UW-Madison School of Business - UPDATE Alumni Magazine - Fall 2001 - In the Hot Seat: Tough Economy Affects Recruiting

School of Business > UPDATE > Fall 2001 > Article

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In the Hot Seat
Tough Economy Affects Recruiting

In recent months, the downturn in the U.S. and world economies has been reflected in on-campus recruiting throughout the country.

In August, a survey by the National Association of Colleges and Employers found that companies planned to hire nearly 20 percent fewer graduates this year than last. In September, U.S. companies shed nearly 200,000 jobs following the September 11 attacks on the U.S. Throughout the fall, hiring further slowed in a wide variety of industries throughout the country and around the world.

Not surprisingly, the effects have been felt at the School of Business.

Karen Stauffacher, Assistant Dean of the Business Career Center

"Recruiters are hiring fewer people and waiting until later in the semester to finalize job offers," said Karen Stauffacher, assistant dean and director of the business school's Business Career Center (BCC).

Stauffacher said her office is encouraging students to start their job search earlier and be more proactive. The BCC is also advising students to weigh job offers carefully and to consider the financial stability of companies they are considering as employers.

Student Jennifer Reitz, a senior graduating in May, said current economic conditions have affected her job search. "I'm being more assertive in sending resumes to companies I'm interested in that might not be planning to come to campus," she said. "And I'm definitely looking at companies' health overall and the health of their industries."

The School of Business has responded to the slowdown in several ways. One was an effort to make it easier for employers to do "just in time" hiring. With the economic uncertainty, many companies have been reluctant to make job offers months in advance of starting dates. To help address the difficulty, the BCC developed a "Got BizJobs?...Get BizGrads" Campaign targeting employers looking for "just in time" hires.

Also as part of the effort, the BCC is offering free videoconference interviews for employers. "Many company recruiters were experiencing travel difficulties or outright company travel bans after the September attacks," said Stauffacher. By equipping one of the BCC's 21 interview rooms with desktop videoconferencing, companies that do have jobs to fill are able to recruit without having to come to campus.

The BCC also offers free on-line job listings and access to free web resume books to make it easier for companies to do at least part of the recruiting process long distance.

On-campus recruiting, however, remains important. Only eight days after the attacks, the BCC held its annual Career Forum. More than 150 employers were able to attend, down from the record number of 178, the previous year, but still a remarkable showing.

Stauffacher, who has been with the career office of the School of Business since 1978, has seen every cycle - boom and bust. She is realistic that job prospects for December and May graduates will be more challenging than during the booming economy years. "We are telling students they are going to have to take more initiative in their job search, and the range of options at graduation may not be what they could have expected two years ago," she said. "Still, there are openings, and our students are tremendously qualified. We will do everything we can to help them find the right position."