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‘The tragedy of today’s employment landscape’: Gen X workers hit hardest by the employment crisis

'The tragedy of today's employment landscape': Gen X workers hit hardest by the employment crisis

FINANCIAL NEWS

‘The tragedy of today’s employment landscape’: Gen X workers hit hardest by the employment crisis

Latinas hardest hit by job loss as economy recoversLatinas have left the workforce in droves as a result of the pandemic. A report by the UCLA Latino Policy and Politics Initiative found that Latinas have the highest rates of unemployment and workforce departure of any demographic in the U.S. (June 16)APGen X workers are feeling the brunt of unemployment concerns during the pandemic, according to a survey from Generation, a non-profit focused on employment.The survey covered 3,800 unemployed and employed people aged 18 to 60 and 1,404 hiring managers across the United States, Brazil, India, Italy, the United Kingdom, Singapore and Spain. It was conducted between March and May 2021. Generation X is the term typically used for people born between 1965 and 1980, preceded by the Baby Boomers, those born between 1946 and 1964. The survey focused on those looking for, or in, entry-level and intermediate roles with no formal post-secondary education and low-income levels. While employment issues for those 45 and over existed before the pandemic, COVID-19 worsened these issues making it harder to gain employment and keep it, the study found. Fifty percent of mid-career individuals seeking work said that COVID-19 had a major impact on their employment. Worker burnout: ‘I quit’: Workers change jobs at a record pace amid burnout, new openings with higher payEconomic growth: Is the economy’s big comeback starting to fade?Both job-seekers and employers see age as a hurdleAge is viewed as a large hurdle to employment by both employers and employees, with 71% of those 45 and over seeking a job believing their age is an obstacle to landing a job.Employers also generally viewed those above 45 as having weaker skills compared to younger candidates despite having the same on-the-job performance. “Hearing employers that have hired job-seekers aged 45 and above say that those workers tend to outperform their younger counterparts is encouraging but also accentuates the tragedy of today’s employment landscape,” said Generation CEO Mona Mourshed in a statement. While Gen X workers would greatly benefit from additional training, they are the least likely to take it, as 57% expressed reluctance to do so. Three out of 4 employers also said that training and certifications provide the necessary experience and skills. To improve conditions, Generation advised to better track employment trends of those aged 45-60, link training programs to employment opportunities, create better hiring practices, and find ways to train current employees for new roles.


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