Job Shock for Gen Y Nov 09

Gen Y is the Technology Generation segment and they have grown up without ever knowing hard economic times. But for this generation, the employment market has changed rapidly. Michael Emerson (spokesperson for the The Age Employment Forecasts) says: “Not having a large choice of jobs in a more challenging environment is a shock to this segment. Traditionally, this has been a very mobile segment, easily moving jobs (three in three years is not unusual) as they have sought career advancement opportunities. Even though times are tougher, they still expect rapid advancement. This will result in a clash of cultures within organisations as the days of rapid promotions are a distant memory.

“On top of the challenge of slower promotions, their desire to organise their work to accommodate their other lifestyle goals rather than focusing one- eyed on the employer’s goals, will also prove much more challenging to manage as business comes under pressure to deliver profits in more difficult economic times’

The analysis in the The Age Employment Forecast shows that this generation is not immune and would be wise to adapt to the changing job market as they did experience a big decline in jobs in the last recession. The job market for this segment is falling as organisations concentrate on keeping generally older and more experienced staff who also exhibits more loyalty.

In fact, the fastest growing segment of the workforce is “twilight career” workers (aged 63+). This is due to the recent falls in their retirement savings thanks to the stock market crash encouraging them to work longer. They also have a desire to stay “engaged” and “active”. This segment works mainly in part-time roles.

Other generational segments are adjusting differently to the workplace.

Generation X are more realistic than their Gen Y counterparts, and carefully consider before moving, although their confidence is growing as the economic outlook improves.

Among the Roomers, the “faraway beach and walking-in-Europe early retirement lifestyle” has faded somewhat under the weight of disappearing superannuation balances. Many have had the benefit of living through hard times before, and can make the necessary adjustments to their Lifestyles, knowing that the good times will come around again. This segment is also planning to delay retirement – even into their 70’s – to keep funding their lifestyles” says Emerson.

Recruitment extra November 2009 pge 17