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The pandemic rocked the global economy in 2020, and GMAC’s annual corporate recruiter’s survey shows that corporate Recruiters adjusted their approach accordingly. But it also highlights optimism for 2021, with recruiters looking to resume hiring of MBA graduates next year.

The survey of 949 Corporate Recruiters was conducted in two waves: Wave I took place at the cusp of the pandemic in February and March while Wave II was done in June and July. 

Results from the survey show how recruiters’ perceptions of the economy and their businesses changed in that window of time. The majority of recruiters went from seeing the economy as stable or strong to seeing it as weak. 

Fitting with that shift, recruiters dialed down their expectations of hiring MBA graduates. While 92 of Wave I respondents expected their firms to hire MBA grads, only 77 percent of Wave II respondents said the same. 

Even as companies were revising down their 2020 hiring expectations, though, they seemed to be looking ahead to 2021. 

Over the summer, during Wave II of the survey, 89 percent of corporate recruiters still anticipated that their firms would hire MBA graduates in 2021, barely down from 92 percent who said the same in the early spring. 

Recruiters most frequently endorsed three skills that they felt made B-school graduates well prepared for the workplace: communication, strategic thinking and having versatile skillsets. More than 60 percent of Wave I and Wave II respondents rated those skills as especially relevant.

Interestingly, after the pandemic hit, recruiters tended to give increasing importance to another skill: being able to “navigate the challenges of technological disruption.” The new priority placed on that skill can maybe be understood in light of the widespread shift to remote work during the pandemic.

For business master’s programs, most companies apparently did not make major alterations in their 2020 hiring plans after the economy locked down. 

While 56 percent planned to hire Master in Management graduates in Wave I of the survey, 50 percent still intended to do so in Wave II. For Master of Account graduates those numbers were 51 and 49 percent, and for Master in Finance grads they were 54 and 50 percent respectively. 

The exception was for Master in Data Analytics programs, where the percentage of recruiters expecting to hire grads in 2020 dropped from 72 to 56 percent after the pandemic began. However, that figure increases to 63 percent who intend to hire analytics grads in 2021. 

Overall, the results confirm that corporate hiring has taken a hit along with the broader economy. That said, 2021 may be a bright spot on the horizon as recruiters look ahead with the intention of bringing in new talent next year. 

You may be wondering what this uncertain time means for your MBA application. We’re happy to help by providing personalized feedback on your application. Just get in touch and ask us for a free MBA application assessment!

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