The Millennial Generation has a lot of things in common with the Baby Boomers, but it also has a distinct set of needs and frustrations, according to industry experts.
Millennial tech companies are facing a crisis of confidence, and a rise in distrust of the job market is creating a problem of legitimacy for the job-seekers and job-firms.
In the tech space, millennials have been the most vocal about their disillusionment with the job landscape.
The boom in tech companies has created a generation of entrepreneurs and investors that are willing to spend their days chasing after an elusive unicorn — but the bubble of venture capital is slowly bursting.
They are also demanding a new model of leadership that is more representative of their needs.
“I’ve got an 11-year-old daughter,” said Alex, who declined to give his last name for fear of alienating his mother.
She’s not alone.
Millennial job seekers are starting to feel like the “real-world version of the Generation Y,” said David Pogue, a partner at consulting firm Hundt & Mertz.
The Millennial bubble is a problem for many, including millennials themselves, said David Dang, CEO of tech venture firm KKR. “
There’s no entrepreneurial spirit there.”
The Millennial bubble is a problem for many, including millennials themselves, said David Dang, CEO of tech venture firm KKR.
He’s seen many young people turn to technology to help fill their lives, but he said the generation is still too young to be truly self-sufficient.
A survey released last week by the Center for Talent Innovation found that millennials had fewer jobs than their Boomer counterparts.
The millennials’ lack of jobs is causing a rift between them and employers, said the report.
Young people are not finding the right job.
Job seekers and job firms say the young generation is facing a unique challenge that has not been faced by the Boomers in the same way.
Companies are looking to hire a diverse workforce, but they’re also finding that job seekers tend to be a more conservative cohort.
They’re less likely to have college degrees, have a college degree and are more likely to be single, said Peter Pritchard, a senior research fellow at the Brookings Institution.
They also are more prone to being unemployed.
Instead of taking on the roles of “an agent of change” for their peers, millennials are taking on roles of agents of change themselves, Pritchard said.
Some young people have become disillusioned with traditional jobs.
And the millennial boom has left many job seekers without a secure income.
People are still looking for work in the traditional, career-oriented economy, Pogue said.
They may be searching for jobs in tech or in other sectors where salaries are higher.
That means there’s not a whole lot of jobs for people who have a bachelor’s degree, he said.
The only job they can find are part-time, low-paying positions.
Many millennials are trying to break into the “civic” sector, which is often dominated by people with a high school degree or less, said Dang.
If they want to be an entrepreneur, they need to be able to have a degree.
And they need a strong network to build it, he added.
These millennials are going to find it very difficult to get a job in their field if the pay is low and the company doesn’t have the skills and experience that they need, Prieght said.