Generation Y is one of the hardest hit generations in the recession. Surprisingly, the generation is optimistic. According to a recent survey by Experience, 50% of US Gen Y respondents believe that their job prospects are optimistic. Experience’s Survey also shows that 25% believe that the media are presenting an excessively negative job outlook. Only a third believe that their career development will suffer due to lack of opportunity. Surprisingly, only about 30% of Gen Y feels they should work longer hours and take on more projects for job security.
What industries are Gen Y young people interested in?
According to a poll of 6700 young people in the US, Experience asked respondents about their top industry of interest. The top industries weretechnology (48%) and new media (40%). Consulting came in third with 30%, above pharmaceuticals, advertising and banking (20%). While Gen Y may understand how difficult times are in the banking industry, they may not be aware of how difficult times are in the consulting industry (their third choice), with some specialized consulting industries down more than 60% and some consultancies doing far worse than banks. Many consultancies are undergoing massive layoffs (e.g. IBM). Many of these consultancies have little plans of rehiring specialists in the US for a long period of time, if ever again. Many Gen Yers don’t realize that while banks are at least hiring some students from the top business schools, many of the top consulting firms have massive, company-wide hiring freezes (including some of the largest & most prestigous management consultancies).
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