Workers Looking for New Jobs, Especially Generation Y

Workers still perceive the economy as being in a recession, but that is not stopping a younger generation from looking for new jobs or going on interviews. Is a war for talent on the horizon?

Nearly 90 percent of 2,222 individuals polled in a March survey said they think the economy is still in a recession, according to staffing company Adecco Group. In similar vein, 78 percent said they believe this is the worst job market they have seen in their careers. And yet, many are looking for new job opportunities whether they have a job now or not.

"Employees' mind-sets have started to shift-they are ready for a change after riding out one of the worst recessions in American history and [are] open to new opportunities," Rich Thompson, vice president of training and development at Adecco Group, said in a statement. "We caution employers to focus their efforts on retention plans for the months ahead and encourage employees currently in transition to consider temporary employment as a way to try out a new career."
The latest Adecco survey looked at the perceptions of the job market and current plans of a variety of age groups in the workplace, including generation Y (aka millennials), generation X and baby boomers. Baby boomers, and what Adecco dubs "the silent generation" (those 61 or over), are focused on holding on to their jobs for as long as possible. Close to 70 percent of the 61-plus age group surveyed said keeping the job is priority No. 1, yet only 6 percent are willing to take a pay cut to stay at their jobs. Forty-two percent of this silent generation group are delaying retirement plans.
Generation Y is the most primed for finding a new job, according to the study:

"[C]ompared to the end of 2008, the percentage of Gen-Y workers looking for a new job in 2010 has more than doubled (from 14% to 30%) and more than half (51%) of workers plan to go on (or already have gone on) a job interview as the economy begins to recover. And they are not alone-30% of Generation X workers, 29% of Baby Boomers and 22% of workers aged 61 and over also have interviewed/plan to interview in the year ahead."

Millennials about to graduate college are facing lower starting salaries, according to March studies published by the National Association for Colleges and Employers. Average starting salaries are down 1.7 percent from 2009 figures. At present, starting salaries are averaging $47,673 compared with $48,515 last year.
"I am hoping by the end of the year, [salaries will be] at least level with last year and that it will stop decreasing," NACE Employment Information Manager Andrea Koncz said to The GW Hatchet.