Tag Archives: "Employment"

The Student Career Development Study

Millennial Branding and StudentAdvisor.com Release New Study on Student Career Development 

Few have internships, are marketing themselves on LinkedIn and are engaging in professional development activities.

Boston, MA  –  November 12, 2012 – Millennial Branding, a Gen Y research and consulting firm and StudentAdvisor.com, a Washington Post Company and the leading free learning resource for students, today announced a new report on how students are developing their careers while in college. The report, The Student Career Development Study, shows that students are not aggressively preparing for their post-college careers, one of several reasons that many struggle to find jobs upon graduation.  In particular, although 85% of students surveyed consider internships important to their future career prospects, only a third have a presence on LinkedIn, a primary online mechanism for connecting to internship opportunities, and only 1 in 9 have a presence on WordPress, a major home for blogs.

In August of 2012, StudentAdvisor.com surveyed over 200 students from across America. Out of the respondents, 41 percent are interested in the employee career path, 34 percent are interested in going straight to graduate school, 15 percent want to be entrepreneurs, 8 percent want to be consultants and fewer than 2 percent want to remain dependent on their parents indefinitely.

Additional highlights from the report include:

1. College students value internship opportunities.  52 percent hope to have three or more internships before graduating, while only 40 percent have had at least one internship so far. For those students who have had at least two internships, 23 percent say that the internships lasted between 1 and 4 months on average. The majority of these students’ internships have been unpaid internships.  85 percent believe that having an internship is either important or very important for their future career

2. College students are not experts at branding themselves. Despite how savvy Millennials are with technology, most (93 percent) do not have an understanding of personal branding. Furthermore, many are not taking advantage of easy branding initiatives, such as LinkedIn profiles, business cards, personal domain names, or professional blogs.

3. College students are generally mentored by their parents and ignore online experts. 70 percent of students surveyed have at least one mentor. 37 percent say their parent is their mentor, 28 percent say their professor, 21 percent say their family or friend, 17 percent say their current or former employer and a mere 1 percent say someone they’ve found in an online networking group. Out of those mentored by their parents, 32 percent say that they provide good advice about job-seeking or career-advancement,  13 percent say that they know something about their field so they can give professional advice and 11 percent say that they went to college so that they can advise them on being a student. Only 10 percent have found a professional mentor through social networking.

4. College students are lacking in professional development. Only 29 percent have received career and job help from career services at their university.  Just 22 percent belong to professional development or industry-related groups, and only 20 percent have taken or would take courses that teach social media skills.

5. College students are active in social media, but not in a career-oriented way. Almost all (95%) have Facebook accounts, and nearly half have Twitter and/or Google+ accounts.  But only 34 percent have LinkedIn profiles. Other social media sites used include: Pinterest (30%), Instagram (28%), MySpace (26%)  Tumblr (17%), Foursquare (14%), and WordPress (11%). The low presence on WordPress indicates that few of these students have created their own blogs.

Quotes:

“Part of the reason why students are struggling to find jobs is because they fail to develop their careers while in college. Students should strive to market themselves online through social networks, and actively network offline, in order to secure internships and jobs.”

- Dan Schawbel, founder of Millennial Branding, Gen Y expert and bestselling author of Me 2.0

“College students are missing out on a very valuable resource by not leveraging LinkedIn.  Internship opportunities, and the ability to network alumni or gain incredible insight into a company, are all there, waiting for students to take advantage.”

- Dean Tsouvalas, Editor-in-Chief, StudentAdvisor.com

Contacts:

Millennial Branding (Spokesperson): Dan Schawbel dan@millennialbranding.com
Student Advisor (Data): Dean Tsouvalas dtsouvalas@studentadvisor.com

About Millennial Branding:

Millennial Branding is a Gen Y research and management consulting firm based in Boston, Mass. Millennial Branding helps companies understand the emerging Gen Y employee by providing research, training, and advisory services. As representatives of Gen Y and advisers to management, our goal is to provide research and insights that will make you more profitable, grow your market share, help you understand your Gen Y employees, and turn you into an industry leader. As ambassadors to Gen Y, we want to give our generation a voice, support their careers, and connect them with brands that understand their needs.

About StudentAdvisor.com:

StudentAdvisor.com, a Washington Post Company, is the leading “all things college” resource for students of all ages to find the colleges that best fit their goals and needs. StudentAdvisor.com offers free access to trusted college conversations, college reviews, college comparison and match tools, planning guides, a social network of verified advisors and more. StudentAdvisor.com also publishes The Top 100 Social Media Colleges, a scientifically calculated list that highlights the colleges best using social media. StudentAdvisor.com is a proud member of the National Association for College Admission Counseling and is based in Woburn, Massachusetts.

Despite High Unemployment Gen Y is Optimistic

My previous post established the overall characteristics of Gen Y as that of wavering loyalty when it comes to today’s job market—a market that is particularly challenging for this generation. The national unemployment rate among young adults ages 18 to 29 was about 12.7 percent in August (over 4% higher than the national average), according to nonprofit organization Generation Opportunity.

Why? Why are the Millennials so down, out and about?

Could it be that instead of unpredictable, at least a fraction of these Millennial workers are envisioning a more suitable opportunity for themselves? That instead of having trouble finding employment, some GenY workers are struggling to find meaningful employment—and are actually in the process of developing something better? For some, finding meaning means finding it on their own. Millennials crave opportunity, freedom and fulfillment.

According to The Multigenerational Job Search survey conducted by Millennial Branding and Beyond.com, survey, almost one third of all respondents have considered starting their own business instead of continuing their job search. And another study, found that the number of 18 to 29-year-olds in the process of setting up their own companies increased by 50% in the last year alone.

So Millennials want to explore the world on their own—but what does that mean? How will starting a new business affect your business? While I can understand why some management could see entrepreneurs as a direct hit to their human resource department, both leadership and team members must also consider that it’s an inevitable movement and it would prove to be much more beneficial to realize the positive picture for this relationship between entrepreneurs and corporate America.

The upside of entrepreneurs for our marketplace—

A chain reaction. The advancement caused by an entrepreneurial innovation will more than likely cause a domino effect. Advanced products and services push progression for innovation of technology and product development across industries—resulting in pioneering ideas and new advances that can ultimately benefit the entire market.

New business, new business partner. There are times that an employee might take on an entrepreneurial endeavor that creates a direct opportunity for the former employer. The previous business may provide a product or service that the new one needs in order to grow and develop.

Broader opportunity. Not only do entrepreneurial ventures have the potential to build a relationship and progress innovation, they have the potential to open up niches in the marketplace because of it. More businesses mean more opportunities to provide services to companies and individuals that are directly involved with these new, niche markets.

Finding a fit. Niches also create benefits for workers. There are a number of people currently working outside their passion or field of study. New opportunity means these companies often require new and/or specialized workers with focused skills to get the job done. Finally, that degree in Enigmatology might actually come in handy.

What are your feelings toward these benefits of entrepreneurship? What other advantages do you see as a result of GenY’s entrepreneurial search for personal satisfaction and opportunity?

- This post written by Carrie Bowe, an Intern at Millennial Branding

Why Companies Are Having Gen Y Retention Problems

Gen Y is typically identified as being a fickle and wavering group of individuals. Here today, gone tomorrow. On to the next job. Attributed to becoming bored, seeking enjoyment or following the road, Millennials are known for moving on. In fact, many of our studies show that millennials leave their corporations at the two year mark. In comparison, Gen X stays about five years and Baby Boomers stay about seven years at a company before leaving.

What is the cause of all of this? What are some of the reasons that Gen Y has seemingly lost their loyalty to long-term job commitment? Through experience and observation, these seem to suggest some causes:

  • An unstable economy has caused Gen Y to devalue the tenure of a position. Even if you stayed with the same company for 30 years, what’s the payoff for remaining when benefits, pensions and investments are not guaranteed?
  • The company gets what it gives. As companies become less loyal to their employees, employees become less loyal to the companies. Gen Y especially sees disloyalty as a major red flag and a cue to exit.
  • Millennials crave exploring the next opportunity to discover, create and expand. Sometimes called dreamers; this generation has an entrepreneurial nature that searches for freedom, limitlessness and fulfillment.
  • Suppressive, rigid, traditional corporate cultures don’t match the mindset of this generation. Gen Y workers are less tolerant of work environments that don’t reflect personal values, opinions and/or feelings toward change.
  • Much of this generation is still in search of the purpose of life. Either because they don’t know what they want to do when they grow up or they aren’t sure how to get there. Sometimes they’re just passing through in search of where they fit.
  • Gen Y is an entitled group. This group was raised to expect, receive and question everything. This sense of privilege has caused some in this group to lack patience in developing professionally, an unconcern with paying their dues and a different perception of how “work” should work.

What’s your opinion? Have you seen this happening in your organization? In what ways does your company counteracts these reasons for Gen Y’s lack of loyalty?

- This post written by Carrie Bowe, an Intern at Millennial Branding

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