The current job market presents challenges for young workers, with unemployment rates among 16- to 24-year-olds rising to 9% in May. This is a common occurrence during good economic times, but it still leaves many young adults without job opportunities. According to the International Labour Organization, about 11.2% of young adults in the US aged 15 to 24 are categorized as NEETs, meaning they are not in employment, education, or training. This trend particularly affects young men, who are increasingly disengaged due to declining opportunities in traditional male-dominated sectors like construction and manufacturing.
Another aspect of the job market is the emergence of the “new unemployables,” highly trained workers who are struggling to find suitable job opportunities. Employers are holding on to their existing talent pool, leading to a decrease in job openings for well-qualified candidates. This talent hoarding, combined with a reduction in new hires, is limiting opportunities for early 20-somethings. Despite an increase in teen employment rates, the labor force participation of 20- to 24-year-olds has seen a significant drop, particularly during the pandemic.
Hiring projections for the class of 2024 have decreased by 5.8% compared to previous years, according to the National Association of Colleges and Employers. This means that more candidates are competing for fewer positions, resulting in longer stretches of unemployment. The number of people unemployed for longer than six months has increased by 21%, further highlighting the challenges in the current job market. However, there is still hope for job seekers, as advised by David Ellis of Korn Ferry. It is crucial to reach out to former employers and colleagues, network effectively, and stay visible in the industry by updating resumes with relevant keywords.
In the face of these challenges, job seekers need to adopt new strategies to navigate the changing landscape of unemployment and underemployment. It is essential to be proactive in seeking job opportunities and reaching out to potential contacts for leads. Networking plays a crucial role in finding job openings and staying connected within the industry. Building a strong online presence through platforms like LinkedIn and showcasing expertise through industry-relevant content can also enhance visibility to potential employers. Additionally, being open to taking on roles that may not offer immediate advancement but provide valuable skills for future growth is key to building a successful career lattice.
The evolving job market presents unique challenges for young workers and highly trained individuals alike. By being proactive, staying connected within the industry, and adapting to the changing demands of the job market, job seekers can overcome obstacles and secure rewarding opportunities in their chosen fields.
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