An increasing number of college graduates are delaying looking for work, citing the need to search for the right job for them.
Around 8 percent or 600,000 of last year's college graduates have failed to find a job. While some have opted to study abroad, a greater majority have been postponing getting a job, according to the 2015 annual report on the employment of Chinese college graduates released by MyCOS, a data and consulting company specializing in education.
Unemployed young people have higher education qualifications and longer periods of unemployment as compared to before, according to Ying Hongqing, deputy director of the Shanghai Municipal Human Resources and Social Security Bureau.
According to Jiefang Daily, an online poll revealed that 70 percent of respondents have relatives or friends who have postponed finding work after graduation, taking their time to search for the right job or consider entrepreneurial plans. One thousand Shanghai residents participated in the poll.
Almost 60 percent of the survey respondents said that their primary reason for delaying work was not having found the right job.
In the past 15 years, the number of college graduates has been increasing, having reached a record 7.49 million this year. With 220,000 more graduates this year than last year, coupled with slowing economic growth causing companies to recruit less, the job market has become significantly more competitive.
Most people consider the favorable economic conditions in more households as an important factor that allows younger people to spend more time looking for the right job.
"In the past, even if people did not feel satisfied with their jobs, they looked for another one while working," said Hu Shuwen, an employee at a multinational company.
"Moreover, some parents' attitude of surrendering money to invest in children's education has changed. They don't expect that the investment must be paid back by a decent job. They hope children have a better life experience," Hu said.