Financial Crisis - The Crunch Generation

Graduating into the era of insecurity

In the early summer of every year universities and schools around the world set free motivated, talented, and knowledgeable young people. The world's companies are recruiting youngsters with fresh ideas, alternative approaches to dated methods and the spirit to make something of one's life. Recently though the market has become a hostile place for youngsters with a self made, start up attitude


By SUSANNE WERNICKE
from Greiffenberg, GERMANY


Although job ads are suggesting options for those graduating from university, competition is growing: graduates, especially from the fields of humanities, are facing severe difficulties landing a job that is lower than their field of expertise.

The Guardian has been reporting on the struggle of recent graduates to keep a low paid job such as a shop assistant. Bea Carter, an English Literature Major and Oliver Brand, a political science major (both from the UK), had to regress to seeking employment as bar tender and other student jobs. Across Europe the economy is suffering from the tight grip of the financial crisis leaving millions of young people in doubt about their future. Official numbers report a 18.3 percent unemployment rate for people under 25 years old. All of us who find ourselves in a similar situation can identify with the Generation Crunch.

Going down Revolutionary Road

As the world is transitioning from the information age into the service age adjustment of social, political and financial systems call for extraordinary skills, qualifications and ideas of everyone involved. Some have it and others don't: this is the reality we have to face in this time of insecurity. Looking for alternative ways is the spirit of the time. Innovation, creativity, motivation and risk taking are the main criteria for overcoming this unprecedented era.

US President Barack Obama in his commencement speech at the state university of Arizona advised the class of 2009 "to keep gaining new skills, keep on taking risks as new opportunities arise."

Carl Guillard of the Association of Graduate Recruiters says "it's better to consider a temporary job than sit at home" to improve personal abilities.

Communication a strong work ethic, teamwork skills and initiative are reportedly the highest ranked qualities employers are looking for in an applicant despite studying hard and graduating at the top of the class, working at internships, and even gaining experience abroad. Yet, there is no job in sight.

Thus, what do you do when there seems to be no success coming the way you are headed? Investing some time to connect with oneself might be a good idea. Many of us are not aware of our skills beyond what is stated on the diploma. Online personality tests can help in finding out exactly that.

The eurobrussels.com sites offer testing for free and give advice on how to structure CV's and resumes and keep an updated database on internships and job openings.

Traveling is one of the most sought after leisure activities among young people. Volunteer agencies and international platforms such as EVS and AIESEC combine the fun with the necessity providing young graduates with employment opportunities in a different culture, new environment, with new people and a challenge. Broadening your horizon is guaranteed for. On that note, initiatives in your home town, your old High school or among a group of friends certainly teach team working skills and communication abilities, two major qualities employers are looking for in a candidate.

The Crisis is your opportunity

Extraordinary times call for extraordinary measures. Putting everything at risk and starting your own business or an individual project requires dedication, commitment, discipline and of course a unique idea. However risky it might sound, never has the time been more ready for a business solely built on one's own abilities. The individual, the person, as such has become the center of professions. A young man claims that the financial crisis is the moment most beneficial for graduates. Aleksandar Mazni, running his own business, zoomingresults.com, for the second year now, feels that "we are witnessing a change of demand in labor. High time is over for IT and economist experts." Looking at the qualities sought for by employers Mazni's prediction does not sound at all far-fetched. Graduates of the Crunch Generation will be coining future businesses in terms of the empowerment of people, the management of people's knowledge and skills and international networking.

At this point nobody can predict the end of the crisis, nobody knows the dimensions of the changes that will go along as the recession unfolds and nobody has an answer to the questions and concerns of graduate students in the world. Your shot at finding a successful way through this era is as good as that of any professional, politician, or experts.


(Published: 20.06.2009.)