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May 9, 2012

More News Regarding Salaries for the Class of 2012

Filed under: General HR Buzz7:00 am

A recent blog was written by Olivia regarding the occupational prospects for new college graduates.  Her blog revealed that there is a 9% increase over 2011 among employers who plan to hire recent college graduates.  Another recent survey indicates that about 40% of college graduates expect a starting salary of $50,000 to $75,000 for their first job out of college.

Although I graduated from college 3 decades ago (wow – it has been awhile!) those numbers still seem a little high.  Apparently I’m not off base as according to an annual survey by the National Association of Colleges and Employers, new grads may be aiming a bit high.  The survey shows the overall median starting salary for a bachelor’s degree did increase by 4.5% from 2011 to $42,569.  This, however, is lower than anticipated by the Class of 2012 college graduates.

The good news is that 54% of grads state that career advancement opportunities are more important than salary.  Let’s hope that employers understand that, along with the type of recognition and rewards that will motivate the Gen Y graduates.  Having a culture that provides consistent feedback and recognition is being identified as essential components to maintaining an engaged workforce.  Hopefully this will also help in retention, in which these graduates are saying they plan to stay with their employer on average 4.7 years.

Source:
National Association of Colleges and Employers

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