Research Explores Underemployment in the US
Research by PayScale and Millenial Branding found that today’s younger workers are working jobs for which they are overqualified and which often don’t even pay the bills.
Long gone are the 80’s where the economy was promising enough for every graduate to secure a career in their chosen field. According to recent statistics half of new graduates in US are jobless or underemployed. Working in waiter or waitress, bartender, retail clerk positions they struggle paying off mounting student loans.
The idea behind the study by PayScale and Millenial Branding, leading software and research companies, is to unveil how the young tech savvy, yet underemployed Gen Y generation is changing the workforce in US.
Over 63% of today’s 18-29 year olds hold a bachelor’s degree and their most lucrative majors earned are across various engineering fields. Most commonly reported jobs for young workers don’t necessarily require a college degree, for example merchandise displayer, clothing sales representative. For some, sending hundreds of resumes a week hasn’t helped finding an entry-level position of their field.
Study found that Gen Y is more dynamical, they are more drawn to smaller companies, because they are flexible, don’t set limits to social media use at work and they embrace the entrepreneurial spirit.
Skills centering on online marketing and social media, tight jeans and iPad describe the traditional job seeker who prefers a company that let’s their workers stay online.
Median years with employer are now limited to just two years, compared to 10 years for the silent generation, born between 1920-s and 1940-s.