Surviving in Today's Economy
Implications of the Recession on Gen Y Knowledge Workers
Q:
How might you change your book Plugged In now that our economic crisis seems to be in full throttle, and is apparently different and more profound than any other? For example, do you still think that there will be a shortage of Gen Y knowledge workers in the present or future? Do you think the economy has changed forever?
A:
I’m quite certain that there will be a shortage of Gen Y knowledge workers as the economy rebounds over the next several years. In fact, even now, with over 13 million people out of work in the United States, there are 3 million open jobs that organizations are struggling to fill. Most of these are knowledge jobs—in health care, education, professional services and other fields that require specialized skills. The gap will widen over the upcoming years.
The economy has, in fact, changed forever. The percentage of knowledge jobs continues to increase, while the percentage of manufacturing jobs, declines. One of the implications of this shift is that many of the jobs that are and will become available cannot be filled by everyone who would like to participate in the workforce. Unlike a manufacturing economy that is able to absorb almost all skills levels, knowledge jobs carry many more prerequisites.
There’s no question that this has been a difficult year for everyone—including members of Generation Y. However, I’m confident that Y’s will have many positive career opportunities ahead.
Propose Ways You Can Contribute Using the Language of ROI
Q:
Dear Ms.Tammy,
After I read your article ?Why the Financial Crisis is (Mostly) Good News for Gen Y,” agree with your views. But I still have some problem: Financial Crisis is the worst time, and also the best time for Generation Y. Could you tell me some more details on how Gen Y can survive & benefit in crisis time?
For example, someone thinks it is a hard time for Gen Y (especially the graduate) to find a job.
Thank you,
Dengjing
A:
Dear Dengjing,
Thank you for reading my blog and writing from China.
It is a harder time for even Gen Y’s to find jobs than we’ve seen for many years. Here is some advice:
If the Gen Y has some financial flexibility (that is, does not have large loans or family support responsibilities), they might look for jobs that are interesting and challenging, but pay less than the salaries older workers may need. Even if the jobs are not posted, Y’s should still approach companies or organizations that they admire and propose a way they could contribute to the company, at a modest compensation. Remember to express your proposal in the language of financial returns, as I suggest in Plugged In. For example, you might propose that for a fee of “X” you would produce results with a value of “Y” for the company.
Alternatively, if the Gen Y has significant financial flexibility, this may be an excellent time to go back to school, perhaps to obtain a masters degree, or to travel, or to do charitable work—in other words, recognize that the next several years are likely to be difficult, and spend them doing things now that you were planning to do at some later point.
Best,
Tammy
Jobs in Consulting
Q:
Hi~~~
I’m a Chinese College student.I read a interview about you in the newspaper (hangzhou) today. After reading your opinion,I agree with you very much. In the financial crisis,most people see the negative side, few see the positive side. I think there are many oppotunitis.The young people,especially the Y’s will have a lot of room for development. However, although I am optimistic about the future,I still have some problems to need your help at the moment. My profession is international trade. In the current financial crisis the international trade becomes very difficult. Fortunately, I am very interested in the business. That is one of the reasons why I choose this profession. Next year I am about to graduate and I will come to the United States for further studies. In planning my career, I would like to enter a company such as McKinsey.Now the problem is I don’t know what to do,or how to reach my goal. You are an expert in this field, I hope you will give me some suggestions.If I get your point, I would be very grateful. Looking forward to your early reply.
Thank you~~~~
King
A:
Dear King,
I’m delighted to hear that you love your work. Coming to the U.S. to work can only further your capabilities. Consulting firms in general are terrific career stepping stones because you have the opportunity to work on a variety of projects across many industries. You get to see which approaches are most effective in various environments.
First, recognize that there are many consulting firms—of all sizes and specialties. McKinsey is a wonderful firm, but if you are not able to get a job there, there are many other options. Think hard about the type of work you’d like to do—lots of data analysis, lots of interviewing or focus group facilitation, teaching, writing—each firm will require a slightly different mix of skills from its new associates.
Two sources of additional information on the types of firms out there are:
The Association of Management Consulting Firms: http://www.amcf.org/
The Vault: http://www.vault.com/nr/consulting_rankings/consulting_rankings
Be sure to do the background research that will allow you to approach each firm with enthusiasm specifically for their type of work. Provide examples of things you’ve done in the past that are relevant to their type of work.
And enjoy the experience!
Tammy
