Article Treasure Cove

Joblessness has ravaged almost every division of the global workforce. Yet this economic slump has hurt young people the most. Those between the ages of 16 and 24 are having the hardest time finding jobs. Even though some dropped out of high school; many are college grads and have even gone on to earn MBAs and law degrees.

In the U.S. the unemployment rate for 16- to 24-year-olds is now above than 18 percent. In the previous year it was 13 percent.This means that almost 20 percent of young adults don’t have a job. These figures don’t even count how many are underemployed. This shows that not only are American families under pressure, but even youngsters can’t find jobs to help their families out.

There is also long-term damage that can be caused if young people are unable to start off their careers. These individuals may turn into a “lost generation.” Several studies have shown that when youth can’t find jobs over an extensive period of time it can lead to problems including considerably lower lifetime incomes.

The interpretation behind this is that many people get stuck in the same old job, doing vocations that are beneath their skills and abilities. This in turn can lead employers to suppose that they are unskilled or damaged goods. These circumstances will lead to disgruntled employees even if they have an education because they aren’t meeting their potential.

Another setback is that many companies aren’t hiring new employees especially young workers. This means that they are gone from the workplace. As a result, businesses are missing out on new suggestions and concepts that younger generations bring in to refresh the company. American companies are not hiring this generation, which is similar to the crisis Japan faced in the 1990s and present day.

The implications of this problem during the 1990s in Japan has revealed long-term affects on the workplace. Japanese individuals that began their career during the 1990s are responsible for 6 in 10 cases of reported depression, anxiety, and work-related mental disabilities. Because of these circumstances and results, experts believe the exact thing will happen to young workers in America. So this problem will affect young workers that are drop outs, college grads, and those still working on their degrees. Professors are already reporting that their students are anxious about the market. This fear is affecting college students nationwide including those at highly ranked universities like Stanford.

There is so much competition out there for every job. But it seems to make reasonable sense that companies would hire young workers because they’re low-cost and get rid of the older high-priced workers but companies are not taking risks. They are not hiring or even taking applications. Another problem is that many companies are looking for a lot of experience which newcomers don’t have.

There are thousands of young people that are unable to get jobs in this economy. There are long-term implications that can harm this “lost generation.” Recession graduates not only experience depression and anxiety but typically earn a smaller amount over their working career.

Tags: career, college, job, unemployment, university