These are some notes I wrote up for myself after Global News
called and asked me to comment on youth unemployment (i.e., the job prospects for this year’s class of college
and university graduates).
I'm not one of the doomsters who lament “a Lost Generation.” I fell for that line (and reported it) two
recessions ago. I kicked about it for years because the economy cycled on and found
jobs for everyone who wanted them. The same thing will happen again.
Except this generation has it better, because they already live in the digital future that
businesses everywhere are working so hard to understand.
My interview in the Global
Toronto newsroom lasted all of two minutes, so I thought I would share the rest
of my thoughts on youth job prospects here.
They’re just notes. But feel free to comment.
You can also watch my interview here: http://globalnews.ca/video/1801743/what-challenges-do-young-people-face-in-getting-a-job
I truly believe that young people entering the workforce
have a chance to contribute significantly, and much earlier, than any
generation before them. The main reason
is that they have grown up in the social, always-connected world of Internet media
and mobile devices. There’s virtually no
question that this is the key environment businesses must master over the next
10 or 20 years, but few business decision makers understand this milieu as well
as the 20-somethings who have grown up in it.
This puts new job-seekers in an enviable position. They can hit the ground running in new jobs,
rather than taking six months to a year to learn the ropes – as happened when
previous generations came to work in organizations more stable over time. To benefit from this advantage, however, job
seekers have to be aware of it, and figure out how they can add value to an
organization.
A few other ways that the Millennials have a better shot at
new jobs than previous generations:
·
They understand business better. Kids have been playing online games that
require monetary transactions (real money, gold coins, life points, etc.) since
kindergarten. They understand limited
budgets, deferred gratification, and know the difference between spending and
investing.
My own kids were playing
Lemonade Stand when they were 10, which allowed them to choose how much they
would spend on lemons and sugar and cups, and plan for how much they would buy
on cloudy days or sunny days. So
business decision making is nothing new to them.
·
They understand entrepreneurship. Many kids online have been selling their
know-how how for a long time. I have met
kids who create Wordpress websites, edit copy, curate photographs, create computer games and design logos. They understand how to create value and get
paid.
·
They are social.
Young people they are very sharing and supportive of each other. They
have high expectations for their work, but once they get there they will be
very resourceful and creative collaborators, with their peers and with their
elders.
·
They know how to find information. The key challenge in most white collar
positions is accessing the right information at the right time. These kids know all the best search engines,
they’re not just limited to Google, and they’re used to demanding – and finding
- the right information at their fingertips.
·
Businesses today are embracing key performance
indicators, measuring output, and generating productivity metrics. Today’s kids are used to that; they all have
hundreds of apps on the phone that speak to this new culture of digitizing
every activity. They can help businesses
embrace new technologies to become more efficient, especially in non-tech areas
like personal and professional services, construction, hospitality and
government.
Also, the unemployment numbers for young people aged 20-24
are not as bad as most people think. Their unemployment rate is about 10%,
which is pretty close to the long-term trend, and a big drop from about 13%
five years ago. So things aren't as bad as we sometimes hear.
(See link from
Maclean’s economic survey: http://www.macleans.ca/economy/economicanalysis/the-charts-every-canadian-should-watch-in-2015/
(The relevant chart is the second one in. But read the full myth-busting
story if you have time.)
Where are we seeing
job growth? What sectors are doing well?
Resources are having a bad time of it, but they will come
back. Alternative energies will also do well. Non-profits and social
enterprises are enjoying a new lease on life, led by Gen Y and millennials who
are using technology and internet communications to rejuvenate these sectors
and find new solutions to longstanding problems.
Education, social media,
ecommerce, and marketing agencies are all promising. Many businesses need more
hands-on help using and customizing technology, so that’s a huge and very
lucrative area. And even old-fashioned brick and mortar retail is going to
offer great opportunities. Target’s demise means millions of Canadians are
looking for new places to spend their money.
And anyone who knows anything about sales can write their
own ticket.
When a person
graduates from university how should they go about finding a job?
Know what you can do. Develop specific skills: coding, apps,
content creation, computer maintenance, hacking, whatever. Target the sectors
and companies where you would like to work, and approach them with passion and
confidence. Tell them how you can create value for them! (Be an investment, not
a liability.)
When all else fails, make your own job. Buy and sell on
eBay, resell cool technology from China, make your own jewelry or design
websites, write an eye-catching blog and find sponsors for it. Buy a 3d printer
and make stuff to sell to friends and gift shops. Do landscaping, cooking, snowshovelling,
dogwalking, video production, tutoring and child care for clients with more money
than time. There are more opportunities today than ever!