Five tips for young job-seekers during a recession
Filed under: Economy
BusinessWeek's latest cover story reports that the current financial crisis is creating a lost generation of young people. That sounds quite dramatic, but is it true? A generation tossed on the scrap heap of history? Surely you exaggerate, BusinessWeek! Unfortunately, its evidence is certainly sobering. However, my work with people on the verge of graduating from college suggests that gloom and doom won't help.
BusinessWeek argues that in the last two years, the employment gap between those aged 22 to 27 and those 28 to 50 has almost doubled. It found that in 2007, 84.4 percent of young graduates had jobs -- just slightly below the older group's 86.8 percent. But in 2009, the gap has grown to be about twice as big.
Research also suggests that getting your first job in a recession can be costly. BusinessWeek cites evidence showing that as the unemployment rate rises by 1 percentage point, those who graduated during the recession earned 6 percent to 7 percent less in their first year of work than people who got their jobs when times were better.
And it's hard for them to catch up. The research found that 15 years out of school, the recession grads made 2.5 percent less than those who began working when the economy was strong.
I take great interest in this kind of research and reporting because every semester, college seniors -- and some juniors -- contact me seeking help with their job searches. In good times and bad, here are five tips I give them:
Know yourself. Some students feel pressure from parents to pick a job that pays the most right off the bat. But if students manage to land those jobs and the work doesn't really interest them, they'll probably find their way out the door within a few years. It's better for students to use internships and any other real-world experiences they can to figure out which work suits them best. A student went into investment banking on the urging of his father and had a lucrative run -- but ultimately he got fed up with the stress, the hours and the politics, so he changed careers.
Understand how others perceive your strengths and weaknesses. If you love to sing but you can't hold a tune, then your career prospects as a singer are pretty bleak. American Idol provides hundreds of examples of such people every year. The same holds true for careers. So it's really important to find one that depends on skills that fit your strengths as measured by others you trust -- such as your professors or bosses.
Pick a career goal that plays to your likes and strengths. Not surprisingly, if you pick a career that involves doing things you love doing every day and avoids activities you dislike, you're off to a good start. And if your performance in the job elicits praise from co-workers and bosses and pays enough money for you to meet your financial goals, then you've found your calling. One of my students really stood out for his creativity and presentation skills -- so I was pleased when he decided to enter the consulting business. I thought it would be a good fit and it worked out well for him.
Network like crazy. This is where reality kicks in. Jobs are really hard to find, especially during downturns, and if you think you'll land one by applying for jobs that are posted online or advertised in public, you could be in for a long wait. Instead, you'll need to get aggressive about networking. Once you've picked a career goal, you ought to look for companies and departments in those companies where such jobs are likely to exist. Then you need to use family, friends and classmates to help you get an introduction to people who work there. Keep meeting with such people and ask them what they like and dislike about their jobs, and whether there are others you should talk with about the field. A student I had not met found my name on the college web site and asked to meet. I introduced him to a friend who was a partner at a big consulting firm. My friend offered the student a job and he worked there happily for years.
If all else fails, start your own business or go to grad school. I've worked with students who have tried all these things and still decided that the results weren't satisfying. One or two of them have decided that they should try their hand at starting a company. Others have decided to go to graduate school -- a strategy that's quite popular in times like these because people hope that when they emerge, the economy will be better and that they'll be more qualified for the jobs that become available then. Another student started a company this spring and after interviewing for various jobs, decided to devote himself to his startup after he graduated. He's since hired people, built up his service and raised money.
As I posted Sunday, the most important advice for those determined to find a job is not to give up until you have it in writing -- and develop a thick skin because you'll encounter much rudeness and rejection along the way.
Peter Cohan is a management consultant, Babson professor and author of eight books including, You Can't Order Change. Follow him on Twitter.
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Reader Comments (Page 1 of 2)
10-12-2009 @ 8:57PM
dave said...
Im just going to use Deediq.com new internet technology to help me out. Seem like they created a new internet technology to solve many of the problems that are going on right now
Reply
10-12-2009 @ 10:30PM
Paul said...
Reminds me of when I graduated college in 1976. With no real prospects for employment, I went to graduate school . I had a job 2 weeks after getting my masters.
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10-13-2009 @ 10:26AM
Andy said...
Well that's all good for you , unfortunately this is not 1976 and unlike 76 we now have a 12 TRILLION dollar deficit, Socialistic, gov on the rise, health care reform on the way, a devaluing dollar, so things are much much worse, and will get much worse. "It can never be paid back". I cant believe someone in the US won the Nobel prize in economics. That is a bigger joke than barrys peace prize.
10-13-2009 @ 7:15AM
tom said...
Now almost 7 jobless to one job opening. Many people will never get back to work. We must thank bush and those republicans for this mess. Keep voting republican and we will all be without.
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10-13-2009 @ 3:33PM
Jan said...
Thanks to obama and his dem crooks, we will never get the economy back to what it was. This is the obama disaster. Since he took office, almost every family I know has had a cutback in hours or pay. And what does our dem controlled government do??? They quadruple the deficit causing more jobs to be lost.
10-13-2009 @ 5:13PM
Witness of the Truth said...
The Bible calls this time we are living in the "Great Tribulation", it is the final 23 years of this world's existence. The Great Tribulation started on May 21, 1988, and will end on May 21, 2011.
May 21, 2011 is Judgement Day, and also the date of the Rapture. This is 18 months from now. If you think you have
problems now, you ain't seen nothing yet!!
http://www.ebiblefellowship.com/may21/index.html
10-13-2009 @ 7:30AM
paul said...
Yes Tom you are right...its all Bush and the damn republicans fault....whatever!! Democrats had nothign to do with it at all!! GET A CLUE, this decline for the middle class started a long time ago and both sides have fueled the fire. Quit being a negetive nelly liberal and realize that its our whole goverment and the system they created that caused this. If you want real change then we need some different people in office that actually have the US citizens best interest...but good luck finding that.
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10-13-2009 @ 7:52AM
Bob said...
Tip 6: VOTE REPUBLICAN! We will never get out of this mess by taxing everything that moves. Don't vote with your "feelings", vote with facts. Spend within your means applies to individuals and Governments! Your 16 year old doesn't have to have a cell phone and a car, and we the people don't need socialized health care. Tort reform, ability to shop for competetive health options ( across state lines), and maybe a few thousand gals closing their legs would help. Ship the illegals back home, close the borders, and spend that damn stimulus money you empty shell of a president!
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10-13-2009 @ 3:43PM
Fair Minded said...
I was a Republican because I thought the Democrats just wanted to take my money and give it to someone else. Now, I realize that both parties SUCK. They are both just crooks with a different name. Both parties need to be tossed into the ditch NOW!!
Yes, lock down the border! Put the lying, cheating, stealing government officials in Gitmo for waterboarding-Charles Rangel comes to mind-forgot to report $ 600,000 in rents he collected, yeah right!!!
Yes, spend $ 100,000 going to college so when you graduate you can flip burgers at McD's. Then spend another $ 50,000 for your Masters Degree, so in two years you can be the Asst Manager at 7-11 on the midnight shift making $ 10 bucks an hour.
We have not even hit bottom yet! 7,000,000 mortgages are in default, with more being added monthly. 20,000,000+ people cannot find work to pay for these mortgages, or feed their kids. You can thank the two party system, and the lack of term limits in both houses, for creating this fisco. Please no more Rebublicans or Democrats!!!!!!!!!!!!!
10-13-2009 @ 8:11AM
susan said...
amen paul.... if any one wants to lay blame wake up ...as much aas i liked clinton as a pres...he signed the nafta bill...once he did all the industry went south of the border...then companies said well if this gets us cheap labor then we can outsoource white collar jobs too....thus americans losing jobs...
americans with jobs= good economy
americans without jobs= bad economy
quit the outsourcing and put americans back to work
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10-13-2009 @ 8:17AM
Jerald said...
The advice in this article is fine but not relevant to the present economy or job market. Who wouldn't want to be doing work they love. Jobs now are temporary. They will change to become harder with more to dislike about them or they will be exported or dissappear. I think a college grad has to focus on getting a job that produces an income that allows basic bills to be paid and they should also skill themselves in trades work so that they will have a variety of ability to move to other areas of possilbe employment. It is goodbye time for the yuppie mentality of high pay, little work and lots of fun fun fun.
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10-13-2009 @ 6:55PM
Elisa said...
We all know there are many reasons why we are in this mess. The important thing now is how and when we will get out of it. If we use all our energy blaming everyone then nothing will get done. I graduated in January and have been with out a job since. I dont think I will be landing one anytime soon either. This advice was helpful, thank you.
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10-13-2009 @ 9:24AM
Lillie Wright said...
xuchaoxion54...did you read that mess that you just wrote??? If you are trying to sell something first get an education!!! Nobody want that garbage you on here peddling!!!
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10-13-2009 @ 9:30AM
Joe said...
The Council on Foreign Relations is responsible for all of this. Look it up.
www.conspiracyarchive.com/NWO/Council_Foreign_Relations.htm
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10-13-2009 @ 9:31AM
YAZZ said...
Susan, You're right, Clinton did sign the NAFTA bill and I don't take him off the hook for that. The reason America is in the economic shape she's in is because of two things: One, Bush took us into a war and didn't have the courage to ask the America people to pay for it. Two: Deregulation. Republicans love deregulation. Deregulation allowed mortgage loan companies to sell McMansions to people on McDonald's income and deregulation allowed big financial institutions to bundle those loans and sell them all over the world. If Bush would have asked the American people to pay for his wars in Afghanistan and Iraq and if Phil Gramm and republicans had not pushed through deregulation of financial institutions we would not be in the mess we are in.
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10-13-2009 @ 4:30PM
Willy said...
Yazz, you drinking again? Wake up bro!!
Your Nobel Prize wining empty suit has yet to take on anything but the Olympic committee, and the Gays. Oh, I forgot, he re-decorated the White House. I will sleep better tonight!!
I seem to remember 3,000 American mom's and dad's were killed at their jobs on 9/11. I know that may not matter to you, or the U.N., who passed 18 resolutions, and did jack about it!!
At least George Bush had the BALLS to tell the U.N. to go screw, pick up the guns, and kick some a$$. I seem to remember Saddam swinging by his neck. Maybe the wrong bad guy, but none the less, still a bad guy.
Your fearless leader would have wanted a focus group, to seek peace and harmony!! I guess your father wasn't among the dead on 9/11 or you would be singing a different tune!!
10-13-2009 @ 10:31AM
timothy said...
Tip #6: Come Nov. 2010, use your voting privelege more carefully to elect a congress that is more friendly to business, b'c thats where your job will originate
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10-13-2009 @ 11:50AM
DAVO said...
REMEMBER TO THANK THE A HOLES THAT SOLD OUT OUR JOBS AND INDUSTRIES TO CHINA AND INDIA . RECKED OUR BANKING AND INSURANCE COMPANIES . DON'T FORGET MAKING THE REAL ESTATE WORTHLESS .
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10-13-2009 @ 12:18PM
rob said...
I am a 24 year old victim of this and cant find a job. I'm in a lot of debt from college not credit cards. At this rate I'll be living at home til 40, but fortunately I have that option or else I would be living a cardboard box on the streets. I'm also on the verge of completing my masters this upcoming May. I've learned that it's WHO you know not WHAT you know. I hate the corporate world and wish nothing but bad things on all of them because theyre greed has sucked all of the money out of the middle class. Pretty soon I'm going to be someone with a master's degree selling drugs just to get by. Forget about ever starting my life after college like getting married and starting a family, etc.
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10-13-2009 @ 1:03PM
Frank said...
Great advice - since there are no jobs available, just go to grad school! The only group this benefits are the college professors and universities. Go ahead, pile on the student loans so when you get your master's degree you can be in even greater debt with no jobs to be had. Let's face the music, the democrats have managed to spend us into a downward spiral with no end in sight. Jobs are created by business and the current administration is intent on taxing business to the point where all those "evil corporate types" will simply say "To hell with it" and shut down whatever business operations they currently have going. The only result is more unemployment.
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