Blame the recession if you can’t get a grad job says new report
Tell your parents it’s Goldmans’ fault
New thinktank research has found that even grads who find a job may be stuck on the bottom rung, thanks to the recession.
The report by The Resolution Foundation, the thrillingly titled “A steady job? The UK’s record on labour market security and stability since the millennium” has revealed that job mobility has been steadily dropping and young grad workers are the ones suffering.
Instead of retiring, leaving or even dying, today’s older workers are sticking around and squeezing young people out of decent jobs.
Whilst this may be good news from the pension drawing fogies of your dad’s generation, the thinktank bigwigs think it’s a cause for concern for you and your mates.
The drop in the rate people move jobs since the financial crisis in 2008 reduces the prospects for promotion, pay rises and productivity gains, and affects all sectors, as oldies cling on to their jobs for as long as possible.
The report also warns of a “promotion blockage that risks permanently scarring the earnings of a generation of young workers”.
The typical earnings of those whose early careers were hit when people stopped swapping jobs were around £2,800 a year lower than those born five years earlier, according to the foundation’s numbers.
They also found that Job stability has risen steadily over the last two decades, driven partly by “welcome trends such as more women returning to the same employer after having children, and a greater number of older people being in work”
But they found that job mobility was still well below its pre-crisis level, despite the strength of the recent jobs boom, meaning that middle aged workers are still hanging on to their precious jobs, just in case.