Mark Filipino hosts this special episode of the FT News briefing featuring Angeli Raval, the FT's management editor, and Daniel Chait, CEO and co-founder of Greenhouse hiring platform. The discussion centers on the deteriorating job market for recent graduates and the systemic challenges affecting both job seekers and employers.

The episode explores how technology has paradoxically made applying easier while making actual hiring harder, with AI tools creating new barriers and recruiters drowning in applications. Real graduate experiences illustrate the psychological toll of endless applications and ghosting, while industry data reveals the scale of the hiring crisis affecting entry-level workers globally.

Graduate Job Market Crisis Deepens Globally

Recent graduate unemployment is climbing faster than the general population according to U.S. Census Bureau data, with similar patterns emerging worldwide.

Hannah, a King's College graduate with a degree in war studies and international relations, describes the struggle: "I've done the internships, the research, the volunteering. But like a lot of graduates, I'm finding that getting that first proper role is the hardest step."

Graduates are "doing dozens of applications" and "almost finding like they're hitting a wall at every turn," often sending applications "into the void" without hearing back - Angeli

AI Creates Bizarre Application Arms Race

Companies increasingly use AI tools to screen applications, forcing candidates to "tailor their CVs and their covering letters to algorithms trained to detect keywords" - Angeli

The system has become "slightly bizarre" where graduates use AI to create applications while HR departments use AI to filter them, resulting in hundreds or thousands more applications than previous years.

One graduate spends extensive time "trying to make her applications more scannable," but even with polished applications "she may just never hear anything back" - Angeli

Exploitative Services Target Desperate Graduates

Businesses targeting job-seeking graduates have proliferated, with many exploiting vulnerable candidates during difficult times, particularly in banking and financial services.

One graduate was approached by a company suggesting he "pay a fee of close to £6,000 a month" for job placement services - Angeli

Yasmin, a finance graduate, describes her strategy: "I'm mainly applying through banks, career websites, trying to network with finance professionals on LinkedIn and also staying flexible about rules and timelines."

Hiring Platform Data Reveals System Breakdown

Greenhouse processed "about 65 million job applications across all of our customers" last quarter, while global hiring remains "20% below pre-pandemic levels" - Daniel

The number of applications per recruiter has increased dramatically: "That person's pile is about three and a half times bigger than it was in 2022" - Daniel

"It's easier than ever to apply for jobs. It's harder and harder to get a job. And they're not hearing back as much along the way" - Daniel

Strategic Advantages for Job Seekers

"Being early to apply for a job gives you a distinct advantage. If you're in the first few hours of a job being opened, you're much more likely to be looked at" - Daniel

Effective resumes should "very clearly tell the story, not just a listing chronologically of like the job titles you've had, but the impact that you've had" - Daniel

"Good old-fashioned networking still works" despite accessibility challenges, with industry events and company connections providing distinct advantages - Daniel

Common myths like "putting secret keywords and like white text on a white background" to trick algorithms "generally don't work" - Daniel

Long-Term Career Impact and Market Dynamics

Graduates entering poor job markets "suffer many years on, even decades later, in terms of their salaries," similar to those who entered during the global financial crisis - Angeli

Experienced workers with "two or three years in the workforce, are applying for junior jobs that maybe would have gone to a graduate five years ago" - Angeli

"For the employer, it's a no-brainer situation. But who's losing out? It's going to be the entry-level worker, whether it be a graduate or non-graduate" - Angeli