More women are graduating college than ever before and more college-educated women are in the U.S. labor force.

All hail to the 2023 college graduates, the class that was sent home from their dorms and classrooms in March 2020 of their freshman year due to COVID concerns.

“All hail to the 2023 college graduates, the class that was sent home from their dorms and classrooms in March 2020 of their freshman year due to #COVID concerns. #classof2023 ”

As commencement season peaks, wisdom rings from podiums around the country in speeches from illustrious icons offering what they may hope is affirmation at the start of careers.

In her commencement address at Rutgers University recently, Emmy-winning actor Sheryl Lee Ralph, and Rutgers alum, said, “Figure out what makes you happy. If you enjoy what you do, it doesn’t feel like a job. Don’t chase money. Money will come.”

That may be true in an ideal world, but recent research shows fewer are walking across the stage to receive diplomas from secondary institutions, though a majority of them identify as female. And they will need support once they are part of a workplace culture.

“Recent research shows fewer students are walking across the stage to receive diplomas from secondary institutions, though a majority of them identify as female. And they will need support once they are part of a #workplaceculture. #classof2023”

In 2022, there were 3.64 million graduates earning degrees, the lowest level since 2018, according to the NSC Research Center.

“Undergraduate credential earners fell for the first time in a decade (-1.6% or -58,800 from a year earlier). This decline was caused by an unprecedented one-year loss of 50,700 first-time graduates. First-time bachelor’s degree earners fell for the first time in a decade.”

The National Center for Education Statistics reports that by 2020, “The overall six-year graduation rate was 60 percent for males and 67 percent for females. The six-year graduation rate was higher for females than for males at both public (66 vs. 60 percent) and private nonprofit (71 vs. 64 percent) institutions. However, at private for-profit institutions, males had a higher 6-year graduation rate than females (31 vs. 28 percent).”

Perhaps due to COVID complications, costs, student debt or other concerns, as of 2022, “only 62.3 percent of undergraduate students in the U.S. completed their degree programs within six years of enrolling. College dropout rates are at 32.9 percent.”

“Perhaps due to #COVID complications, costs, #studentdebt or other concerns, as of 2022, only 62.3 percent of undergraduate students in the U.S. completed their degree programs within six years of enrolling, according to @EdNCES.”

The next step after higher graduation rates is that once hired and working in the U.S., more recent data shows that women are more than half of the “college-educated labor force in the United States,” according to a Pew Research Center. “The change occurred in the fourth quarter of 2019 and remains the case today, even though the COVID-19 pandemic resulted in a sharp recession and an overall decline in the size of the nation’s labor force.

The Pew report continues, “Today, there are more women ages 25 and older with a bachelor’s degree or more education in the labor force than before the pandemic: 31.3 million in the second quarter of 2022, compared with 29.1 million in the same quarter of 2019. The number of college-educated men ages 25 and older in the labor force is also greater than before the pandemic – 30.5 million, up from 29.1 million – though their ranks have not increased as quickly as those of women.”

More workers identifying as women in workplaces can mean more possibilities at first for hiring and retention, but also for mentorship, support and community building. And of course this can lead to building a more robust pipeline to leadership. It starts with networking.

“More workers identifying as women in #workplaces can mean more possibilities at first for hiring and retention, but also for mentorship, support and community building. And of course this can lead to building a more robust pipeline to #leadership. ”

According to Go Banking Rates, “Networking is crucial in today’s job market. Make use of your college’s career center, alumni network, and industry events to connect with professionals in your field. Additionally, a well-crafted LinkedIn profile can serve as a valuable tool for networking and job hunting. Don’t shy away from reaching out to professionals to learn about job opportunities or gain insights into your chosen field,” said Chuky Ofoegbu, founder of Sojourning Scholar.

While unemployment in the U.S. is at a low of 3.4%, with 5.7 million people unemployed, according to the Bureau of Labor Statistics, in April of this year, 253,000 non-farm jobs were added. Newly minted graduates seeking jobs may be likely to land them.

Perhaps predictably, the highest paying jobs are in the STEM sectors. According to CNBC, certain engineering majors earn the highest salaries four years after graduation.

“Nuclear engineering majors earn the most, with a median annual salary of $131,454. Increasing calls for clean, renewable energy has spurred demand for nuclear engineers amid challenges with wind and solar power,” CNBC reports.

“Within four years of graduation, some majors stand to earn as much as $256,539, while others make less than $10,000 per year, according to a new report from The HEA Group, a research and higher education consulting firm.”

On the job market, it is a good idea to look for organizations small and large that are recognized for their work in advancing women in the workplace.

“On the #jobmarket, it is a good idea to look for organizations small and large that are recognized for their work in advancing women in the #workplace. #equality”

The latest Best Companies for Women to Advance list is available for 2023 and includes 44 organizations recognized for advancing women fairly.

"Women are significantly underrepresented at the highest levels of leadership in most organizations, and research confirms that it's due to bias and structural inequalities – not to an insufficient pipeline," said Parity.Org President Dina Schenk. "The companies named to this year's ParityLIST for Women are being intentional about creating equity in the workplace, which starts with acknowledging the disparate barriers women face at home and at work."

To be included on the list, companies must have policies and practices that honor parity. All of them focus on recruiting women into all job bands to maintain a balanced pipeline. Of those, 86% have a formal pay equity plan to identify and correct pay gaps, while 95% offer flexible working arrangements. Eighty-one percent offer equal family leave to both men and women, and 98% encourage men to take their full family leave.

While this graduating class was the first to encounter COVID restrictions and learning remotely, many want to have a hybrid arrangement of remote and in-office work.

“While the graduating class of 2023 was the first to encounter COVID restrictions and learning remotely, many want to have a hybrid arrangement of remote and in-office work. #hybridwork #newgraduates”

Money reports that a recent Handshake survey shows, “Only 16% of students said fully remote work would be ideal, compared to 72% who prefer hybrid and 12% who prefer fully in-person.”

The good news is, “Both the unemployment rate and underemployment rate for workers under 24 is lower this year than it was last year, according to the Economic Policy Institute.”

Additionally, the National Association of Colleges and Employers “is forecasting that hiring of college graduates this year will be about 4% higher than in 2022.”

That is welcome news for new graduates as many of them are struggling with enormous amounts of student debt.

Student loan debt is “the second largest form of household debt after mortgages, amounting to $1.63 trillion last year,” according to Tearsheet.

A new survey by WalletHub shows that “88% of students are worried about the current state of the economy and for 34% of them, the biggest fear they have after graduation is their debt, followed by not finding a job.”

Still, those graduating are pleased with the choice to finish school as “63% think taking on student debt to fund their education was a good call.”

In her recent commencement speech to graduates of her alma mater, Tennessee State University, Oprah Winfrey was both candid and specifically inspiring.

“’I come as one, I stand as 10,000’ has been my mantra for power. Because for so many of my earlier years, I was the only woman, I was the only person of color. And at no time did I ever feel out of place, or not enough, or inadequate—or an impostor. Do not let the world make an impostor syndrome out of you. Why? Because I knew who I was.”

““For so many of my earlier years, I was the only woman, I was the only person of color. And at no time did I ever feel out of place, or not enough, or inadequate—or an impostor. Do not let the world make an impostor syndrome out of you. Why? Because I knew who I was.” — @Oprah. #womenleaders
”

Take The Lead Leadership Tip of The week:

“Do not let the world make an impostor syndrome out of you. Why? Because I knew who I was.”

Oprah Winfrey at 2023 Tennessee State University commencement

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About the Author

Michele Weldon is editorial director of Take The Lead, an award-winning author, journalist, emerita faculty in journalism at Northwestern University and a senior leader with The OpEd Project. @micheleweldon www.micheleweldon.com