No Jobs For College Grads
Joblessness has ravaged almost every division of the global workforce. Yet this financial slump has hurt young adults the most. Persons between the ages of 16 and 24 are having the hardest time finding jobs. Even though some dropped out of high school; many are college grads 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 more than 18 percent. Last year it was 13 percent.This means that roughly one-fifth of young adults don’t have a job. These figures don’t even count how many are underemployed. This shows that not only are American families under pressure, but even teenagers can’t find jobs to help their families survive.
There is also long-term damage that can be caused if young people are incapable of starting off their careers. These individuals may turn into 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 considerably lower lifetime incomes.
The reasoning behind this is that many people get stuck in the same old job, doing jobs that are below their skills and abilities. This in turn can lead employers to believe that they are lacking ability 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 corporations aren’t hiring new employees especially young workers. This means that they are gone 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 revealed 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, stress, and work-related mental disabilities. Because of these circumstances and results, experts believe the identical thing will happen to young workers in America. So this problem will affect young workers that are drop outs, college grads, and those still working on their degrees. Professors are already reporting that their students are anxious about the market. This fear is affecting college students all over the country including those at highly ranked universities like Stanford.
There is so much competition out there for every job. But it seems to make rational sense that companies would hire young workers because they’re low-cost and get rid of the older high-priced workers but companies are not taking risks. They are not hiring or even accepting applications. Another obstacle is that many companies are wanting a lot of experience which newcomers don’t have.
There are thousands of young people that are unable to get jobs in this economy. There are long-term implications that can harm this “lost generation.” Recession graduates not only experience depression and anxiety but usually earn a smaller amount over their working career.
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