Despite being referred to as the most educated generation, millennial professionals continue to see that their hard work in the classroom does not always translate to an easy transition into the job market. In March, the unemployment rate for young people ages 16-19 was at 17.5 percent, compared to a 10-year low of 14 percent in May 2006 and a high of 27.2 percent in October 2010. In 2014, 6.8 percent of adults ages 20-34 were working part time involuntarily, compared to 5 percent of the entire workforce. A report from the Federal Reserve Bank of New York shows that underemployment rates for college graduates has risen from 33 percent to 44 percent in recent years.
“We find that recent graduates are increasingly working in low-wage jobs or working part time,” the report said. “We conclude that while elevated rates of unemployment and underemployment may be typical for recent college graduates, finding a good job has indeed become more difficult.”
While a lack of job options and stiff competition can be factors in the high unemployment and underemployment rates for young professionals, it’s clear that after finding employment millennials still face many workplace challenges, especially when it comes to communication. Recently, NY Giant’s head coach Tom Coughlin brought experts in to conduct a study to help him better understand how to communicate with his young players in order to create a more effective work environment.