Relative to any other generation, millennials
are suffering the most right now. The bad economy,
that is showing no signs of recovery for 2014, has
ended any form of entitlement that they've ever had.
Those who have jobs have several friends who are
either unemployed or underemployed begging them for
help.
In the U.S., millennials are suffering from one trillion in
student debt right now and each carries $45,000 in
debt. Many have had to work at unpaid internships, if
they're lucky enough to find one, and have had to
offset them with waitressing and retail jobs just to be
able to afford to live.
Globally, the unemployment rate for millennials is just
as bad if not worse. Data from The Economist shows
that 40.6% are either unemployed and inactive in
Middle East and North Africa, 31.1% in South Asia,
24.4% in Europe & Central Asia and 23.2% in Latin
America.
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All of this has postponed both their careers and their
personal independence. There is no doubt that
millennials will have to work much harder than
previous generations to recover. In a new study
between my company and PayScale.com, we found
that baby boomers are more likely to have always lived
on their own after starting their career (95.60%) than
Gen X (88.50%) or Gen Y (70.80%).
Here are eight of the best ways for millennials to
recover from these economic setbacks, move out from
their parents house, and take charge of their career:
1. Do freelance projects in order to build your work
portfolio, develop your skills and have case studies to
present to hiring managers. Companies are risk averse
now and want evidence, in the form of hard results, to
see if you're truly capable of performing before they
give you a shot. Use sites like oDesk.com to find
freelance positions that align to your core skills.
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2. Tap your college alumni database by visiting career
services and having them pair you up with someone
who is doing exactly what you want to do now or in the
future. Don't just ask for them to critique your resume
and cover letter because it's their network that will
truly help you connect to the right mentors and
employers.
3. Conduct an online advertising campaign using Google
AdWords , Facebook Social Ads and blogs in order to
reach employers in your industry in a creative way. You
want to get your name and credentials right in front of
the specific people and companies that you want to
work for and through these platforms you can reach
them.
4. Don't rely on the internet to find work or build your
career. Instead, use it to narrow your job search down
to the right industries, companies, and positions and
then meet professionals who work there at events or
one-on-one. You can build a much stronger
relationship with someone, and stand out from the
crowd, if you meet with them in person.
5. Diversify your job search so that you
aren't relying on one resource, such as
job boards. Do everything, including
career fairs, social networks, and
corporate websites, because you never
know what will end up working out for
you. By diversifying your career strategy,
you're setting yourself up for more
opportunities and a better chance of
success.
6. Use all of your resources -- even your parents -- to
get referred to new opportunities because your peers
are already doing it. Every single person in your life can
be a bridge to someone who can either hire you, refer
you or at least give you some advice on how to get the
job you want.
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7. Do free work for authors and consultants because
they can make referrals to their corporate clients on
your behalf. Don't be afraid of free work because it will
lead to paid work in your desired profession. Find
authors and consultants by going on Amazon and
searching for them based on books categorized by your
profession, such as marketing or accounting.
8. Scratch the corporate job and start your own
business so that you can make your own hours, be in
control and never get laid off. Whether you want to
start a blog, an Etsy store, a consulting business or
develop your own product, you can create your own
income and live a more fulfilling life without having to
submit your resume to anyone.
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