COVID-19 causing life and career setbacks for Gen Z
Will COVID-19 be to Gen Z what the Great Recession was to millennials?
One of the most lamented aspects of the COVID-19 pandemic is the loss of the graduation season. High-school and college graduates (and their families) had to settle for virtual ceremonies and backyard cap tosses. Even more concerning to graduates (and their parents) is the uncertain job market for 2020 grads.
According to a new survey conducted by College Finance of those in Generation Z (defined as those born after 1996), most have experienced some form of impact on their careers or job outlook: 34% have had job interviews canceled; 30% have had a reduction in their hours at work; 19% have seen a pay reduction (at an average of $6,000); 14% have been laid off; and 12% have been furloughed.
Not surprisingly, a large majority (65.9%) of Gen Zers reported that they feel that their job or career path is less stable due to COVID-19. Twenty-four percent said that the pandemic has had no impact on their career path, and 9.79% said that their job or career path is more stable than prior to the pandemic.
Stay in school
One option that Gen Z has that older Americans might not as easily is the ability to stay in — or go back to — school. Sixty-five percent of the Gen Z respondents said they are weighing those options. One reason that so many are considering those options may be that the jobs that these young people hold are in industries hardest hit by the pandemic: 16% in retail; 14% in the hotel, food services and hospitality industries.
Many are also contemplating a career change. Of those in Generation Z that responded to the survey, 27% expressed interest in essential worker roles, 16% are interested in switching to technology, 10% to health care, and 8% to finance and insurance.
Second wave
As uncertain as COVID-19 has been since earlier this year, there has always been talk of a “second wave” even after the current situation calms down and most states have reopened. That fear is not lost on those of Generation Z — 71% of survey respondents said that a second wave of COVID-19 would affect their career plans.
Steve Salkin is a managing editor at BenefitsPRO parent company ALM. He can be reached at ssalkin@alm.com.
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