To my fellow millennials: Gird your loins. And begin saving more in your emergency fund.
Amid the cacophony of return-to-office discourse and fears of an economic depression, concerns of widespread layoffs are arriving at the foreand millennials are disproportionately apt to be on the chopping block, in accordance with a fresh study from recruiting database Revelio Labs.
For a generation who first entered the workforce through the Great Recession, this may feel just like Groundhog Day.
Millennials (born 1981 to 2000) are actually the biggest generation in the workforce, and in the pandemic hangover days, theyve been most influenced by the Great Resignation, experiencing burnout and exhaustion after years of hustling to cover the ever-increasing cost of living.
CEOs have argued for months that workers feelings of disconnection and disillusionment could possibly be combatted if they might just go back to any office. In addition they argue that getting back again to the deluxe cubicles in the sky would help protect workers from looming layoffs as economic outlooks turn dismal.
Still, restarting your commute may not be enough for millennials in order to avoid the axe: While they constitute 79% of the workforce at the firms Revelio Labs tracked, millennials accounted for 94% of layoffs.
The business, together with Business Insider, reviewed the LinkedIn profiles of 17,000 laid-off workers and compared them to people in exactly the same companies to be able to determine who’s most vulnerable to losing their jobs.
In July, a survey from staffing firm Insight Global discovered that nearly 80% of workers were concerned about their job safetythis despite a U.S.unemployment rate of 3.6%. Millennialsin an incident of survey imitating lifewere probably the most worried generation, with 60% saying they still feel anxious about job security or say worries of being let go is often in the rear of their minds.
As summer ends, it could look like these fears are valid. The other day Snap announced it had been letting go 20% of its workforce as its business underperforms. The tech sector all together has borne the brunt of recent layoffs: Peloton, Tesla, Netflix, and Coinbase have all cut their workforce lately. Crunchbase estimates that a lot more than 41,000 U.S. workers in the tech sector have lost their jobs up to now this season.
As it pertains time to find out which employees to cut ties with, Revelio discovered that the last-in, first-out adage is true. The average amount of employment for workers who get let go is only per year, that will be troublesome for the an incredible number of Americans who switched jobs in the past 18 months.
Companies exhibit a large prejudice against new employees if they choose who to lay off, the report reads.
Next through to the chopping block are employees who earn much more. For instance, Revelio discovered that engineers who have been let go had the average salary of $86,000; meanwhile, the common salary for engineers who kept their jobs was $75,000.
Everything spells bad news for millennials, who cant appear to catch a rest because they face economic challenge after economic challenge, recessions, pandemics, and education loan debt. You cant really blame them for shunning the capitalistic machine that seems all too wanting to cut them loose.
Join theFortune Features email list and that means you dont miss our biggest features, exclusive interviews, and investigations.