Study suggests Generation Y struggling to find work
After the worldwide recession and the subsequent increase in jobs, it was expected that Generation Y (aged 22-34) would be the potential employees that businesses would want to hire – but a US study has found the opposite.
A combined report between CareerBuilder and Economic Modeling Specialists International analysed the prospects and results of thousands of job seekers and discovered a major difference between the outcomes for Generation Y and baby boomers (aged 55-64).
The recession across 2009 and 2010 hit both groups hard with one group nearing retirement while the other just beginning their careers, but only the baby boomer population has received the benefits in the growing economy.
Between 2007 and 2013, the number of jobs held by baby boomers increased 9 per cent, which is a rise of 1.9 million jobs. Whereas, the Generation Y jobs have only grown 0.3 per cent, which is only 110,000 jobs.
CareerBuilder CEO Matt Ferguson explained that despite the gap in jobs for Generation Y, the next 20 years should see mass retirement numbers opening up pathways.
"Confronted by weaker entry-level job prospects, young professionals left the workforce in greater numbers or took lower paying jobs that didn't take immediate advantage of their degrees," he said.
"Older workers, on the other hand, often had to postpone retirement to recoup lost savings. However, employers will have to plan for vacancies when this group inevitably retires, which could quickly create new skills gaps in trade vocations and STEM fields."
With competition in roles huge in Australia across all age groups, recruitment agencies are under huge pressure to fit the right person to the job. Agencies are therefore recommended to invest in recruitment software that can accurately match candidates and track interviews and CVs.
As candidate information is fully streamlined, it is easier to fill permanent, temporary, contract or casual vacancies based on their skills and experience.