Garry said, it can be a greater challenge with the pandemic, as “many people are afraid to meet face to face. That’s how I got my business going in my first 20 years in the industry.”

Some of the young people seeking help from the deals group include those who have lost jobs as a result of the pandemic, such as Tom Infuma, son of Tom Infuma, Sr. of the Westchester County Chapter.

Still looking to hire

While employment numbers may be “scary” to some new graduates, job search website Monster CEO Scott Gutz reported, 72 percent of surveyed employers are still looking to interview and hire potential employees remotely. He noted that some industries were still strong, including health care, pharmaceutical, grocery and delivery, senior care, and loans and mortgages. He recommended many things Legates have suggested: dressing well, updating your social media, practice interviewing online, and considering new industries.

Job search website Glassdoor CEO Christian Sutherland-Wong, echoing David’s efforts to have Brendan identify his desired job, advised job seekers to figure out what they are looking for in a position before they start their search. He also recommends job seekers research potential employers, keep their resumes updated, and once they apply, see if they can use social media to connect with people in the company and get their resume noticed. Networking with others such as those in the Deals Group is also a plus.

For job seekers responding to job postings, ZipRecruiter CEO Ian Siegel stresses the importance of timing –the sooner job seekers respond to a job listing the more likely their resumes are to be reviewed. They should adjust resume text to match the job listing. For those called in for an interview, he encourages them to show excitement about the position. He said, “Employers want you to want to work for them.”

But for children of Legatus members, there are many Legates willing to help. Garry said the deals group membership, in fact, was looking at ways in which they may introduce a regular session into the group for helping the adult children of members find employment. He said, “I think we older folks generally want to help younger folks get started in their careers.”

JIM GRAVES is a Legatus magazine contributing writer.