It's no question, our generation specifically my year of birth (1991~) is out of luck for its hopes of landing a professional job straight out of post secondary. The economy is getting leaner, corporations are moving jobs offshore to offset the rising taxes at home, while the ripples of the financial crisis are still felt around us which has pushed a good portion of the working class to universities in hopes of upgrading their degrees and staying competitive.
This all happened when we were in school, and our studies kept us unsuspecting of what lay ahead when we graduated. I'm not saying landing a job after grad is impossible; I did it. I also acknowledge the fact that some fields with high turnover ratios house a larger proportion recent of graduates.
But when I look around my particular workplace, I can spot only 3 others that are in my age range. Despite this I know that over time, the demographics will change, but what gets me thinking is whether Generation Z (born 1995 - 2012), will have to fight the same battle. What evoked my thought process, was a company wide newsletter which showing the shrinking share of babyboomers in the workforce.
Sadly the projections suggest that Gen Z will be facing added competition and will most likely face even more unemployment than us Gen X-ers! I also find it alarming and somewhat hard to comprehend, that baby-boomers will still occupy the workforce 10 years from now, and most will be working well into their 70s.
Who can blame them though? With shortened investment horizons due to the financial crisis of 2008, and the obligation to support their children who cannot afford a mortgage in an overpriced market like Toronto, they are the ones who are and will be suffering.
Note to self, plan for retirement NOW.