Who is feeling stress and frustration most?
Unemployment is a detriment that spans the generations, but Millennials, Generation-Xers and baby boomers conduct their job searches in different and defining ways, according to a new study.
“(Millennials are) more optimistic about finding a job, value workplace flexibility and intend to go back to school instead of continuing their search over older generations,” finds The Multigenerational Job Search survey conducted by Millennial Branding and Beyond.com. “Gen X values job security and has suffered more stress and frustration due to unemployment relative to others. More Boomers use social networks in their job search over Gen X and Gen Y and they turn to LinkedIn first, while the other generations turn to Google/Google+.”
The comprehensive, cross-generational study surveyed 5,268 job seekers, including 742 Millennials (18-29 year olds), 1,676 Gen X-ers (30-47) and 2,850 baby boomers (48-67).
The recession has hit Millennials the hardest. Unemployment for this age segment was at 12.7 percent in August. Gen X-ers and baby boomers do not have time on their side. Most have family and mortgage responsibilities that preclude job flexibility or accepting lower wage positions. Boomers, especially, are most likely to be in the ranks of the long-term unemployed.
Each generation prizes different factors when considering a new job. For Millennials, it’s location, followed by meaningful work and job security. For Gen X-ers, it’s job security and employee benefits. For boomers, its meaningful work, followed by location and employee benefits and job security. Millennials also value most a higher salary as well as workplace flexibility.
How is each generation approaching their job search?
· Online job searches are conducted by nearly all Millennials, Gen-Xers and baby boomers, with five percent or less of each looking for jobs offline.
· A majority of all job seekers across the generations spend between 5 and 20 hours per week looking for a job. Nineteen percent of boomers spend an average of 20 and 30 hours per week.
· The resources of choice for job-seeking boomers are job boards, company websites, and classified ads. Boomers are also slightly more likely than their younger counterparts to use social networks as part of their job search.
· Across the generations, fewer than 15 percent have their own professional website or online portfolio, but almost half (47 percent) of Millennials take care to monitor their online reputation.
· Baby boomers are most likely to feel they are the victims of job discrimination.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.