01/24/2023 | Press release | Distributed by Public on 01/24/2023 07:55
Generation Z, which represents the majority of undergraduates today and is expected to account for 30 percent of the U.S. workforce by 2030, is entering a job market that is vastly different from those experienced by prior generations. With rising college seniors and recent graduates experiencing unique challenges such as the pandemic and economic turmoil as they prepare to enter the workforce, it's no surprise that the factors influencing their job search are also distinct and present new challenges. Today, we're releasing findings from Adobe's Future Workforce Study, which surveyed over a thousand university students and recent graduates in the U.S. to reveal how the newest employee cohort is feeling about the economy, current labor market, and job search and application process. Here are our findings:
Adobe has always believed people are our greatest asset. Adobe for All encapsulates our commitment to creating a workplace that reflects the diversity of the world around us, where employees from diverse backgrounds can make an impact.
Our industry-leading internship and new grads programs provide students with opportunities to get critical work experience, develop soft and hard skills and bring their creative ideas to life. In fact, in the past year, 62 percent of Adobe Research patent filings had an Adobe intern listed as an inventor. Last year, Adobe welcomed its biggest intern class to date and our internship program was recognized with a Ripplematch Award for having one of the top early career teams and programs in the nation. In addition, Forbes recognized Adobe as being one of the Best Employers for New Grads.
We believe that greater representation leads to a virtuous cycle of more role models, advancement, growth and meaningful innovations for our customers. In 2021, we accepted interns from more than 300 universities globally.
In recent years, we've partnered with Historically Black Colleges and Universities (HBCUs) and Hispanic Serving Institutions (HSIs) to expand the diversity of our talent pipeline through initiatives such as the HBCU Ignite Scholarship, the Student Athlete Micro Internship program and the Cybersecurity Internship Program with Bowie State University. In addition, we launched the Adobe + HBCU 20x20 Fellowship to empower 40 Black college students for tech careers at Adobe. And we continue to ensure inclusivity and fairness in our sourcing, interview and hiring processes.
Our expansive rewards including competitive pay, inclusive benefits and wellbeing programs empower our employees to be their best selves at work.
Mental health is a key pillar of Adobe's wellbeing strategy. To support the health and wellbeing of our employees, we provide several resources such as our employee assistance program (EAP), access to several wellbeing apps, wellness-focused reimbursements, and more. And to foster a sense of community with their cohorts, interns and new grads are encouraged to join our many community-building initiatives like our employee networks and interest groups, Adobe for All Summit and volunteer opportunities.
Additionally, we know that many recent grads are entering the workforce with some debt which is why, as part of Adobe's Learning Fund, we provide new university grads in the U.S. with up to $10,000 to put towards their student loan payments. Our Learning Fund can also be used towards education and professional development programs to acquire new skills and grow their career at Adobe.
Adobe collaborated with Advanis to collect 1028 responses from U.S. post-secondary students and recent graduates (graduated in 2021 or 2022 or planning to graduate in 2022-2024). Data was collected from an opt-in non-probability sample provider in December.