Source: How Market Chaos Hurts Millennials
Author: Andre Spicer
How will the global economy of today affect the long-term careers of the generation currently graduating? Will current failures in start-up companies during hard times plague new entrepreneurs in confidence the rest of their careers?
Andre Spicer, author of How Market Chaos Hurts Millennials puts forth the claim that graduates who enter the workforce under tumultuous times are far more affected in their long-term careers through lost opportunities and loss of confidence than those who graduate during more tranquil economic times.
The turmoil of the worldwide stock market leaves no one unaffected. There is a blanket impact from leaders in government to the blue collar worker to even those who have entered retirement. All are impacted by difficult economies.
However, the author suggests that it is Millennials especially (or those graduating in the midst of the current difficult economic times) that research has shown puts them at a disadvantage for the rest of their careers. Why is it that young graduates are affected the most when the economy takes a downturn? Spicer states it is due to an unsolidified relationship that the recently hired (or recently graduated, younger age group) has with the company. This often makes them the likelier candidates to be laid off. Most concerning though to the author was the effects of unemployment on the individual’s mental health in the years that follow.
There is some research to suggest that unemployment experienced at the beginning of a career brings a loss of confidence, which in turn, affects the overall level of happiness and thus affecting long-term mental health. This would explain the mounting evidence that Millennials–or any generation that graduates during difficult economic times–may face an impending battle for career stability the rest of their careers.
Other studies showed that there was a significant delay in the long-term of landing a lucrative job if the student missed out in attaining that job the first time right out of school, stating that it wasn’t until decades later that they were able to secure the desired job.
The authors hope is that those graduating under the current challenging economic conditions will not be as affected as research may suggest.