You probably noticed a flurry of media activity yesterday around the release of a new report from the Foundation for Young Australians (FYA).
The New Work Reality report followed 14,000 young people’s journey over a decade (15 to 25 years old) and found that only half of 25 year olds have full-time secure jobs even though 60% have post-school qualifications.
Describing these 25 year olds as experiencing a “quarter-life crisis”, the report notes “this ‘crisis’ period of the mid-twenties is characterised by insecurities, disappointments, loneliness and depression. The stark reality is that today’s generation of young people is the first to be worse off than their parents on a number of key social and economic measures.”
The report focuses on four significant factors that can accelerate the speed of transition from full-time education to working full-time hours.
Enterprise skills: programs that teach enterprise skills (such as problem-solving, communication and teamwork) can increase the speed of attaining full-time work by 17 months.
Relevant paid employment: combining studying and working in a job that is within one’s desired job cluster can speed up the transition. Seven clusters of work were identified as part of FYA’s New Work Mindset research earlier in this series. By working 2,000 hours in a relevant job a young person can accelerate the transition by 5 months, and by working 5,000 hours a young person can accelerate the transition by 12 months.
Future focussed clusters: by choosing employment with a strong future focus a young person can speed up the transition by 5 months. FYA’s previous research identified three clusters of jobs that are more future focussed: The Carers, The Technologists and The Informers Young people who chose work within these clusters transitioned faster.
An optimistic mindset: A young person who is happy with their career prospects begins working full-time hours two months faster than a young person who is not happy with their career prospects. Mindset and wellbeing can greatly impact the opportunities that a young person perceives are available to them.
I expect there will be a healthy critique of the report and I look forward to hearing your thoughts.