To the People

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or TO THE PEOPLE.

Tuesday, March 03, 2009

During a Reccession Twenty-Somethings Lose Their Jobs Too

It shouldn't come as a total shock to twenty-somethings with limited experience and fat paychecks that when cuts are made they might be the first to go. Especially if you are working on a one year contract paying you $65,000/year with an internet start-up company. Let me repeat -- AN INTERNET START-UP COMPANY. Baltimore Sun:
At 29, Cynthia Schatoff has been laid off twice. After three years as a graphic artist at a local firm, she was let go in April. It wasn't easy finding a job as the economy worsened, but she did. In September, she lost that job.

After six months at an Internet startup, Loretta Goodridge, 27, lost her $65,000-a-year contract in January as seed money dried up.

A few years ago, employers wooed young workers with bonuses, perks and trips to ski resorts. Now, more people in their 20s are losing jobs and getting by on unemployment benefits and help from family.
Whoa. Back the fuck up. What's this about "wooing young workers with bonuses, perks and trips to ski resorts"? Unless the author is talking about a $200 Christmas bonus and a ride inhaling noxious fumes on the Duck boat, I clearly missed out on this pre-recession fad. Thinking about it some...the only perk I've ever had -- in my more than few years as a twenty-something in work force -- is free coffee and water at my last job. Well, one time I got to go to Pittsburgh in November. It was a great time. And you'll notice I say "last job". I'd kill for a fucking water cooler at this place, let alone free coffee.

More:
"I got my MBA to have something permanent and stable," said Goodridge, who graduated in May from the University of Maryland's Robert H. Smith School of Business. "I've spent more time looking for a job than I've been in one."
You mean to tell me that the myth of needing to go to graduate school might turn out to be...a myth? Who would've guessed that loading yourself up with debt for an extra degree might not always be a guarantee for future professional success?

The article ends:
Goodridge, who did not quality for unemployment benefits, is cutting expenses, clipping coupons, tapping into her savings, using a no-interest credit card, got a six-month unemployment deferment on her student loan and is getting help from her mother. But "at 27, you don't want to rely on her," she said.

Meanwhile, Goodridge is keeping busy, attending networking events and trying to meet at least two to three new people a week.

"I thought with my education it would be easy to get a job and all the opportunities," she said. "That has been different than what I thought going into the whole thing.
Before I say anything else, let me add that despite my snarkiness I do feel compassion for anyone who loses their job for just about any reason; and that goes double for a time when it really is difficult for a young worker to find a replacement job. [And I'm not just saying this because Loretta Goodridge will google herself, find this blog post and then send me an angry email. Really. It happens all the time.] But I don't feel too bad for people, especially younger people with savings, who take risks in the labor market that don't pay off. It was a risk to pay for a MBA with debt. It was a risk to work for an internet start-up company. I feel the same way for young adults who made a shit load of money at investment banks and are now losing their jobs. With greater risk comes a bigger potential payoff, but also there has to be a downside.

My advice for twenty-somethings in today's labor market? Follow my lead and find a position that has the responsibility for multiple revenue streams within the organization. Then take the job for a few thousand LESS than anyone else in their right mind. That spells job security my friends. Or worse case scenario they lay you off and you start collecting unemployment; which in this case would actually be raise. Win-Win situation...

Full article here. Thanks to my roommate for the heads up on the article.

Labels: ,