The falling value of the loonie and price of oil at $27 a barrel doesn’t paint a robust picture for the Canadian economy. With eyes on the future, students are no longer experiencing mere butterflies in their stomachs over finding meaningful work, but rather pangs of fear and anxiety as they contemplate the end of their education and the prospect of facing a daunting job market.
Full-time jobs with benefits are diminishing and the labour market is saturated with highly qualified applications—hundreds for every job posted. Moreover, employers seek to hire the candidate with the most experience that fits the position and on-the-job training is somewhat of a luxury.
Facing a labour market that offers a revolving door of part-time employment and little job security means more students will be forced to apply for Repayment Assistance on their loans, delaying them from a healthy start in the workplace.
At the economic summit recently held in Davos, Switzerland, McGill University principal Suzanne Fortier said, “Universities must prepare students to face multiple jobs throughout their working lives and they will face a longer working life than their parents.(…) It’s a constant reinvention of themselves and we need to prepare them for that.”
Governments, post-secondary institutions, and private corporations should play a larger role in addressing this uncertain future facing students in a tanking economy that hasn’t recovered since the recession of 2008.
Governments need to address the issue of the high debt load students are graduating with by offering more grants for tuition and textbooks. Newfoundland, for instance, has already phased out student loans and replaced them with grants.
Universities cannot simply continue to market post-secondary education as a one-way ticket to a steady, well-paying job and a place to party for four years. Universities need to engage in more responsible marketing and should educate students on the implications of taking on large amounts of student loans to finance their education.
Much like how the credit card industry was forced by legislation to educate customers on responsible borrowing, universities should do the same through advertising and accurate information posted on the financial information section of their website. Some students are too young and lack the life experience to understand the implications of having a $40,000 debt when they graduate.
Corporations should also offer more scholarships to members of their community outside of children of their employees. Not only is it beneficial for corporations to engage in the community in this way, but it could help students interested in a particular field to get connected with the corporation early on.
Students themselves must embrace the realities of the labour market and prepare themselves accordingly. Students should aim to hone their skills and gain experience through volunteering and extra-curricular activities in areas where they hope to find work. Adaptability and versatility are essentials in a labour market that is forever changing.
