Millennials Maintain Bleak Hiring Hopes
by Sarah Knapp
Career expectations among younger workers have taken a pessimistic downturn. According to a recent Lumin Collaborative survey of 535 U.S. Millennials (individuals aged 18 to 27), 72 percent consider the possibility of layoffs an imminent threat.
“That’s just them being realistic. Anyone who pays attention, reads the newspaper or listens to what’s going on knows that lots of companies are suffering,” said Ted Birkhan, board member of Lumin Collective and COO of communication agency Peppercom. “These are just realistic expectations, which will rise back again in the future.”
Steven Rothberg, president and founder of CollegeRecruiter.com, agreed that Millennials' uncertainties are not unfounded. "They’re typically the first to be cut as many employers have a last-in, first-out policy." Over half (55 percent) percent of Millennials have been exposed to a lay off within the past year and 40 percent have been employed at their current job for less than 12 months.
But the good news for this demographic is that they will most likely be among the first to find new employment. According to a CareerBuilder and Robert Half International report from September 2009, companies plan to first fill entry-level and staff positions when the economy improves, meaning more options for jobless Millennials.
"Employers tend to hire entry-level people back first in large part because they tend to be significantly cheaper to hire and less likely to be specialized, which allows their employers increased flexibility in the type of work they assign," said Rothberg.
Another silver lining is for Millennials is that they may not have long to wait before the job offers start rolling in, as employers are already making re-staffing plans. Recent CareerBuilder research showed that of the 6 percent of employers receiving direct funding from the American Recovery and Reinvestment Act, 36 percent plan to hire by the end of the year and 42 percent of them have already begun hiring. Plus, 19 percent of employers who did not receive stimulus money reported plans to hire by year’s end.
