These youngsters were baptized in fire, they graduated into a hostile job market and a complete financial meltdown. So, it makes sense that a lot of them would expereince career burnout, but there’s a bit more to the situation.
Young people are hungry for opportunity and thirsty for progress and advancement. But those exact ambitions make the process quite intense. That’s not the reason young people are suffering from career burnout though. The reason so many Twenty-Somethings are suffering is complex and multi-faceted even though it’s entirely logical.
Women Experience It More
According to research although 53% of entry-level corporate jobs are held by young women, as people move up the ladder female representation drops dramatically. Only 37% of middle management and 26% of senior management positions are held by women. The author of this hugely popular and widely read Forbes article claims it’s because millennial women do not know how to switch off. They strive at school, push themselves in college only to end up on the first rung of the ladder again when they enter the workforce. The author insightfully says: “Their exhausted even before they start working”. They often think that by entering the job market things will be better…and that was definitely the reality they were sold: “work hard in school and you’ll get into a nice college” “work hard in college and you’ll get a nice job”.
But, the only thing that this hostile market has to offer millennials (both male and female) is debt and an utterance (more like a growl) “work harder”. They are underemployed, according to the Federal Reserve Bank of New York 44% of college graduates in their 20s are stuck in low-wage jobs that have no potential for vertical mobility. The Pew Research Center found that the rate of young people being paid under $25.000 per year is the highest since the 1990s. That’s taking into consideration that Millennials are the most educated generation to date; 79% have college degrees (compared to 69% of the previous Generation, X and Baby Boomers at 62%). The assurance that a good education would guarantee a bright future was an outright illusion (or delusion) proliferated by the generation that immediately preceded Gen Y.
Some have called Millenials “The Cheapest Generation” because of its hesitation to consume in high-cost goods such as cars and housing, but in fact as the author of this article writes, they are “The Generation That Was Shafted” because the job market has not been as fertile as it was for previous generations. Financial security which permits the purchase of bigger ticket items has been woefully stagnated by Boomers (the generation that was brought into this world by G.I.s returning from war that started procreating like little furry carrot eating rodents A.K.A. rabbits) hesitant to hire young, inexperienced grads, stagnating vertical mobility by not retiring. They have taken advantage of the Great Recession to under-compensate the young individuals they do decide to hire and treat them as dispensable due to an extremely competitive market, full of applicants for any and all position that may open.
Globally the market doesn’t seem to be any better either because according to a study done by the World Bank nearly a third or 33% of the world's young people are not even participating in the labor force. The World Bank also postulate that this not only affects their ability to earn in the future (well duh…) it also affects their emotional, mental and physical health. Which is fine because again according to the research part of the reason the market is rough is because more people are living until adult-hood.
As car manufacturers and the construction industry has already seen, Millenials historically unprecedented aversion to purchase cars and homes is having exponentially negative effects on the economy at large. During the post war years, a large part of the economic growth was due to the housing and automotive industry, which has been less than prosperous in recent years. Returning G.I.s had access to the G.I. Bill or the Servicemen’s Readjustment Act that offered a slew of benefits including: low interest mortgage rates, low interest start-up loans, paid tuition and expenses for G.I.s that wanted to go to college (or Uni as our friends the Brits would say) as well as an entire year of fully paid unemployment.
I see you pointing your bony finger Mr. Baby Boomer saying that I’m talking about the previous generation, but (come on you must’ve been expecting the “but”) the Long Boom, Post-War Boom or Golden Age of Capitalism lasted until the 1970s…and (ok you probably didn’t expect the “and”) those very solid foundations of a healthy economy and a growing middle class set the scene for healthy future growth. To compound everything (because you are already insulting Millenials, constantly calling them lazy and useless, why not add a healthy dose of injury? You know you want to) consumer prices have gone up by 50% in last 22 years. In place of opportunities, the basic human need for housing and the lowest rates of hope for the future of any generation previously the question should be “How come all millennials aren’t burnt out”.
I know I’m going to catch flak for this article, so please leave your hate in the comment section below.