What Will The Millennial Job Market Look Like in 10 Years?
The way we live our everyday life has changed drastically over the past few decades. It’s normal for the culture and environment to change with each new generation.
The millennial have found themselves in an era saturated with technology, and void of job security. Having a college degree used to be incredibly valuable, as not everyone had one. It meant you had a high chance of getting a high paying job in your desired field once you finished school.
However, now almost everyone has a college degree, and less and less employers care whether or not you have a college degree. This has left hundreds of thousands of students with high rates of debt without any prospects to be able to pay it off.
Freelancing
Hiring companies look at your experience before they look at your degree. A degree is great, but they want to make sure that you actually know how to do your job. So what they’re looking for is job experience.
One way to gain job experience is through freelancing. In fact, the future of the millennial job market may be freelancing. Freelancers are able to be in business for themselves, meaning that they can do what they love without stress of not having someone hire them.
The downside of being a freelancer is that there isn’t a lot of job security. If you’re good at what you do, though, this risk may be worth taking. With a good plan to handle your own finances as a freelancer, this is a great job option for someone struggling finding a job that doesn’t require job experience.
The decline of the job market
Last year, millennials paid significantly less in income tax than the older generations did. That’s because the average millennial makes a yearly income of $22,000. That’s barely liveable.
As the previous generations begin to retire, the job market will open up for millennials, but on average, they’ll be older than the previous generation was when they reached those career benchmarks.
However, millennials are resilient. Many young individuals work more than one job to fill in the financial cracks, and are working hard to take care of themselves. This rewards them with a fantastic work ethic and the resourcefulness to ensure they don’t ever remain unemployed.
The current job market has seen a significant rise in small independently owned businesses and “side hustles.” This is where an individual works a full time job, but then has a small business they do in their free time. The future may see many of these millennials turning their side hustles into their full time employment.
Technology takeover
If you were to ask your friends with the highest salaries what they do for work, a large majority of them would tell you they work with software, coding, app development, or something similar.
This is the market that millennials really excel in. In this age of technology, millennials have managed to take full advantage, and are filling all of the gaps in the job market with their ability to adapt quickly and learn new things efficiently.
It’s highly possible that the future of the job market will be filled with jobs in the technology field. More and more technology is going into our smartphones, meaning that apps are beginning to dominate the internet browsing world.
Combining this high demand for constantly upgraded technology, with individuals going into business for themselves and freelancers, we start to get a good idea for what the future job market really looks like.
There may be a few holes in the economy, and job casualties within the millennial generation, but the millennial generation also seems to be determined and won’t let themselves be drowned out by people with more experience.
The next ten years will probably see a drastic change in the entire job market, as almost everything will make it’s way to the cloud and we’ll see more and more remote job positions and creative employment solutions.
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Category: Career
