A 2014 Gallup survey indicated that 14 percent of all kids graduating from college are living with parents. They continue to rely on their parents for support, even if they find immediate employment post-graduation. With Fall commencement nearing, many parents may find their graduate back in their old bedroom.
Who suffers financially? Mostly the parents who are surprised to find their kids returning home after college graduation because they either can’t find a job or have a job with wages so low that they can’t afford to live on their own while paying down college debt. About 260,000 people who had a college or professional degree made at or below the federal minimum wage of $7.25 per hour last year, according to the Bureau of Labor Statistics. Boomers had hopes to stash away more money in those last few crunch years before retirement but instead must use their extra income to support their children who by now should be financially independent.
Faced with this growing reality, a 2014 article in Fortune magazine discussed how parents are helping their kids network and find a job, and are struggling to determine how far is too far in assisting their graduate.
We don’t magically change once receiving a degree, but hopefully have developed technical competency and communication skills before entering the workforce.
However, the emphasis in college was likely on technical skills development, but many young adults arrive at their first job post degree with a lack of communication and social skills. Colleges include courses on presentation and writing skills in their curriculum, however, training usually stops there, and today’s new employees are left to navigate day-to-day coworker interactions by drawing upon their short brush with socially-accepted work behavior from an internship. Understanding the soft skills can be key to long-term employment.
What kind of support should we ask for from our anxious parents? Ask your parents to share some of their early career experiences but stand on your own by staying employed.
I recently released my first book “First Job: A Personal Career Guide for Graduates.” You will find my personal experiences told through four fictional characters that find themselves in tricky business situations and provides advice on how to prevent them or respond responsibly.
First Job can be read in less than two hours but can impact a new professional during the first two years of work, which is often the most critical for maintaining employment.
For tips on navigating work life and advancing a business career, visit www.hlpsum1.com/first-job.html to purchase First Job.