Posted December 1, 2020 by Mark Perna
Episode Title: Career Scarring Is Real
What is career scarring, and why should young people know about it? We’ll talk about this on today’s show, coming up next.
Ep 82 show:
You are now in the Perna Syndicate—welcome! Launching your career is always attended by a little anxiety, even during the best of economic times. But for graduates entering the employment market amidst the fallout of COVID-19, the worry is far more than a few little jitters in the stomach.
The coronavirus pandemic’s long-term impact on recruiting and internships is still hard to measure. A recent study by student researchers at Columbia University indicated that 30% of employed seniors weren’t sure if their current employment would continue. Many young workers have had their job offers rescinded—and even among those who haven’t, the future is still full of question marks.
Financial experts are now talking about “career scarring” for workers who launched their careers in 2020. Career scarring is a measurable trend of lower salaries and higher unemployment rates for college graduates who enter the world of work in the midst of a struggling economy. Just as physical scars can linger long after the initial injury heals, so also career scarring creates an impact that may be felt far beyond the recession.
Recession-era college graduates often find themselves working for less pay than people who graduated just a year earlier. And according to economists, even ten to fifteen years later, their career growth and wages can still lag behind their peers.
This isn’t good news for Gen-Z, but they do have one advantage, and that is their entrepreneurial spirit. The danger of career scarring might just give many Gen-Zers the extra push they need to make their entrepreneurial dreams a reality.
Tomorrow, we’ll talk about some practical advice on alleviating career scarring—not just for young people, but for anyone whose career has been impacted by the pandemic. We’ll see you then!