In spite of what Hilary Duff sitcoms would have you believe, being a hip young millennial actually doesn’t grant you an advantage in the job market,
If anything, millennials appear to have it worse than you’d think. We’ve already discussed a growing trend in New Jersey that’s seen a lucky flock of young people leave the state, but new evidence shows that New Jersey is simply part of a much bigger picture. In hindsight that makes total sense considering how minuscule the damned state is.
One could argue I owe the state an apology, but rest assured, it really is an otherwise horrible place to live. Although, in all fairness, I’ll admit if it was not for New Jersey, I’d still be afraid of that whole “one day you’re going to die” thing.
At first glance, one would think that Millennials – born between 1981 and 1997 – should be the highest paid generation. In fact, they’re “the most likely to hold a college degree and are working in a period of unsurpassed productivity.”
I can see why traditional thought would spawn that idea, especially considering our generation is the most tech savvy and have taken freelance work and startups to a whole new level. However, that self-starter attitude isn’t helping everyone.
American Progress explains that “more education and a more productive economy have not paid off for working Millennials…Median compensation—wages plus the value of benefits from employers such as health care premiums and 401(k) contributions—for a 30-year-old in 2014 was below that of a 30-year-old 10 years earlier.”
What’s more, 30-year-olds today make roughly the same as 30-year-olds did in 1984 despite being 50 percent more likely to have a college degree.
As you recall, we previously discussed how millennials — who I think are our target audience and so should care about this — were having problems even getting a job in the first place. The underemployed would actually carve their own flesh and sell it on the black-market to get these paid jobs. In other words, never question my warnings on New Jersey.
You’ll see in the graph below that the percentage of employed 25-34-year-old-men since 1980 has gone down by just about six percent. This is being referred to as “a great deal of slack in the Millennial labor market.”
Yes, it’s all just “slack,” because millennials are clearly not even looking for work. It’s not like we humiliate ourselves with internship after internship, and then interview after interview, and then still get turned down for jobs for being “too young.”
Forget it, just look at the damned chart…
There is, apparently, one thing in our favor. On the other hand, they said the same thing about college, so this has got to be good.
This “advantage” comes in the form of “Family-friendly policies such as guaranteed access to paid family and medical leave and subsidized child care.” Since Millennial women are “increasingly becoming mothers,” the policies in question would “reduce the motherhood penalty” and “go a long way toward helping Millennials enjoy healthy wage growth.”
Of course, underpaid and underemployed people often do not have the financial stability that will even allow them to pursue starting a family. This has led many of us to grow accustomed to the fact that we are going to die alone, without friends or company, let alone a family.
Enough of that sad stuff, Happy Friday, everyone!