You are unemployed because you are lazy - not because the economy is failing. That is how mainstream media seems to position millennials nowadays. Millennials otherwise known as Generation Y, which make up the group of people who were born between 1980 and 2000, are misunderstood by many people. In a way, they are blamed for the outcomes of their lives; a fact that implies that their attitudes may be “problematic” while they are often described as self-centered, immature or narcissists.
However, its not their fault for not being able to find job, or is it? Truth is that they are dealing with tough economic circumstances and as a result they are suffering from long-term unemployment.
#1 Loss of Opportunity
According to a report from Generation Opportunity, there are 1.7 million “missing workers” aged 18-29 years old who are not listed as unemployed by the US Department of Labor, which means that they have given up looking for work due to lack of jobs.
Millennials are the first generation that faces the new demands for education and skills; they are also the ones that have been mostly affected by the bad economy. That is not because millennials are undereducated or lazy – quite the opposite, the majority are well-educated, skilled and ready to enter employment. Still, millennials are the most unemployed and underemployed generation because of loss of opportunity which points out the fact that they are overqualified for the majority of the positions currently available to them.
#2 Mismatch of Skills
Youth unemployment rates are even higher than unemployment rates of other age groups. This is because there is a great “skill mismatch” in the labour market which affects the balance between supply and demand for different skills. Therefore, in order for millennials to become employed, the younger generation needs to meet current demands in skills and knowledge which are different for each job sector.
#3 Crowded Labour Market
The need to increase their employability is important as the job market has become extremely competitive. The labour market is currently crowded and employment opportunities are limited and typically short-term. Millennials have graduated into a recession and 90% of the jobs created since 2009 were part-time. However, new emerging professions in the fields of Energy, Healthcare, IT and Finance are seen as the way forward in which millennials can invest and build the foundations for their career.
#4 Lack of Education
While millennials is a highly educated group of young people, many have been forced to drop out from college or university along the way due to financial or personal reasons. Not having obtained a university degree makes it more difficult for them to actually find employment in contrast to those who hold one. At the moment, having a degree and relevant work experience in their field of study are great assets for millennials.
#5 Expensive Costs of Living
In order to be able to live independently and pay their bills, young people need to have a steady source of income so that they are not relying on their parents for financial support. Since the cost of living is expensive it makes it harder for millennials to start making their own living.
#6 Negative Attitude
Frustration, fear, anxiety, doubts are just some of the emotions that millenials are experiencing due to their situation and inability to secure a job. These feelings alone are eliminating their chances of positive thinking or the possibility of something positive happening to them soon, such as finding work. The key to success for millennials is staying focused, confident, open to change, positive and engaged as much as possible.
#7 Student Debt
Since tuition fees have increased, especially in England, it has made it more difficult for millennials to start saving money. Trying to start your life with a student debt that needs to be paid is not exactly an ideal situation. The pressure that this debt puts on young people is huge and it only holds them back from realising their career goals.
Millennials do not need to be overly worried though! Through careful career planning, they can move forward one step at a time. By simply taking into account what skills they need to develop, staying informed about changes in the job market and working on a more positive attitude, they can secure a job in no time!
What is your opinion on the matter? Please leave your comments below.