If you are a recent college graduate or parent of one, you’ve probably noticed a disturbing, frustrating and frightening trend. Even though we are in a strong job market with over 10 million jobs posted, it’s incredibly hard for Generation-Z young adults to get their first job.
Roles posted as “entry level” require around three-plus years of relevant experience. Graduate degrees, mastery of certain softwares and technologies, licenses and certifications are being asked for too.
This is more than anecdotal stories coming from frustrated Gen-Z graduates and their parents questioning the thousands of dollars spent on a college degree. A study of around 4 million jobs posted on LinkedIn, the large job search and networking platform, showed that roughly 35% of job listings for “entry-level” opportunities called for three or more years of prior relevant work experiences. It gets tougher for certain sectors. Over 60% of listings for entry-level software and technology services jobs require at least three or more years of experience.
To add insult to injury, the new first job is now an internship. It’s the sad answer to the age-old question of “how can I get experience if no one will give me a chance to gain the experience?” An internship—some paid, many not—is the new default way to gain some hands-on experience. After incurring over $100,000 of tuition debt, this outcome was not mentioned in the college brochure.
Sometimes, you need an internship to get an internship. As many high-quality jobs are in places like Silicon Valley and New York, most young people can’t afford to live in these ridiculously expensive places, especially if they’re interning for experience and not money.
This is on brand for the ways many corporations act toward workers. On the complete other side of the spectrum, older workers are being forced out of the job market and taking early retirement, but not of their own choice. It’s not just an age thing. People with 20 to 30 years of experience tend, on average, to earn more than their younger peers.
To cut costs, management has let go of these seasoned employees to hire less expensive mid 20s or early 30s Millennials. Companies have also relocated jobs from expensive big cities, such as New York and San Francisco, to lower-cost locations. Then, they moved positions to other countries across the globe to find cheaper labor.
The job application process has become highly automated. Liberal arts majors in fields, such as psychology, find that the keywords on their résumés may not match up with the investment banking roles they’re seeking. As more people are attending universities and earning degrees, the competition has become ferocious.
Being in the midst of a pandemic doesn’t help matters either. Companies have been going through whiplash changing the dates for having their employees return to the office. They’re trying to figure out hybrid and other work models. Surveys show that a significant percentage of workers say they’ll quit if they’re forced to start commuting back to an office setting. With these challenges, it’s reasonable that management’s first priorities are the needs of their current employees—before bringing new people aboard.
Lately, an uncomfortably large number of graduates are unable to leverage their degree to find a job in their field of study. The first rung on the corporate ladder is critical to long-term career success. It’s easy to get stuck in a role that wasn’t your first, second or even third choice. They may be stuck in this space for some years to come. The longer time goes on, the harder it becomes to procure work in your chosen field.
The unemployment rate for college graduates is higher than the average. Over 40% of recent college graduates are underemployed. According to data from the Federal Reserve Bank of New York college graduates are working in jobs that don’t require a college degree. The Wall Street Journal reported on a study that found that “since the start of the pandemic, hiring for entry-level college graduate positions has fallen 45%, more than for any other category of education.”
Although this sounds discouraging, don’t give up hope. In addition to submitting résumés, consider networking. Find alumni, family, friends, neighbors and others who can offer leads to find a new job or could make a personal introduction to a target company. Get in touch with recruiters who specialize in your field. Actively participate on LinkedIn to get noticed.
Keep trying, stay positive and you will eventually find the right job. Careers are marathons and not sprints. Even if you get off to a slow start, with drive and determination, you can catch up and, ultimately, win the race.
Source: Forbes
