The Baby Boomer Generation, who have been helicopter parents, are now counting on a productive young workforce to help fund retirement and health care. Instead, they continue to fund their adult children who risk getting tracked into jobs that that don't pay very well, says Lisa B. Kahn of the Yale School of Management. That would mean lower tax payments for Social Security and Medicare.
Only 46% of people aged 16-24 had jobs in September 2009, the lowest since the government began counting in 1948. The crisis is even hitting recent college graduates. While unemployment is ravaging just about every part of the global workforce, the most enduring harm is being done to young people who can't grab onto the first rung of the career ladder.
In the U.S., the unemployment rate for 16 to 24-year-olds has climbed to more than 18%, from 13% a year ago. For people just starting their careers, the damage may be deep and long-lasting. Studies suggest that an extended period of youthful joblessness can significantly depress lifetime income as people get stuck in jobs that are beneath their capabilities.
According to a BusinessWeek analysis, college graduates aged 22 to 27 have fared worse than their older educated peers during the downturn. Two years ago, 84.4% of young grads had jobs, only somewhat lower than the 86.8% figure for college graduates aged 28 to 50. Since then, the employment gap between the two groups has almost doubled.
But the situation is most severe for job seekers who lack college diplomas and thus have fewer options. It seems strange at first blush that young people are the biggest victims of the current economic slump. But both employers and older workers are sitting tight, taking as few risks as possible in an uncertain environment. With no openings, employers are refusing even to look at the resumes of those on the outside looking in. Meanwhile, the tide of youth unemployment keeps rising.
What Can be Done?
With jobs scarce, some young people plan to start their own businesses. Schools should encourage that instead of churning out "passive regurgitators," argues Kate McKeown, an adjunct professor of entrepreneurship at Fordham University's College of Business Administration.
Source: BUSINESSWEEK, October 19, 2009
Here in Michigan, the epicenter of joblessness in the U.S. with a 15% unemployment rate, Wayne State University's School of Business Administration is sponsoring workshops and a new book, "Yes! You Can Land a Job; (even) in a Crummy Economy" authored by Therese Marie Boldt, a successful recruiter and career coach. Wayne Business School Dean David L. Williams says, "Our main goal is to prepare students for their professions. That entails not only theory and practice, but also the concepts Therese so aptly discusses [in her book] such as a positive, realistic attitude; self-knowledge; preparation; and perseverance. In today's uncertain economy, our students are finding it more and more challenging to cross the commencement stage and step into their dream jobs."
Other universities and alumni associations are steping up to assist their graduates in landing jobs in today's tough economy.
Our suggestion is that the young job-seeker put together an action plan with the emotional and financial support of their Baby Boomer parents:
First, buy the book, "Yes, You Can Land a Job" which is the recipe you need to follow. However, you can't land a job just by reading the book; you much follow the recipe with the support and guidance of career counselor or coach.
Contact your university's career services office or alumni association for career coaching assistance...or...search the Internet for a personal career coach to put the book's recipe into practice.
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