The young are complaining and with reason to boot, the under-30 unemployment rate rose to 4.3 per cent in September last year, from 3.9 per cent in September 2013. Not a very good figure or optimistic news for someone that’s about to come out and join the workforce.
It’s been explained that part of the reason that youth unemployment has rose is due to the slowing economy. It has made bosses more weary about hiring in this economic climate as most firms are looking to protect themselves from what is to be an economic downturn.
On the bright side, the weaker economy has pushed job seekers to be creative with their resumes adding some additional qualifications so they stand out from the pack of job seekers in our hungry society. Quite a number of job seekers have decided to take on additional certification such as the CFA (Chartered Financial Analyst) to add additional colour and weight to their resumes. While other graduates have sought for jobs outside their field of study and lowered their expectations just to gain employment.
It’s going to be stressful for new job seekers in the short term as economic partners such as China are facing a slow growing economy as well as with oil prices dropping and affecting the overall economy. However Singapore has always been resilient society and with resourceful thinking and a never say die attitude, these graduates will one way or another be able to find gainful employment.