I was unnerved when Borders went bankrupt.
Well, not as unnerved as a Borders employee should have been. Mostly because I would be graduating and leaving the store for greener post-grad pastures (seems my pastures are as green as Borders future).
Don’t misread – especially any of my fellow borders alum. Because I loved my job – it was by far one of the most pleasant work experiences I have ever had. Everyone got along with each other; the majority of the customers were sensible and fun people (same could be said for my fellow employees). If every Borders store operated the way our store operated, I don’t see how they could have declared bankruptcy.
Our store survived the initial batch of closings because we were small, and we were a staple in the community. The only other bookstore in town was a Half-Off-All-the-Time mess, in a closet of a store. Our Barnes and Nobles competitor was more than half a mile outside of town. We were it.
Now all of the Borders stores are closing, and a lot of good people are losing their jobs. And Borders isn’t the only one – following a merger with First Niagara, HSBC recently announced their intentions to lay off 30,000 people. And these 30,000 people are being laid off to make room for 15,000 people in the emerging markets. What does that mean?
Emerging market = Asia, Brazil, Argentina and … Mexico? No comment.
The point is that with chains such as Borders or Blockbuster downsizing or closing, we college grads are facing more competition from experienced members of previous generations than they themselves faced. Not to mention how little a Bachelor’s degree actually means anymore.
I’ve been out job hunting, and the majority of jobs are seeking candidates with more years of experience than most people will get just from sitting in a classroom. I consider myself very lucky, in that I had two professors urging me in all the right directions, so I received experience while I was in school. But hey – I’m still unemployed, and finding employment is by the far the most frustrating, exhilarating, and mind-numbing experience a grad can face.
I don’t know the science behind it, but I am aware that four out of six of my friends (or two out of three, if you want to simplify things) are either registered for grad school, or planning to attend after graduation. OK, so my friend pool is relatively small, but it doesn’t change the fact that the growing trend is to attend grad school. Which means more student loans – fueling an already loan-centered, debt stressed economy. And let’s not even go into how grad students will be paying more in their loans following the recent debt deal laid out by Washington.
To break things down – economy is bad. Companies close. Good people out of jobs – competing with inexperienced college grads. Grads return to school hoping to graduate again with a more stable economy and job market. Student loans and the high cost of education support a society’s poor decisions to buy first, and pay later.
Now, before you start firing your keyboards and accusing this blog of inaccurately depicting social events, American society, or even financial situations, I have to point out that I know nothing about finances (I prefer to leave that to the people who know what they’re doing … of course, the people who know what they’re doing have already failed in preventing all the things they were supposed to prevent, so maybe they’re as knowledgeable as I), and everything mentioned here is only my impression of what’s happening.
A sign of market end times for future students and graduates? Or a time for change? You be the judge.