Young Adults Most Often Turning To Waitressing, Hotel Jobs In Down Economy: Survey
Looking for young adults in the workplace? Look no further than hotels, bars, restaurants and their own startups.
Of all sectors, the travel and hospitality industries are hiring the most candidates from Generation Y -- those aged 18 to 29 -- because young people are turning to tending bar and waiting tables as they find it increasingly tough to get office jobs and internships, , according a study of 4 million Facebook profiles by Millennial branding. In addition, less than 10 percent of millennials are working at Fortune 500 company. More common is the title of "owner," the fifth most common job title for young adults, the study found.
The Great Recession has drastically changed the way Generation Y works and lives, particularly compared to their parents. Young adults have suffered the worst economic losses since the start of the downturn, according to a November update to the Economic Security Index. More than a fifth of Americans 18 to 34 years old have experienced a steep drop in income over the past four years, the report found.
The loss in income means that young people are more likely to live with their parents and postpone buying a home and having children, according to MSNBC. And for those who are able to move out of the house, rent is now taking up 33 percent more of their income on average than 10 years ago.
And things may only get worse. Recent college graduates that are making ends meet by waiting tables and bar tending will have to compete with more recent college graduates for entry-level positions once the job market improves, Andrew Sum, an economist and director of the Center for Labor Market Studies at Northeastern University told the Associated Press in September.
"We have a monster jobs problem, and young people are the biggest losers," he said.
But young adults aren't taking the job crisis and income loss sitting down. Millennials are eight percent more likely than their older counterparts to be working extra hours, at multiple jobs or freelancing to increase their incomes, according to a recent MetLife survey cited by USA Today.
Even young adults that are finding jobs in offices are working in environments that are drastically different from that of their parents. Generation Y job applicants are demanding a less traditional workweek, access during the day to sites like Facebook and are meshing their personal and professional lives more seamlessly thanks to constant access to work through technology, according to TIME magazine.