My MBA class, the Class of 2001, had the worst job market experience of any class in living memory. (Yes, worse than the financial crisis). The Class of 2021 will probably outdo us. wsj.com/articles/m-b-a…
Before you ask, how could 2001 have done worse than the classes of 2008 or 2009?
Because companies that had fired whole associate classes found themselves, 5-8 years later, without the middle management layers they needed. In 2008, they resolved not to let that happen again.
Because companies that had fired whole associate classes found themselves, 5-8 years later, without the middle management layers they needed. In 2008, they resolved not to let that happen again.
2001 was hammered because we were right in the eye of Hurricane Stock Market Crash--the Class of 2000 got a year of relatively normal job experience and seniority when the layoffs started; 2002 got some warning. 2001 got hosed.
But 2021 is likely to do worse because they're not just dealing with an economic downturn; they're dealing with companies that don't want to start new employees remotely, for good reason: you can't socialize them into the company culture over Zoom.
So to the Class of 2021: Sorry, guys, it sucks. I've been there. Try to find some way to usefully occupy your time (mine was blogging). Maybe it will eventually turn into a job, as blogging did for me.
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