Every generation has the same pressure; to do better than their parents did. We place expectations about job security, financial success, and multiple other factors on up and coming generations. For Millennials, who started with these same expectations, the ability to do better than their parents may not be within their reach.
Things Looked Bright…Until the Recession
Leading up to the recession, Millennials had high hopes, big dreams, and huge expectations. As they entered the workforce, they made ripples that created interesting perceptions about their generation, some of which are probably true, many of which are not. Of course, it wasn’t just their expectations of themselves that were high; we had high expectations about their success.
Their generation has been like no other. Highly entrepreneurial, we saw many of them starting their own businesses and finding a great deal of success. Their sense of community and volunteerism is unmatched. Times were good for the early Millennials.
Then the recession hit. Deemed one of the worst financial crises since the Great Depression, young adults have been hit the hardest by the Recession. 18-25 year olds have the highest rate of unemployment. 1/3 are underemployed. Many have moved back home with their parents. Research indicates that a large number of them are delaying adulthood activities like buying a house, getting married, and starting a family. While the cultural implications of the recession will be unknown for many years to come, the financial impact has had a detrimental impact on young adults trying to get their careers off the ground.
Years of Recovery
What may be the most unfortunate side effect of the recession for Millennials is the amount of time it may take many of them to recover financially from it. Lower starting salaries can often take decades to overcome, and for those Millennials taking any job they can get; their careers may never fully recover. Even those Millennials who were lucky enough to get jobs at the beginning of the recession aren’t making much more money now then when they started. The financial impact of this may be felt for many years to come as Millennials work to pay off debt with little left over to save for retirement.
One of the biggest problems for Millennials in this economy is they are no longer competing against other young adults for entry level positions. They are competing against professionals with far more experience who are willing to take any position just to keep food on the table. For a young person straight out of college with very little experience, the prospects may seem very grim, and for those who by-pass college altogether, well the question is, what prospects?
No Easy Answer
I wish I had an answer for this problem. I think the issues with the economy are much bigger than I can solve in a one page monthly article. What I do know though, is we need these young people in our workforce. Eventually Baby Boomers will retire, even if they don’t want to. If no plan is place to get young adults into a company and get them trained, the problems of the recession may grow even bigger.
I truly believe our business community needs to be involved now with our colleges and high schools to help students be prepared for the workforce. That means getting students immersed in organizations throughout Northeast Indiana. If local organizations are not working actively with educators to provide young people with skills to help them be successful, then we will continue to see young adults struggling in this economy.
So how can you help? Offer an internship, externship, job shadow, or class tour at your company. Volunteer to speak at local high schools and colleges. Get involved with local Career Services offices for mock interviewing, professional skills training, and other events. Connecting now may help you get your next superstar in the future! For more details on how to get involved with our local high schools and colleges, contact me at jfisher@fwchamber.org.
We have an opportunity to make a difference here but it takes all of us willing to step up to create change!
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