Business | Technology
US downturn shatters Silicon Valley dreams
Young professionals and recent graduates have struggled to find work in a sliding economy, but one area -Silicon Valley - has been relatively immune. Until now.
- Reuters
- Published: 00:20 December 13, 2008
San Francisco: Young professionals and recent graduates have struggled to find work in a sliding economy, but one area -Silicon Valley - has been relatively immune. Until now.
Silicon Valley companies that initially resisted the swooning of the economy are looking to cut costs and shed entry-level positions, and people in their 20s are finding a college degree is no longer their golden ticket to a dream job in high tech.
"I feel like I put in all the work [in school] to not have a job," said Jillian Crawford, 25, who's been looking for a marketing job with a tech company since she graduated with honours from San Jose State University in June.
Crawford has applied to about 25 marketing jobs without receiving much of a response from employers. She remains committed to finding a job in Silicon Valley and would be dismayed if she had to look elsewhere.
That may not be easy.
Silicon Valley has been hit hard by the global econ-omic crisis as tech companies, including Hewlett Packard, Yahoo, Sun Microsystems and Applied Materials, have shed 140,000 jobs in the last few months, according to Challenger, Gray and Christmas, a consulting group.
Instead, employers are putting an increased value on experience and tenure, something recent graduates lack. And many companies are moving seasoned employees around to fill open positions rather than add another person to the payroll, according to Kerry Kiley, Bay Area regional manager for employment firm Adecco.
"Things out there are very, very tough right now and seem to be getting tougher before they're getting better - even for the educated," she said. Only engineers buck the trend.
Crawford has moved back home with her parents a little over a month ago to save money.
"I was thinking [it would take] maybe a couple weeks, maybe three weeks, before finding a job I was really interested in," said Crawford. "I am completely still shocked at how long it's taken."
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