The global economic crisis has some Ryerson students nervous about finding work upon graduation. But those involved in hiring recent graduates say they shouldn’t worry.

“Employers probably aren’t hiring at the senior level, but new grads have a lot going for them. Employers see grads as an excellent opportunity,” said Lauren Friese, president and founder of TalentEgg – a career website for students and new graduates. 

“New grads are cheap to employ and easy to train. Instead of hiring someone senior for $70,000, you’ve got this new grad that can be had for $40,000 who is just as smart, has fresh ideas and is easy to train,” she said.

But in an economy marked by increasing unemployment, some corporations are deciding to downsize and freeze hiring as survival mechanisms. Several companies have let go of numerous employees, such as Nortel Networks, which eliminated thousands of jobs late last year.

And Ben Wong, a fourth-year finance student at Ryerson who plans on graduating in April, is concerned.

“I think more companies are cutting back and not hiring right now, so I’m very worried about finding a job,” Wong said.

“Not only is the job market bleak right now, but we have to compete with all the people who got laid off and they have a lot more experience.”

Wong also added that many of his classmates share his angst.

“A lot of people in my major are thinking of staying in school to get their master’s or MBAs so they can have a competitive edge and to ride out the bad job market,” he said. “I’m going to get my CFA (chartered financial analyst designation) the second I graduate. I’m delaying my entry into the job market for about a year.”

Wong said he thinks finding a full-time job will be more difficult because employers don’t want to pay benefits.

But Friese said it’s important for new graduates to keep in mind that companies are still hiring for full-time positions and not only short-term contract work.

“Grads this year must be really aware that there are two sides to this economy,” she said. “One side says the economy is bad and they should be experiencing some fear and frictional unemployment. But good employers are still hiring.”

Friese said she has seen more employers looking to hire new graduates signed up with TalentEgg in the past two weeks than ever before.

“A lot of companies see that a huge part of their workforce is retiring because of the baby boomers and that they better hire young people now, or else they will suffer the consequences.”

Philip Lim, director of Ryerson’s Career Development and Employment Centre, also said most companies are still visiting the campus to hire students for full-time work.

“The number of employers coming to our campus is essentially the same amount that came last year,” he said. “The attendance in our workshops has also increased.”

Lim said he hasn’t seen students in a mad panic about finding jobs, but he noticed they are paying more attention to the Career Centre’s programs and want to be more prepared.

“The key for graduates is to start planning for a job search now and not after they graduate,” he said. “In an economic downturn, it’s more important for students to make an impression on employers.”