In the Same Pickle - Educated Youth in Both India and US Struggle in Labor Market

In India it's come to this, documents Bloomberg: 42 percent of those 20 to 24 are unemployed. Most of them have college degrees. Actually there is a correlation between the more educated they are and the odds they will be unemployed, at least in jobs requiring higher education. 

Those working are primarily in the "informal" - that is the gig - economy. That provides no steady income and no benefits. Experts assess that the degree-getting process is not providing marketable skills.  The result could be a dampening impact on GDP growth for India.

The situation mirrors the pickle many recent university graduates encounter in America. Insider Education reports:

"More than half of recent four-year college graduates, 52 percent, are underemployed a year after they graduate, according to a new report from Strada Institute for the Future of Work and the Burning Glass Institute. A decade after graduation, 45 percent of them still don’t hold a job that requires a four-year degree."

Much of this comes down to the lack of marketable skills as well as no documented experience in a sector. 

Typical has become the contrasting employment stories of Sam Lalevee with a BA in communications and Chris Morillon with certification in auto mechanics. The former puts together a day job doing call-center work and a gig in the evening. The total gross income is $45k. He struggles to pay his rent. The latter had been employed at two auto companies, including Tesla, has received a promotion and has purchased a house. 

This mismatch is really not new. We boomers tended not to develop marketable skills or perform real work in internships during our formal education. The difference was that the job market was producing lots of well-paying opportunities which included professional development. In my first private-sector position from the get-go there was rotation so I could learn new skills right-on-the-job.

That position was in business communications. Along my journey in overeducation, including a Ph.D., I had not taken one academic course in that. I learned hands-on by freelancing and building a portfolio. In those days too it was lots easier to land those kinds of assignments to enter a field in non-traditional ways. Currently content-creation is not so open.

Even with degrees in the US which can provide access to lucrative employment, such as the JD, there is usually no or little career-oriented training. Most newly minted lawyers go to entry-level jobs at a Skadden or a Paul, Weiss, which pay $225,000 a year, with few or any hands-on skills. Some I coach admit they didn't even know how to process standard documents.

If those new JD graduates don't pick up what is necessary to know quickly on-the-job they will lose those jobs. Meanwhile they usually carry six-figure debt in education loans. Professional anonymous networks such as Reddit and Fishbowl are jam-packed with laments about being cut from the team. Recently that has been happening sooner than later. The usual is this kind of post on Fishbowl Big Law:

"I have a super strong feeling I am going to be told to look for a new job at my review next week."

Both in India and America young people have to make tough decisions: Go the traditional higher education route or opt for trade school, certifications, licensing, apprenticeships or even self-employment. Unfortunately, tradition tends to win out.

In business and life you usually have only one shot at whatever. Up the odds of success with Jane Genova. I am an intuitive coach, tarot reader and content-creator. Complimentary consultation (please text/phone 203-468-8579 or email janegenova374@gmail.com)