Today’s young people face a dubious economic future when they enter the workforce, but there are skills they can learn to develop and thrive.
We are all facing a crisis right now and things are likely to get worse. Forecasts imply there is at least a 50% chance the economy will fall into recession through the end of the year, as authorities scramble to control inflation by raising interest rates.
That means the elegance of 2023 will likely face a declining economy, just as millennials did in 2008, when thousands of young people found themselves unable to find gainful employment upon entering the workforce. Unfortunately, those young aspiring professionals have felt the crisis was much harder than many of their older, more established counterparts.
“The hostile labor market during this recession causes an entire generation to lose their lifetime earning potential, with unemployment peaking years after donning caps and gowns,” says Kevin P. Chavous, President of Stride Inc.
While Chavous continues to hope that long-term recessions will not be as severe, it is up to young people to think carefully about which skills and sectors will continue to be in greatest demand, regardless of the economy, to ensure they do not suffer the same. destination.
“This is about academics taking steps to protect their careers from the recession,” he says. Here’s how.
Lately, economists expect sectors such as healthcare, data technology, education, and government to continue to be in demand even if the market deteriorates.
“When considering a job in one of these industries, young people also recognize that each industry offers a full diversity of positions,” Chavous says.
For example, fitness systems not only hire nurses and doctors, but also IT professionals, administrators, interpreters, construction maintenance workers, and other roles.
Additionally, assignment control and communication will remain highly marketable even in times of recession.
“Regardless of how the economy evolves in the future, it would be helpful if other young people started to develop those skills,” Chavous says.
Of course, young people should not be left to fend for themselves in a difficult economy. “The responsibility for protecting their futures against recession doesn’t just fall on young people,” Chavous says. “Educators, employers, and parents can help ensure that Gen Z has the skills they need to succeed. In fact, more than one in three parents say that career readiness is one of the most important points when choosing their child’s school.
And parents are taking on the challenge. When it comes to investing in your children’s education, all bets are off.
For students at top schools, for example, there are plenty of career exploration courses they can take to start figuring out what paths might interest them and learn the applicable skills before moving on to higher education.
College students, on the other hand, deserve internships, mentorships, and other career opportunities to gain “job skills” while getting their foot in the door of corporations and continuing to expand marketable skills.
Regardless of economic conditions, taking the time to write a resume that showcases the relevant skills and experience they have gained is vital for young people starting their careers.
“Creating a resume can be incredibly intimidating for those looking for new assignments and don’t have previous reports to highlight,” says Chavous, “so you need to start as soon as possible. “
Fortunately, there are a multitude of online tools that can give students an idea of how a resume should be formatted, what skills to highlight, and how to leverage courses and extracurricular activities to stand out as a candidate.
At the same time, academics and first-time job seekers deserve to have their resume reviewed by a teacher, parent, or mentor before applying for a position. Nowadays, even a single typo can destroy a person’s job prospects.
“Having the help of other people who you believe to be sincere will help you spot potential mistakes and help you better understand what makes an ideal candidate,” says Chavous.
Once a young user gets their first job, it’s incredibly vital that they make smart decisions about their finances, especially in an economic downturn.
While many academics are now required to take a private finance course to graduate from high school, this is just the beginning of financial education for young people, even if it is not yet to their liking.
“Talking to parents, teachers, bosses, and even financial advisors can allow students to better understand what it means to be financially responsible,” Chavous says.
Once students have a greater understanding of money literacy, many virtual teams will be available to help them implement practices such as budgeting, making investments, and more.
“Becoming aware of the importance of monetary control and taking the time to expand your skills now will be very useful for students, regardless of how the economy evolves in the future,” Chavous says.
Since many Gen Zers earn minimum wage or higher, strategic saving is paramount. It’s time to make smart use of our money literacy capabilities.
“Automating your paycheck savings to resist the temptation to spend, cutting prices on non-essential items, and buying things like secondhand textbooks are all small tactics to make a big difference in savings,” says ChavousArray.
For the school’s best students and even younger members of Gen Z, it’s also imperative to plan ahead for how they might pay for their school education, if their career aspirations require a degree. But when it comes to paying for school, it’s going to take more than just skipping a few coffee errands.
Fortunately, there are several tactics for losing money for college. “As the cost of schooling continues to rise, scholarships and monetary aid are important resources,” Chavous says. “Fortunately, it is never too early or too late to start applying for scholarships. Online resources, school counselors, and even admissions officers can help point teens in the right direction.
Regardless of how the economy evolves in the long run, it will be helpful for young people to have a plan. There’s never a bad time to start thinking about how to prepare for the long haul. Career preparation courses, mentorship programs, scholarship applications, and other resources can help ensure that the next generation is well-prepared for whatever the future holds.
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