The Largest and Least Employed -What does it mean?
According to The Atlantic magazine, the Millennial generation has the highest unemployment rate among all generations prior. Depending upon where you look, that generation was likely born in 1982 or later, all the way up to 2002. That would make them 34-35 or younger, depending upon their day of birth.
This fact alone presents a big problem-What do we do about the unemployed among the Millennial generation?
I think it is likely unfair to blame them for the fact that this generation is the largest but certainly they could share some of the blame for being recognized as the most unemployed generation.
We do live in a rapidly changing world where some are beginning to question the value of “higher education.” Millennials have, for the most part, pursued more and more education, thinking that more is better while the world has been thinking that less might be as good as or even better than more.
I think the two questions raised by this blog; what does higher unemployment, among Millennials mean and what do we do about it are questions that need answers.
Let’s take a stab at it. What does higher unemployment mean? Certainly, because of the size of this generation the country’s unemployment rate is likely to be continually higher (not really a surprise). What can those who are employed expect, as a result? Higher taxes, for one. But let’s talk about the impact of unemployment on Millennials, themselves.
Many, with MBAs, that likely cost someone six figures plus, will be “on the dole.” Their parents will have paid for their school or Student Loans will be the source of tuition and other needs. Often the strategy is: Oh, if have a college degree but don’t have a job, I’ll borrow more money and get a higher degree, and then I’ll make more money and pay back the loan quicker. That is where many find themselves today- they have an MBA, but owe $100,000 or more for Student Loans and still don’t have a job. Let me tell you that those of us working will become more and more resentful of this folly.
But, don’t throw in the towel just yet. There is a solution.
First, we need to stop paying more for more and more education that really just gives many the time and place to indoctrinate our children with a spirit of deservedness. It does not matter what education, you might have, no one deserves anything, you must earn it. Everything must be earned, education or not. Just because you have an MBA doesn’t mean you deserve a job or one that that pays more. There is much more to personal performance, in the workplace, than education and experience. In fact, I like to say; experience and knowledge will get you in the door but it is Emotional Intelligence that gets you to the top. In other words there are some more important attributes that define performance. One of which is our ability to communicate what we know to someone else, in a way they will receive it.
Secondly, we all should have a clear picture of who we are. We should become Self-Aware, especially Millennials (that want a job). Self-Awareness is an essential starting place for anyone who wants to work. All should begin by “Knowing Thy Self.” Instead of spending $30,000 for another semester’s work at some college, spend $300 to know your own strengths and weaknesses and become “expert” on yourself.
The whole face of getting meaningful work has changed. Finding work that satisfies and challenges requires a pro-active effort. Competition is great-they are not likely to come to you. Judging by the Linkedin trends, we believe that “contract” work is a way of the future. Millennials, who want to control their future, might consider embracing “contract employment” as a means of finding the work that satisfies and challenges. As a “contract employee” be willing to work for 6 months to see what it is like and what you can deliver. Find out what the business world is all about. Get some good, real experience on your Resume.
So the GMS Talent LP solution to this problem is set out in a simple model we call, Equipping the Next, Great Generation. It begins with a simple model:
Step No. 1 – Know yourself-Assess your self
Step No. 2 – Accept Contract work for as long as you want and need it
Being proactive, do something even if it is wrong. If you are a Millennial and want to get started click here.