Gen Y and Millennial Workers More Entrepreneurial, But Underemployed in Professional Positions

Younger generations of job applicants are being shut out of professional jobs and are missing valuable opportunities to gain experience in their fields.

young-and-unemployedGeneration Y workers aren’t being employed by the nation’s largest and most sought after employers, according to a joint study by the research firm Millennial Branding and the salary data software company PayScale.

“This report confirms that Gen Y is an entrepreneurial group, highly versed in social media, and prefers freedom and flexibility over big corporate policies,” said Dan Schawbel, founder of Millennial Branding. “While they are the future corporate leaders and change-makers, they are suffering in this economy by having to work in retail jobs over professional ones. A bachelor’s degree can no longer be traded in for a job.”

Gen Y Hiring Study Highlights

Key highlights from the study about Generation Y and Millennial Generation employment trends include:

  • Most Gen Y workers (63%) hold bachelor’s degrees – but the majority of employed Gen Yers are working in jobs that don’t require college degrees.
  • Technology firms rank high among Gen Y employers in the areas of pay, job satisfaction, on-the-job stress and purpose.
  • Gen Y workers don’t tend to work in large corporations. Approximately 53 percent work in either small or medium-sized businesses.
  • Online marketing and social media skills are prevalent in the Gen Y workforce. Large numbers of Gen Y workers are also embracing science and entrepreneurism as career tracks.
  • Seattle is ranked as Gen Y’s favorite city among the top 20 U.S. metros.

“Millennials are arming themselves with skills and educational training focused in technology and social media, two areas with great growth potential,” said PayScale lead economist Katie Bardaro. “However, the shaky economy has forced many of them into a world of underemployment nonetheless.”

For the full study, visit the PayScale website.

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