The job news isn't all dire and grim
For Millennials, “things are bad, they’re worse than bad,” as deranged newscaster Howard Beale ranted in “Network.” The unemployment rate in August for 18 to 29 year-olds was 12.7 percent. It was even higher for African-Americans (22.4 percent) and Hispanics (13.7) in this age group.
The economic collapse has forced baby boomers to stay on the job longer, stymying Millennials’ career progress. In the past four years, the percentage of America’s workforce under 25 dropped 13 percent, while that of boomers over 55 have risen by 7.6 percent, according to the Bureau of Labor Statistics.
And then there’s the underemployment rate: 12 percent, nearly 50 percent above the national average, are working at jobs for which they are over-qualified.
But not all the job news is dire and grim for Millennials. There are companies that know what Millennials like in the workplace and are delivering in terms of job satisfaction and meaningfulness (high), stress (low), schedule flexibility, environmental footprint, and, of course, salary.
Here is the Millennial employment top 10, according to PayScale:
· Qualacomm, Inc (median pay: $90,600)
· Google, Inc. ($80,900)
· Medtronic Inc ($63,500)
· Intel Corp ($81,200)
· Microsoft ($92,800)
· Abbott Laboratories ($61,300)
· Science Applications International Corp ($55,800)
· Lockheed Martin Corp. (62,000)
· Rockwell Collins, Inc ($62,500)
· Cameron International $65,2300)
These are optimum working situations. A more typical salary for Millennials is $39,700, PayScale found.
Nearly two-thirds of Millennials (63 percent) have earned bachelor’s degrees, while more professional, full-time Millennial employees possess an MBA than have no higher education at all.
Millennials make up nearly half (47 percent) of employees at smaller companies (less than 100 workers), but less than one-quarter (23 percent) of larger companies with more than 1,500 employees. Tellingly, Millennials are job-hoppers. The median years with an employer is two, compared with seven for baby boomers. This attribute feeds in to the stereotype of Millennials as the entitled generation, but some workplace experts don’t blame them. Writing in Forbes, Jeanne Meister observed, “Workers today know they could be laid off at any time—after all, they saw it happen to their parents—so they plan defensively and essentially consider themselves ‘free agents.’”
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.