As if debts, student loans, mornings brimming with decafs and anxiety about the future, wasn’t enough. Millennials now have an additional worry boggling their minds. Recession! The pandemic has certainly screwed with the masses, and millennials are being hit hard on the job front. While scores of them had fresh new opportunities looming up in the coming months, there were a certain few who’d just left their previous positions, in the search of something better. Then came the crisis that crippled the world and forced this young set to contemplate the future.
The pandemic screwed it all
According to St. Louis Fed policy analyst Ana H. Kent, millennials have suffered more damage than any other age set. And this boils down to three factors, a lasting fallout from the financial crisis, small financial cushions to absorb this kind of an emergency, and disproportionate job reductions compared to other demographics. Brian Faleiro, a 25-year-old, who’s made his way in the engineering sector says he had decided it was the right time to give up an amazing job, pursue a Masters and give his career the ignition it needed to take it up a notch. Well, and just around this time, the Coronavirus put its foot down on any plans of the future.
Dhruvit Shah, another millennial who’s struggling to make peace with this confusion over jobs, says “A lot of people were expecting more companies to come to our campus placement, which is a routine feature at University. However, they didn't. Some students have been fortunate enough to get placed. But most haven’t. The ones placed, are still waiting for a follow-up, which is doubtful considering the pandemic. The pandemic has certainly screwed it for most!”
The unluckiest generation?
Still recovering from the economic stigma that served as the side-effect of the virus, millennials are said to be the unluckiest generation. The media is wasting no time in drawing up the comparisons that this pandemic has with The Great Depression. The Washington Post follows the trajectory of how millennials, time and time again have been affected by recession and have recovered. However, will they be able to get back on their feet this time? Right from settling for jobs that they didn’t favour, to having to agree to pay scales they wouldn’t have given a thought to earlier, millennials have done it all.
Ryan Dsouza, a 21-year-old, who’s currently pursuing his teaching program in France, says “The pandemic for the most part has affected the lower strata of society the most and contractual works. In France, some companies have made employees either go on unpaid leave or haven't given them their dues for a while.” He emphasizes on how it’s not just India that is affected with the small businesses shutting down.
“Small businesses and cafes which are the very soul of French culture are being forced to close down as even during deconfinement, they cannot open as only cafes with terrace seating are allowed to open. This has caused tremendous losses in the business.”
Further course of action
Brian feels things will improve and improve drastically. “I believe the question would be how different am I, from the pre-Covid me. Industries will accelerate, stock markets will continue to climb higher, and the job market will always demand that extra bit from you that would differentiate you from the rest.”