31. Degrees can only open that first door
Once people move beyond entry-level positions, formal qualifications tend to have a diminished impact on subsequent hiring decisions.
As such, that all-important first piece of paper qualification gained should technically be helping people unlock opportunities and secure that first full-time job that is related to the person’s field of study.
Thereafter, past performance and outcomes-focused performance and cultural fit will be playing much more important roles. It’s all about performance and value creation.
32. Graduates flood the job market at the same time
Most graduates will attempt to enter the job market at the same time. This will only create severe or spiked competition and stress when they are chasing after a decreasing number of advertised job vacancies.
This is where the length of time required for finding their first jobs has increased.
33. Everyone looks the same on paper
A typical graduate (or job seeker) is confident because, on paper, they look like the ideal candidate that employers will die for. They have put in hours into doing up their cover letter and resume, digging up every award, achievement, and accolade to their name since high school.
Picture this.
She’s the captain of her sports teams, a class president, and has made excellent grades in college. Her resume says that she is a natural leader and works well with others. Young people can only tell, not show what they can do.
34. Job seekers are forced to take on any job
In desperation, many unemployed graduates will be forced to take on jobs that are not related to their field of study. They do so just to pay their bills and feed their families.
When this occurs, their career paths will take them on a tangent from what they have originally planned.
They have no choice but to acquire new skills to succeed, crowding out the previously acquired skills. Their education could be looked upon as wasted money and time.
35. Rushing to acquire that paper qualification
People are increasingly taking responsibility for their education. Self-service DIY learning will become even more commonplace as people seek education throughout their lives.
For young people, there may not be a pressing need to get straight into college or university after school. Rushing to acquire a paper qualification just for the sake of it and doing it straight after high school may be counterproductive in most cases if they are not ready for it or unsure about their future.
36. Cost of education is increasing and expensive
Students are completing three-year courses and coming out with unsustainable levels of debt. As such, formal education is getting more expensive and out-of-reach for many individuals. Tuition and fees at colleges and universities have grown more than 10X faster than median family incomes.
In the U.S. and elsewhere, the rising cost of undergraduate education has contributed to a substantial reduction in the education wealth premium, where higher student debt can offset much of the benefits from higher future earnings.
This assumes that students can secure their first job upon graduation in their field of study and have acquired the required professional certifications or qualifications to legally earn professional fees.
The rising cost of a degree has a double negative impact on society. Higher tuition fees make education less accessible to lower-income students while undermining equality of opportunity. They also reduce the net financial return from education especially for learners who need to borrow and therefore incur substantial debt burden up-front.
The largest cost for most individuals isn’t direct payments such as tuition and living expenses, but the earnings they forego while studying. Many students are staying longer in colleges and universities for a variety of reasons especially due to the lack of job opportunities.
37. Financial support from parents is decreasing
Many young people are receiving some sort of financial assistance from a parent or guardian.
As the cost of education gets higher and are increasing beyond inflation rates, more and more parents are unable to save enough money for their children’s education.
Many are also admitting that having a child is more expensive than they first anticipated.
38. Student loan debts are increasing
To pay for the ever-increasing cost of formal education, students are incurring higher amounts of study loan debt and in record numbers too.
These are worrying trends as young people are taking on more personal debt at a very young age. They may not have the right jobs to pay off these debts. For some, these study loan debts can and do linger on for decades, even until after retirement.
If they can’t find work to pay off their student loan debt, it will cause a significant financial burden on them in future years.
39. Student worry over their financial situation
The National Student Money survey 2019 showed that almost four-fifths of students are concerned over their financial situation. It revealed that 79% of students were worried about meeting ends meet financially. Over half of participants claimed that their diet and mental health had suffered as a result.
40. The number of advertised job vacancies is declining
The number of job vacancy advertisements has been declining.
As more job vacancies are not being advertised for various reasons, many young people will be challenged to find unadvertised job vacancies through personal networks and connections. This will make job hunting even harder for those who don’t have friends and family members to call upon for assistance.