Good Millennial Jobs Were Delayed—Not Denied

The job market for Millennials has had its challenges, but opportunities finally opened up for America’s largest generation

Often, timing is everything. And as America’s largest current generation comprising approximately 72.7 million people, Millennials’ timing at being born puts them at a disadvantage.

Most members of this generation, currently 28 to 43 years old, hit adulthood amidst an economic crisis and had to compete for college admissions or scarce jobs. Now, they must compete for homes, services, and better jobs while on the cusp of their peak earning years amid rising prices.

However, despite many headlines proclaiming gloom, doom, and insurmountable challenges, bright spots are finally emerging for Millennials. This is especially true in a job market where most Boomers have left, and employers compete for quality workers.

A large generation fighting for opportunities and resources

A New York Times feature by Millennial reporter Jeanna Smialek describes the situation her generation faced as they entered adulthood and the workplace. 1991 and 1992 were the peak birth years of today’s US population, making Millennials “destined to compete for housing, jobs and other resources. […] At every life stage, it has stretched a system that was often too small to accommodate it.”

This maxim has played out in Millennials going to college, attempting to save and invest, finding places to get married, and buying homes. However, the job market and its relationship with the economy are perhaps the clearest example of bad timing. The largest cohort of Millennials became adults just as the Great Recession hit. And those who went to college, plus the older adults attempting to upskill while waiting out the economic downturn, stressed the higher education system.

When the 2010s arrived, and many college-educated Millennials entered the workforce, “employers had more entry-level applicants than they knew what to do with.” The job market remained weak for years. An incremental recovery happened, as an unemployment rate that peaked at 10% in early 2010 fell to 4.1% by 2017.

Millennials’ delayed work opportunities presented challenges for obtaining wealth and achieving significant milestones, such as parenthood and home ownership. But today, these initial difficulties and the stereotypes about Millennials’ work ethic, priorities, and prospects are shifting.

Good news amid some media negativity

A glance at certain headlines still paints a bleak picture. For example, CNN recently posited “What broke the American Dream for Millennials,” citing student debt and many financial challenges mentioned earlier. Business Insider reports include “Millennial man can’t find job even with bachelor’s degree” and “Gen Z, Millennials Confronting Much Tougher Job Market.”

Fox Business reports that “Millennials, Gen Z go on tirades over jobs climate: ‘A bone to pick with America,’” and HuffPo simply claimed that “Millennials Are Screwed.”

Many of the stories and data points in these articles are valid as the economy shifts, the aftereffects of the pandemic linger, and skills-based hiring becomes a priority along with degrees. Comparatively weaker job prospects in many sectors, a moderately weakening employment market, and fake and “ghost” jobs cloud the employment picture and make job-seeking harder.

However, research indicates that good jobs for Millennials were likely delayed—not denied. A Georgetown University Center on Education and the Workforce report found that “Most of the oldest millennials didn’t settle into good jobs until their early 30s, […] In contrast, older members of the baby boomer generation mostly found good jobs by their mid-20s.”

Further, while younger Gen Z workers seem to be struggling, as indicated by a 7.9% unemployment rate among 20–24-year-olds, Millennials are doing comparatively well. The latest age-adjusted numbers for 2023 show 30–34-year-olds had a 3.4% unemployment rate, while the rate for 35–44-year-olds is only 2.8%.

In addition, America has a persistent labor shortage with a significantly reduced labor force participation rate (62.7% in 2024 vs. 67.2% in 2001). And the demand for skilled workers remains strong, with almost “9 in 10 hiring managers (86%)” saying “it’s challenging to find the talent they need,” according to Robert Half Research.

Employers and Millennial workers should seize opportunities in new ways

Some headwinds in the labor market persist, including an expected further slowdown in hiring that follows higher interest rates and changing in-demand sectors.

For example, tech jobs remain relatively robust, and private education and health services, government, construction, and other select categories have shown recent strength over the last six months. Unfortunately, different sectors, notably retail and professional business services, have shifted from positive job growth to negative over the previous 6-month vs. 3- and 1-month timelines.

It’s the continuation of a recent trend some have called “A Tale of Two Job Markets,” where many white-collar jobs excluded from high-growth sectors lag in growth.

Nevertheless, the job market is still fairly strong overall, and both job seekers—Millennial and otherwise—and employers should remain adaptable to achieve their employment goals. Here are some tips:

Employers must go beyond restrictive resume requirements and get more creative about finding and developing talent that will translate to successful workers. For example, using online application processes with keyword-screened work histories has gone too far, morphing from a tool into a crutch for many organizations. Broaden the screening process. Companies should assess candidates beyond their specific previous education, jobs, and skillsets to consider an individual applicant’s quality. Put some human elements back into hiring.

Rounding up the ‘usual suspects’ in job searches and waiting for someone who has ‘already done it’ isn’t working for organizations with persistent labor shortages. Many employers can benefit from viewing talent as a longer-term investment—paying less for someone with fewer specific skills but investing in their development may achieve a higher return. 

In addition, recognizing that candidates are struggling with housing costs despite gaining employment should be an area of sensitivity for employers. Finding ways to help employees with home ownership through creative benefits, such as loan assistance programs, relocation support, and cost of living adjustments in expensive geographies, is part of a modern rewards package.

Workers—particularly Millennials and younger job seekers, but everyone—must be similarly adaptive and open-minded. For example, while remote and flexible work models have become far more popular than they once were, these arrangements may not always be options in otherwise attractive positions. Job seekers should be receptive to obtaining new skills while setting realistic expectations and taking personal accountability for doing what’s necessary—whether it’s upskilling or compromising on job requirements—to move forward.

In addition, many job seekers must broaden how they find jobs in an environment where blind applications to online job postings may not cut it. It’s certainly possible to land a position with these methods, but the maxim “it’s who you know” still plays a powerful role in employment success. Fortunately, simply getting out into the world through networking— online and in-person—expands the number of people you know, leading to new and unexpected opportunities.   

Regardless of the challenges, there are still and always will be jobs out there for quality individuals with the right skills—or the willingness, ability, and chance to acquire them. And as the delayed but growing opportunities for Millennials show, the job market tends to adapt eventually, and perseverance pays off.  

Karp HR Solutions helps businesses master the mix of finance and human resources. Contact us today for a free consultation.