The Gen Y Career Setbacks & FT Policy

Yet another report on how Gen Yers are coping.

"WASHINGTON, UNITED STATES - The recession may have a permanent effect on the millennial generation, also called Generation Y.

They are the 18- to 29-year-olds who have graduated with good college degrees into a no-jobs job market, and they are still, in large numbers, underemployed, dependent on their parents and saddled with big college debt."

Read report and earlier entry.

You will Suffer only if the Economy is Shite?
You see... the difference between the US and Singapore is that our economy has recovered by leaps and bounds. (Just check out the great news about GDP growth rates, low unemployment rates etc in the papers these days.)

Yet, if "things" are looking good, why are so many (1 out of 3) of our poly/varsity graduates hired on contract basis and/or with low starting pay?

Meanwhile, you see so-called 'foreign talent' with little or no experience getting employed in Singapore by the hordes. It's understandable if foreign talents which we do not have are flown in to reinforce our talent force, but why are we bringing in direct competition with our own graduates?

We know the ratio of Foreigner to Singaporean+PRs is around 1:3. We also know that these figures include dependents, and that the foreigners we take are usually in the economically active ages. So 1:3 does not apply equally to all age groups.

So then, what is the ratio of employed FTs to SGrean Poly/Varsity Graduate IN THE GEN Y AGE GROUP?

If it's 1:3, that should partially explain the contract jobs Singaporean Gen Y grads are taking up. But 1:3 is clearly too conservative. Take away the PRs and remove the blue collars and Singaporeans who are not working in this Gen Y age group, the ratio is most likely tighter than 1:3, say 1:2 or 1:1. Such a ratio will then it should explain the employment situation a whole lot more.

Is it then possible that for every white collar job in Singapore, the job seeker ratio of the Foreigner vs Singaporean is 2:1 or 3:1 or 10:1? Theoretically, it is definitely possible, because our foreign talent policy is literally an open gate.

If an MP is worth his allowance, he should ask these questions in Parliament.

"What is the ratio of 
(Employed Gen Y FTs) to (Gen Y SGrean Poly/Uni Grads)?"

"What is the ratio of 
(Employed Gen X FTs) to (Gen X SGrean Poly/Uni Grads)?"

Time Lost Cannot Be Undone
Right now, the Gen Yers are in their career formative years right, i.e. from early to late 20s. This is when they try at jobs and build the foundation of their careers.

If the opportunities available during these years are severely limited due to (i) economy conditions (most Gen Yers around the world are faced with this) AND (ii) inflow of direct competition (this is a result of specific government policy), many of our Gen Yers will not have a good chance to develop their careers. And this effect is permanent, i.e. once this time period of their lives is over, they will not be able to change it. Most will not be able make up for it for the rest of their lives.

In simple terms, such FT policies alter the life course of many Singaporeans permanently.

Yes, even if the inflow of foreign talents is lowered or capped henceforth, it will only directly ameliorate the employment situation for people who have yet to graduate. Not much is likely to change for those Gen Yers who have been 'sacrificed' in the earlier years.

Open Competition or Euphemism
It's so easy to claim "open competition ensures survival of the fittest". Are our Gen Y graduates inferior to these equally non-experienced foreign talents when our training/education system is amongst the best, e.g. NUS is top 30 in the world? Or perhaps it is useful to study the hiring practices of the major large employers in the market, e.g. whether MNCs are bringing in their own kind, rather than playing by the rules of 'open competition'.

A reader tells me that he was interviewed by 2 different divisions in the same foreign bank in Singapore. Each interview panel consisted of 3 directors. Ratio of foreigner director to local director = 2:1. These foreigner directors are of the race as the Top Man of that bank. Coincidence?

Who's playing the referee in this 'open competition' game?
Nobody. Not even the Government.

Help Yourself!
As the article suggests, a solution may be to further one's education during this period. Of course, this assumes you can afford it. Have parents who can afford it. Have access to (more) credit. In other words, the economic crisis and government foreign talent policy widen income gap within the Gen Yers.

The article also suggests, rather ironically, for Gen Yers to control/limit their debts. The last thing you should do now is to get the iPad or buy a Vera Wang for your wedding.

Lastly, instead of sitting around and waiting for the government to change its policies (which is unlikely to benefit you directly anyway), look elsewhere. Change any of the 3 properties of your job search, i.e. Industry, Function and/or Geography.