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No Jobs For College Grads
Joblessness has ravaged almost every section of the global labor force. Yet this financial slump has hurt young adults the most. Those between the ages of 16 and 24 are having the most difficult time finding jobs. Even though some dropped out of high school; many are college alumni and have even gone on to earn MBAs and law degrees.
In the U.S. the unemployment rate for 16- to 24-year-olds is now greater than 18 percent. In the previous year it was 13 percent.This means that almost 20 percent of young adults don’t have a job. These figures don’t even calculate how many are underemployed. This displays that not only are American families struggling, but even youngsters can’t find jobs to help their families survive.
There is also long-term harm that can be caused if young people are unable to start off their careers. These individuals may become a “lost generation.” Quite a few studies have revealed that when youth can’t find jobs over an extended period of time it can lead to problems including significantly lower lifetime incomes.
The logic behind this is that many people get trapped in the same old job, doing vocations that are beneath their skills and abilities. This in turn can lead employers to believe that they are unskilled or damaged goods. These circumstances will lead to dissatisfied employees even if they have an education because they aren’t meeting their capability.
Another drawback is that many businesses aren’t hiring new employees particularly young workers. This means that they are missing from the workplace. As a result, businesses are missing out on new thoughts and concepts that younger generations bring in to refresh the company. American companies are not hiring this generation, which is similar to the predicament Japan faced in the 1990s and present day.
The implications of this problem during the 1990s in Japan has shown long-term affects on the workplace. Japanese individuals that began their career during the 1990s are accountable for 6 in 10 cases of reported depression, anxiety, and work-related mental disabilities. Because of these circumstances and results, experts judge the identical thing will happen to young workers in America. So this problem will affect young workers that are uneducated, college alumni, and those still working on their degrees. Professors are already reporting that their students are worried about the market. This fear is affecting college students nationwide including those at top universities like Stanford.
There is so much competition out there for every job. But it seems to make reasonable sense that companies would hire young workers because they’re low-priced and get rid of the older expensive workers but companies are not taking risks. They are not hiring or even accepting applications. Another setback is that many companies are wanting extensive experience which newcomers don’t have.
There are thousands of young people that have been unable to get jobs in this economy. There are long-term implications that can damage this “lost generation.” Recession grads not only suffer from depression and anxiety but typically earn a smaller amount over their working career.
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Categories: Jobs and Careers Tags: career, College, job, unemployment, University
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