In a conversation with nestegg, GradConnection national account manager Alexandra Tyrrell said the vast majority of its graduate employers are still pushing ahead with their recruitment campaigns, adapting to their processes for assessment and selection to an online or virtual process. 

“We have only had the small number of employers we work with who have cancelled their programs altogether, and some who have placed all their intern and grad recruitments on hold — usually with the intent that they will go back out later in the year,” Ms Tyrrell said.

Whatever happens over the next few months - the unemployment / underemployment hit to young people will be larger and persist for longer than any other age group. Particularly devastating in this case because they are also the least susceptible to the virus @IndeedAU pic.twitter.com/abVlvoJ5s1

— Callam Pickering (@CallamPickering) April 16, 2020

In the next few months, graduates may be seeing statistics based on the recessions from the past. Keep in mind, however, that there are lessons to be learnt from the global financial crisis where companies cancelled graduate programs and were left at a disadvantage at the end — so, considering “lessons learnt”, companies should be avoiding this avenue. 

GradAustralia’s co-founder, Geoff Adams, believes “employers are reluctant to switch off their brand entirely during a downturn as it takes a lot of time to regain their image in the eyes of quality candidates when the market bounces back.”

GradConnection Clinton Bolst agrees with Ms Tyrrell that companies which cut down from their graduates’ intakes for short-term cost benefits in 2008 emerged in later years with a “severe talent disadvantage” as their “emerging talent pipelines were empty”. 

“They simply had no graduates coming through their development programs. Some even burnt candidates through the recruitment experience, withdrawing offers and damaging a brand in the graduate and experienced hire market,” Mr Bolst said. 

Despite the potential of employment, with GradAustralia showing over 300 grad jobs and internships, potential salary for new employees could be affected by the global slowdown.

Mr Adams stated it is “too early to tell, but I imagine some drop in salary to fall in line with broader measures taken by employers to existing salaried team members”.

Bottom line: Recent graduates should not be concerned about the career prospects in the future, unless this pandemic continues into 2021. At this time, that seems unlikely — as does completely losing out on a chance to work in your chosen profession.