The Herald of Everett, Washington
Customer service  |  Subscribe   |   Log in or sign up   |   Advertising information   |   Contact us
Heraldnet.com

The top local business stories in your email

Contact Us:

Josh O'Connor
Publisher
Phone: 425-339-3007
joconnor@heraldnet.com

Maureen Bozlinski
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049
mbozlinksi@heraldnet.com

Jim Davis
Editor
Phone: 425-339-3097
jdavis@heraldnet.com

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

Younger workers likely to move on

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
By Tiffany Hsu
Los Angeles Times
Published:
LOS ANGELES -- At a time when many laid-off workers have to take a pay cut to land a new job, members of the millennial generation are jumping ship from their companies after just two years, according to new studies.
The millennials -- 18- to 30-year-olds including those workers just entering the full-time work force -- are earning $39,700 a year on average, according to a report from the compensation data company PayScale and research group Millennial Branding.
Employees on the younger end of this demographic are starting with salaries of $21,000. Hit disproportionally hard by the recession, the group is much more likely than older workers to be laying out merchandise at retail stores, selling cellphones or performing other low-skill jobs, according to the study.
And that's despite the generation's high level of education. About 63 percent of full-time, professional workers in that generation have a bachelor's degree, 12.8 percent have a master's degree and 1.7 percent have doctorates. Popular majors include neuroscience, bioengineering, entrepreneurial studies, sport management and Chinese.
The disconnect may be causing young workers to leave their companies every two years. Baby boomers, by comparison, spend a median of seven years with each employer, while Gen X employees -- those born in the 1960s, '70s and early '80s -- spend five.
Skipping around may be easier at small operations with fewer than 100 workers, where 47 percent of millennials are employed. Fewer than one-quarter have jobs at behemoth companies where the head count exceeds 1,500.
But with 8.3 percent unemployment, finding a job at any age and at any company is difficult. Of the 56 percent of so-called displaced job seekers able to get new full-time positions after being laid off between January 2009 and December 2011, more than half accepted less pay. A third saw their salaries slashed 20 percent or more, according to the Labor Department report.
And it's not just young people who are pulling in less money. Median annual incomes have dropped 4.8 percent to $50,964 a year in June from $53,508 in the same month in 2009, according to a report from Sentier Research.
With the exception of householders older than 65, every demographic group included in the Sentier study is worse off than it was three years ago. For household heads between the ages of 25 and 34, income slumped 8.9 percent to $49,659.
---
2012 Los Angeles Times
Visit the Los Angeles Times at www.latimes.com
Distributed by MCT Information Services
Story tags » JobsDemographics

MORE HBJ HEADLINES

CALENDAR

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus

Market roundup