Class of 2009
Millennials: Congrats on Your Degree, Welcome to Unemployment
Submitted by Kari Dunn Saratovsky on Tue, 05/19/2009 - 12:32
As the pomp and circumstance of graduation season is fully upon us, members of the Class of 2009 enter the workforce as the most widely educated and technologically adept generation in history. But, we know that timing is everything – and with job loss at record highs and wages and health insurance at new lows – let’s face it, we’ve seen better times.
Even so, there’s something about the Millennial Generation’s resiliency that is interesting to watch. Many are looking at their next chapter as a time for self exploration. They’re trying to find meaning in their jobs and are delaying the traditional workforce to join programs like AmeriCorps - or heading overseas to teach English in a developing country. They’re leveraging technology to innovate and create new solutions to complex environmental and social problems. Gen Y is seen as ambitious and hopeful. But they are also debt ridden and anxious.
As Nate Lowentheil wrote today in his piece on Huffington Post, “We're not helpless. Young people are eager to join the workforce, and willing to go out on our own when jobs aren't available. This morning, USA Today wrote young entrepreneurs innovating to meet the demands and challenges of the moment. But that's not enough. We can't expect all young people to launch their own ventures. We need public action. We need to match the investments that young people are making in themselves, and help our generation build the new economy our country needs. We're well positioned: our generation, 80 million strong, is diverse, technologically savvy and climate-conscious--a perfect match for the global economy in which we must compete and collaborate.”
According to a study commissioned by the Rockefeller Foundation and released last month by Qvisory:
- Nearly one in five young adults (19 percent) are unemployed or looking for work. High debt and low savings puts them at particular risk when job losses occur.
- Two in five young adults (41 percent) have been affected by cuts in wages or hours. Half of those who work part-time have had their wages or hours cut.
- Nearly one-quarter of young adults say that they or a family member has recently lost health insurance (23 percent).
These staggering statistics often get lost – the question has become, who is looking out for young people? Last week two new efforts were announced that will help bring light some of these issues and provide outlets for action.
80 Million Strong: 80 Million Strong for Young American Jobs was created by Mobilize.org, SAVE (Student Associate for Voter Empowerment) and the Roosevelt Institution. The coalition will work to unite young Americans to own and direct their economic reality and will convene a summit in Washington, D.C. on July 14th and 15th. The summit is an opportunity for diverse young leaders from across the country to collaborate on innovative ideas and policies to build an economy that reflects the strengths of the Millennial Generation. Ultimately, the summit will conclude in a legislative and grassroots agenda for the coalition and its partners to actively pursue.
Jobs For Change: A new jobs portal created by Ben Rattray and Change.org, the site has been crafted in partnership with more than a dozen nonprofits including Young Nonprofit Professionals Network, AmeriCorps Alums, Echoing Green, Network for Good, and Encore Careers. More than being viewed as just another job listing site, Change.org is creating a space for support, advice, and guidance for people looking to enter or advance in the social change sector.
Together, these two efforts (along with many others) will help move the discussion around millennial unemployment and the need for innovative solutions, forward.
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