OMG! Y R There No Jobs? Generation Y's view of today's job market

Every person who has graduated from college understands what it's like to have the 'soon to be a college graduate' jitters. However, since the economic meltdown of 2008, the jitters recent graduates are facing are different from the normal nerves of yesteryear. College grads are challenged with the most difficult job market of their lifetime as the national unemployment rate hovers around 10%.

It's a 'battlefield' out there

BlessingWhite conducted a survey recently about employment and the job market through the eyes of recent college graduates. In terms of employment statistics, our sample cross-validates the most recent data released by the Bureau of Labor Statistics and the Economic Policy Institute. The BLS reports that the unemployment rate for 20 - 24 year olds with a bachelor's degree and higher is at 11.6% and the EPI puts it at 9%. BlessingWhite's data shows a 12% unemployment rate for recent graduates overall and 24% for more recent 2010 graduates.

Nicola Reynolds, a recent Biology graduate from the University of Sheffield, stated what so many of our fellow recent grads are thinking. "I think the current job market is akin to a battlefield. There's so many of us fighting for the same things that it's inevitable many of us will end up working in fields not related to our major, doing temporary work, maybe even deciding to travel and volunteer. I always knew getting a degree didn't entitle you to a job but I thought it would be at least easier to get your foot on the starting ladder. Even trying to get unpaid internships or work experience is a nightmare — they either don't have the time or resources to let you into their organization. It's depressing."

Nicola is absolutely right. Everyone is fighting for precious jobs as if the jobs are an oasis in a sea of sand. It is not uncommon for one job opening to receive hundreds of applications. How is a recent college graduate with limited work experience but up-to-date theoretical knowledge ever supposed to break into the corporate world when recruiters have their pick of seasoned professionals? Most entry-level jobs require past internship experience, but when companies cut internships due to lack of resources, how is one supposed to gain this experience? Would it be too much to ask for you to take a chance on us?

Are we really that different from you?

The Millennial Generation, also known as Generation Y, Net Gen, Echo Boomers and the Trophy Generation are as diverse as their multiple names suggest. Generally, Millennials fall between 15 and 30 years of age, being born between 1980 and 1995. As with any generation, Millennials have a stereotype. You know, the spoiled brat who grew up with a computer mouse in one hand and a baby bottle in the other, who unequivocally knows the answer to everything (thank you Wikipedia), who feels a sense of entitlement because the world was fortunate that they were born and who has 200 trophies lining their bedroom walls because their helicopter parents felt that everyone should be a winner in Little League. Fortunately, most stereotypes are over-exaggerations of some semblance of truth.

Interestingly enough, young Millennial professionals are not much different than Boomers or Xers. We generally want the same things out of life — and work — as our predecessors. Our research found the top 5 characteristics recent graduates want out of their future employers:

1. Company values, mission and culture
2. Recreation (gym facilities, non-work related outings, etc.)
3. Non-financial benefits (medical/dental/vision, paid time off, etc.)
4. Social interaction/work-life blending
5. Financial benefits and salary

-We want to work for a solid company with a strong mission, great culture and upstanding leadership who lives and breathes their organization's values.

-We are not far removed from the luxury of recreation and social interaction that college provided — so we crave opportunities to mingle, socialize and stay in shape.

-Although we want to be paid fairly and commensurate with our abilities, we are quite flexible in how we are compensated — new technology, great health benefits and a few floating holidays all help to make up for the salary we want but know we can't have in this market.

Are we really so different than you?

Jess Ashby, a technical theater grad from Christopher Newport University, sums up his thoughts: "The current job market is scarce, stressful and unfair, but at the same time it forces us to be any combination of humble, gracious, ambitious and flexible." Jess makes a great point. The Millennials who entered the job market in 2008 and who are currently entering now have to be ambitious and persistent in their search for a job opportunity, flexible in their wants and needs and gracious in accepting an offer that may be less than ideal. We as a generation may have been demanding as new-hires up until 2007, but now the game has changed. We can no longer afford to say 'that isn't good enough.'

From competition to development

Because we've had to compete against our peers from the day we could throw a baseball, complete a dance routine or take a math test, we are constantly striving to better ourselves, our skills and our abilities. Once hired, we will go above and beyond performance expectations to ensure we keep our precious jobs secure. Companies who hire recent college graduates are going to invest in dedicated and driven individuals who will help reach organizational goals. We will give you all we've got and one way to increase our potential is through personal development.

Does your company offer a program to new college hires that assesses their values that drive and motivate their behavior, analyzes their talents and provides knowledge of development areas? Ask any recent grad or new college hire — we want to know what our job responsibilities and job conditions are and how they tie into the overall goal of the organization. But — and this is where so many companies can improve — we need to have the opportunity to have these key conversations with our managers.

Recently we had the opportunity to go through BlessingWhite's flagship process Managing Personal Growth: The Success Connection® (MPG). MPG took the hassle out of fumbling around in the job for the first few weeks. It clarified personal values, work priorities, talents, skills and where development areas lie. After the program, you sit with your manager and have an open conversation to clarify any issues and discuss talents they may not have been aware of. It helps create a critical dialogue between manager and associate.

Now, instead of sitting at a desk wondering what in the world we're responsible for, or what we're supposed to be doing, we are utilizing our talents and doing what we love. You should think about utilizing the diversity and passion of our peers to help take your company to the next level. Hire a recent grad, aide them in their development, and you won't regret your decision.

Amanda Veinott graduated from Christopher Newport University in 2010 with a B.S. in Psychology and a minor in Leadership Studies. Amanda joined BlessingWhite in August as a Marketing & Research Associate and is currently an Employee Engagement Specialist.

Anne Jordan is a senior at Hobart and William Smith Colleges in Geneva, NY and is majoring in Psychology with a minor in Public Policy. Anne interned at BlessingWhite during the summer of 2010 and is hoping the economy will have improved when she will be calling you for a job in the spring of '11.

For more information on how BlessingWhite can help your organization reach the next level, call 1.800.222.1349 or email info@blessingwhite.com.

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