College grads’ underemployment
March 14th, 2024
Presented by SQUARESPACE
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You’ll never guess what day it is… Pi Day, everyone. While the day is meant to be a celebration of that 3.14… blah blah blah to infinity number you tried your hardest to memorize in middle school, it really is just an excuse to eat some math-themed pie. So, no different than middle school.
In other news… more than half of college graduates are “underemployed” a year after graduation, and Spotify is getting visual with a new music video feature.
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Did you get a job using your major after college graduation? |
81.8% of you voted Yes in yesterday’s poll: Do you consume content on YouTube?
“Nothing longer than 15 minutes usually.”
“Music videos only.”
“The best place to go to find ‘how to…’ videos!”
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.JOBS.
College graduates really need a job
The Future. College degrees and the job market aren’t seeing eye-to-eye these days — a major study found that over half of college graduates are “underemployed” a year after graduation. While colleges’ failure to prepare students for the workforce and the job market’s obsession with data-driven work are both at fault for the phenomenon, expect minors, certificates, and other extended learning programs to become necessary to land a good role after graduation.
Degree dysfunction
Analyzing data from the US Bureau of Labor Statistics, Department of Education, and the Census Bureau, Burning Glass Institute and Strada Institute found…
52% of college graduates aren’t working a job that requires or “make(s) meaningful use” of their diploma, per Forbes.
And those results don’t typically get better with time — 73% who are underemployed one year after graduation are still so a decade later.
A student’s choice of major has a big impact — students who studied a quantitative major like computer science had an underemployment rate of 37%, while students who took something more abstract like marketing had a rate of 57%.
But doing an internship in college made a positive difference — those students had a 49% less chance of being underemployed after graduation.
Does underemployment really matter? If you want to realize your full earning potential, then absolutely — people who work a job utilizing their major typically are paid 33% more than those who don’t.
Watch: OpenAI CTO Mira Murati talks with WSJ about AI video-generator Sora and how the company is planning its release for later this year.
Listen: Freakonomics Radio co-host Stephen Dubner gave a state of the union on the podcast industry during this month’s On Air Fest.
Read: Forbes details how applying for a job has become endless layers of automated, time-consuming tests.
.MUSIC.
Spotify debuts a music video feature
The Future. Spotify is starting to make music videos available for Premium subscribers on mobile, desktop, and TV devices, pitting the streamer against one of YouTube’s core utilities. While the modern music video market has become an industry of few haves and many have-nots, the ease of Spotify’s new feature could make the whole form go viral again even for the most indie of artists.
“I Want My (New) MTV”
Spotify is getting visual.
The streamer launched a beta of its music video feature in 11 markets, including the UK, Germany, Brazil, Indonesia, and Kenya.
The feature is found on a song’s “Now Playing” screen — users can toggle back and forth between the video (vertical or horizontal) and the song.
The beta includes a limited number of artists, like Ed Sheeran and Doja Cat, but will soon expand to “thousands” of tracks.
This isn’t Spotify’s first foray into videos, and YouTube Music and Apple Music also show music videos, but what makes Spotify’s so groundbreaking is the accessibility — songs and videos exist together, as opposed to being in a separate section.
That’s great for discoverability and viewership but potentially murky when it comes to compensation since, unlike on YouTube or clips on TikTok, they won’t carry any ads (yet).
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If Saudi Arabia can’t get enough people to move to Neom, it can just populate the area with QSS’ fully autonomous humanoid robots.
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Today’s email was written by David Vendrell.
Edited by Boye Akolade. Copy edited by Kait Cunniff.
Published by Darline Salazar.
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