Bad Job Market For Young People?

Two years ago, young people talked about earning millions in Internet jobs and retiring by thirty. They snubbed their noses at the brick and mortar folks, who seemed “hopelessly lost.” There was a labor shortage—fueled in part by the dot.com hiring.

Young people were in demand—and they were demanding: “Challenge me.” “Meet my spiritual needs.” Some showed up for interviews in sandals or with pierced tongues. Others did not show up at all.

Because of the labor shortage, companies were forced to hire anyone they could. Young people got lots of offers for free, and they attributed this to their own brilliance. Of course, it was “the economy, stupid.”

Ah, we’re back to the good old days. It’s a tougher market and some companies are cutting back younger workers: last in, first out. There are reports in the press that some companies are rescinding offers to recent grads, leaving the young folks in the lurch.

What can a young person do?

Young people need to search the way the rest of us do: Be more expansive. Julie, whose story you will read inside, contacted 205 architectural firms, landing four terrific offers. 75% of the firms she contacted were in a major metropolitan area, 25% in the burbs. Interestingly, all 9 responses and 4 offers were from firms in remote areas. Young people need to contact firms that are off the beaten path. Here are a few other tips:

• Don’t just go after just the companies of your dreams. Make an A list, B list, C list. Get offers from all of them. This increases your chance of getting a dream job.
• Follow up using letters and phone calls. Let employers know you are really interested.
• Get real work experience throughout your college years. Anyone who works at summer camps for four years is unlikely to get a good job after graduation.
• Some students can take unpaid internships, but most have to work at real jobs for real money because college tuition has skyrocketed. Paid jobs are out there.
• Look and dress seriously. Ties for young men; female equivalent for young women: No bare midriffs or body piercing.
• Don’t just chase the money. Pay your dues; think long term; build a career. Don’t go into investment banking just because your parents want you to or all your friends are.
• Don’t use your age as an excuse. Maybe the problem is something else. Try to figure out what it is. At The Five O’Clock Club, younger people who work the system are finding good work.

Things aren’t all that bad.

The unemployment rate is 4.3%, still historically low. Young people can find good jobs, but it’s no longer enough to talk to four companies and then expect four offers.

What about young people who earned great money and got laid off? How can they make what they were making before?

That’s the wrong question. Instead, they should hope to get paid at market rates. If you get paid above market, you’re likely to get fired quickly. Many were paid extraordinary sums : companies were spending investor money and there was a labor shortage. Now, everyone has to come down to earth. It’s really not a bad place to be.