the Boomerang a University College Student Association Magazine | November 2009 - I
Recession Hits Young Job Seekers Aboud Hamayel and Rafaela Peteanu
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cross the EU, unemployment rates have been soaring to a 9.7% all-time high. Among the most affected are youth between the ages of 18 and 25. The EU statistics agency, Eurostat, has reported a 20.1% unemployment rate among the youth and new job seekers in the EU. The Netherlands remains more stable, with 6.8% youth jobless claim.
The Problem for the Young Young, well-trained, eager to excel…but unwanted, a reality for many University alumni. It is perhaps a college graduate’s worst nightmare, given the current financial turmoil: failing in getting a job. As proud possessors of a Bachelor’s degree from the best undergraduate program in the Netherlands, UCU alumni (should) have the world at their feet, but is that really so? According to statistics from the UCU website, 87% of our graduates go on to Master’s programs. But those eager to start their careers might find the following useful. First of all, there’s the issue of experience. Despite the assumption that employers are keen on hiring cheap and highly motivated workforce, this is not always the case. In fact, due to the crisis, most jobs on offer now are for specialists – people who can solve problems fast and effectively, and who do not require extra training. New graduates, conversely, are bound to come across different obstacles, at least in the beginning, regardless of how well their internships went and of how willing they are to learn. And overcoming these setbacks requires time and money from the part of companies, none of which they are willing to invest, given the fragile economic environment. The fewer risks, the better, seems to be their philosophy. Secondly, the problem of remuneration is also important. Indeed, no one expects new employees to earn high wages, but the salaries which are currently being offered seem to be at an unprecedented low. This is not only frustrating, in the sense that a month’s work can sometimes barely cover the most basic needs, but it also raises questions about the importance of education. That is to say, if a young alumni working in a multinational company, for instance, comes to have a monthly income only slightly higher than his or her younger brother’s, working part-time in Albert Heijn, then something is definitely wrong with the system.
These stats are indicative of the nature of the job market and its most vulnerable age group, those under the age of 25. With companies cutting on their current employees, youth have a hard time in actualizing their career goals and are put aside when compared to more experienced workers. This has caused many students to ponder over their future, especially in countries like the U.S, where going to a university is a long term investment, with many financial obligations. Studies have showed that increasing youth unemployment leads to long-term reduction in income, arousing the fear of a grim future among many students. The Middle-East is another area where youth have hard times settling on a job, the rate of unemployment according to the BBC being 25%. In an interview with Sameh Hussain, a Jordanian student currently enrolled at the American University of Beirut, the dim reality was made clear, when he said that “my parents and myself have spent a fortune on my education, however, the reality is that good academic standing and an excellent CV are not enough these days.” The situation is difficult and jobs are scarce –“only those with higher connections can land a substantive job,” Sameh added. The situation for UC students is better, but remains similar, perhaps for different reasons. Many of our graduates choose to finish a Master’s program before they embark on a journey for the job market. The crisis in youth employment continues, with a 6% increase from last year. The response has been weak, prompting the International Labor Organization to emphasize that any effort of saving the banks and the financial sector must be met with similar stride in tackling youth unemployment.
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