College students can look forward to another massive year in hiring, a new report shows.
Employers said they expected to hire 15% more college graduates in the 2015-2016 academic year, according to a survey published on Thursday by Michigan State University.
(Chart: Percent increase in hiring of new degree holders this academic year)
“Most signs point to another explosive year of growth in the job market for college graduates,” said Phil Gardner, the Michigan State professor who wrote the report. The report also projected a 23% bump in the hiring of associate's degree grads and a 16% increase for new MBAs. The 4,700 recruiters and hiring managers surveyed said they planned to take on 115,000 new graduates.
The frenetic pace of hiring is a product of the strongest corporate growth since the recession, the report said. Sixty-eight percent of employers said growth was driving their plans for talent acquisition, the highest level since 2008. Michigan State has administered this survey for 45 years.
Companies were also much more likely than in the past to say they were affected by employees leaving their posts. Fifty-six percent said they sought to bring on new people because of turnover, compared to just 38% in 2013.
(Chart: Percent increase in hiring of graduates in 2015-2016, by company size)
Smaller companies reported the largest increase in hiring. Organizations with fewer than 100 employees said they would hire 39% more new degree holders overall, and 30% more college grads. Big corporations, with more than 1,500 workers, said they would hire 16% more college grads.
Overall, 2016 will probably be relatively good year for people trying to repay tens of thousands of dollars in tuition.