Millennials face dire job prospects. A recent Associated Press survey found that half of recent college graduates are either underemployed or can’t find a job. But a new Graduation Survey etches a portrait of Millennials as “Generation I,” who have “a secure understanding of who they are and what they want—and aren’t willing to compromise.”
The survey, conducted by Adecco Group North America, finds that Millennials are not all that into job loyalty and longevity. Only three percent of the 507 respondents said that over the next 10 years, they expect to stay at any given job for more than five. One-third only expects to stay in their jobs for three years or less.
It may be a sign of the competitive job market that an overwhelming 94 percent said they would be willing to relocate for higher pay (73 percent), a job offer from a dream company (59 percent) or a job offer in a dream city (51 percent).
These Millennials have definite notions about their jobs. Ninety-one percent of recent grads said they would only continue working at a job they didn’t like for only one year. Nearly one-quarter (21 percent) said they would only stay on a job they didn’t like for three months. Just over two-thirds (67 percent) also said they would leave their current job if their salary was cut, while 18 percent said they would exit if they were assigned work that didn’t fit their interests.
An April Millionaire Corner investor survey found that 34 percent are contributing financially for a child’s education. The Adecco survey finds the largesse did not end there. More than half of recent grads (55 percent) report that their parents currently pay for at least a portion of their living expenses, the most popular being cell phone bill payments. Parents are also covering food (21 percent), the Internet (20 percent) and health insurance (20 percent)
What’s more, 30 percent report that their parents are involving with their job search process. Thirteen percent said that their parents are networking through their own contacts, while 11 percent said their parents help in locating and researching job listings. Eight percent said that a parent has accompanied them to a job interview.
Millennials do know what they expect from a job. Nearly three-quarters (74 percent) expect good health benefits, 73 percent expect job security and opportunities for growth and 68 percent expect opportunities for growth and development. Thirty-eight percent said they would not take a job in which they were otherwise interested if they were not allowed to engage in personal activities, such as personal phone calls or checking emails.
Tellingly, according to the survey, 58 percent said that their job expectations were eight “just right” or “low.”
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.