Unemployment for young college graduates known as the millenials has dramatically dropped in the past two years. However, many young workers are still facing great obstacles in achieving personal economic security.
With huge college debts to pay for and lack of access to retirement benefits, these unemployed millenials find themselves facing a formidable economic wall.
Wages have fallen for younger workers nearly half as much as those over age 35. This situation coupled with high unemployment has driven most of them in industry sectors that often have no legitimate programs for the development of their careers.
A recent survey revealed that young employees blame lack of employer-sponsored retirement savings and rising student debt why it is difficult for them to become entrepreneurs.
This situation was corroborated by a recent Wall Street Journal analysis that showed the ratio of young people below the age of 30 who operate their own business fell to a 24-year low.
Thankfully, this year will bring a welcome change to unemployed millenials. The current class of 2016 is entering the country's strongest entry-level job markets in recent history. The United States has an aging workforce coupled with low unemployment making it possible for this year's college graduates to land their first professional jobs.
However, the hiring system used by companies for hiring new graduates is somewhat inefficient.
Statistics reveal that over 75 percent of new jobs created in 2015 were from employers with 500 or less workers. Usually, these companies don't conduct interviews on campus that is why new college graduates often ignore this vital job market sector.
Meanwhile, as much as 70 percent of fresh college graduates are not sure where their education and talents are best suited in the workplace. That means they are not able to sell themselves to potential employers who may need their skills and services.
