If you are a Millennial Asian, the newspapers think you are pretty pathetic. Looking at the numbers, you have earned more degrees than anyone else in your family, are up to your neck in education debt, you are chronically under-employed and will stay so for the foreseeable future.
Investopedia defines this phenomenon like so:
Labor that falls under the underemployment classification includes those workers that are highly skilled but working in low paying jobs, workers that are highly skilled but work in low skill jobs and part-time workers that would prefer to be full-time.
The market has few jobs to offer the growing legions of fresh grads and the ones available fail to offer much of anything: little money, little career growth and little in terms of security. These handful of jobs are not what you aspired to back in college. It is highly likely you will be delivering goods ordered online or managing a social media campaign for the local non-profit organisation until a “Real Job” opportunity turns up.
Let’s suppose that you finally get a chance to interview for a “Real Job”. As a fresh grad you are facing competition from the people who graduated years before you and have relevant work experience to show for it.
Jobs available in the government sector are scarce, practically impossible to access unless one has a ‘link’ (how I loathe that practice) and the benefits hardly ever compensate for the dismal pay.
Gordon Orr warns China’s fresh graduates that even the low-barrier, entry-level careers in bank telling or insurance agencies are going obsolete. Technologies like AliPay and WeChat have streamlined basic banking tasks and banks will soon be a thing of the past – much like post offices.
…there may be new jobs but they are just not the jobs you set your heart on when you went to university: low pay and low security is a poisonous combination of many of the new jobs in China’s “rebalancing economy”.
Orr suggests brushing up on vocational skills that may come into play in the emerging sectors, like learning coding or other such I.T. wizardry. If nothing else, it is suggested that a fresh grad like you should start a business and embrace self-employment as your fate.
The fastest growth category of urban employment in recent years has been self-employment. While some of this is likely a cute way of describing unemployed, the broader trend that it represents is the growth of small and mid-sized enterprises and their importance to job creation in the economy.
Next up is the “Has Pakistan overeducated it’s middle class?” article that appeared on Dawn’s website about two days back. The lack of congruency between the education Pakistani universities are churning out and the jobs available is painfully apparent for anyone who been through a hiring cycle. Not only is the quality of education suspect, the graduates are ill-prepared for the rigours of the job-search and interview process. I am in complete agreement that there need to be university-based career prep centres at both public and private universities. Private universities barely scratch the surface when it comes to preparing their students for the corporate/real world. A mandatory 2 hour workshop in the last week of university does not suffice. I recommend universities to start students on mandatory courses that cover internship seeking, c.v. writing and interviewing skills from freshman year.
The author, Murtaza Haider, makes a valid point about how loosely underemployment is tallied and also how faulty the premise is regarding what constitutes a ‘living wage’.
My primary concern is about how the state defines underemployment.
The state considers those working for fewer than 35 hours in a given week as underemployed. This definition assumes that those working for 35 hours or more in a given week are gainfully employed, i.e., they are earning enough to support their families.
The under and unemployment figures are quite meaningless for struggling economies like Pakistan. Even by the government’s estimates, 60 million Pakistanis, 29.5 per cent of the population, live below the poverty line. Experts at Oxford University estimate a much larger proportion of Pakistanis (44 per cent) to be poor.
Thus, boasting about low unemployment rates is rather futile because a large proportion of those considered employed by the government are not earning enough to feed and clothe their families.
Lastly, here is an article from the World Economic Forum warning us that for the millennials post-graduate degrees may be a waste of money. Lux Alptraum shares that despite belonging to a family accustomed to collecting degrees (the way some collect shares) she ultimately decided not to seek a postgraduate degree. For her, the math simply didn’t add up!
Every time I’ve considered going back to school, I’ve done a cost-benefit analysis—and for me, that analysis has never worked out in academia’s favor. My law school dreams died when it occurred to me that the kind of do-gooder law I was interested in would likely leave me in debt for the rest of my life (and also when I realized that “liking to argue” is but a small part of a law career). My potential public health degree stopped making sense when I realized the small salary bump I might secure wouldn’t balance out the money—and time–I’d spend getting the Master’s.
As a fellow Millennial Asian, I feel your anguish.
I also sense your need to reach for the nearest tub of ice cream to drown your sorrows. Hold off on that for a second. There has to be a Plan B.
Will it be running our very own Food Truck? Maybe.
Can it be starting up a coaching centre for the chronically under-employed and helping them loosen up via improv sessions? Could be.
The beacon of hope lies in our ability to carve out careers, create brands and provide services in emerging markets – despite the nay-sayers and dismal statistics.
Drop me a tweet @marsonearth.
I write about financial empowerment, digital literacy, and educational technology at my blog called Catalyst Woman. Who am I? I once described myself as a Communications consultant who conducts trainings focused on Women’s Empowerment, Employability Skills and Educational Innovation.