Graduate Management News

“Cautious Optimism” Characterizes Recruitment Picture for 2010

What has been dubbed the “Great Recession” of 2009 affected hiring at all levels, but there’s cautious optimism about 2010, says GMAC’s year-end follow-up poll of employers who had participated in the 2009 Corporate Recruiters Survey. Seven out of 10 recruiters surveyed in November expect that their business will improve in 2010.

Key findings from the year-end poll:

The cautious optimism in the GMAC survey on the whole tracks with broader global indicators, said GMAC senior research analyst Alex Chisholm.

“Unlike last year at this time, there are some positive economic signs as we head into the new year”, Chisholm said. “The International Monetary Fund has raised its global growth forecast for 2010 from 1.8 percent to 3.1 percent, and the Obama administration projects positive US job growth by the spring.

Chisholm noted that recent growth in several large economies around the world has been accomplished through productivity gains and not via increases in hiring. “In other words, employers have been getting more from the existing workers that they still have,” he said. “At some point, inventories will be reduced to a point where new hires will be required to satisfy growing demand. That is when a meaningful recovery in labor markets will ultimately begin.”

In the long term, Chisholm believes, employment prospects for alumni of graduate management education programs looks promising. For example, he said, recently released employment projections from the US Bureau of Labor Statistics suggest that auditors, accountants, and management analysts will be among the occupations with the largest employment growth in the United States over the next decade.