Selected Findings from the Survey of Young Workers Heidi Kaplan - PowerPoint PPT Presentation

Selected Findings from the Survey of Young Workers Heidi Kaplan Sr. Community Development Analyst Board of Governors of the Federal Reserve System The analysis and conclusions set forth in this presentation represent the presenter, and do not indicate concurrence of the Federal Reserve Board, the Federal Reserve Banks, or their staff.

SURVEY BACKGROUND Survey of Young Workers (SYW) SYW Description Public Data 2013 Initial data collection • 2,000+ respondents Data & analysis • Nationwide sample of available on 18- to 30-year-olds Board’s website 2 nd data collection 2015 • 2,000+ respondents Data & analysis • Nationwide sample of available on 18- to 30-year-olds Board’s website 2016 Sociolog • Group A: 20 SYW NA (online focus groups) respondents NO Bachelor’s • Group B: 20 SYW respondents W/ Bachelor’s 2017 SYW folded into Survey TBD Data & analysis of Household Econom ic a available on Decisionm aking (SHED) Board’s w ebsite - May 2018 Board of Governors of the Federal Reserve System 2

Survey Background Why Focus on Young Workers? Labor Force Statistics (Current Population Survey) Unem ploym ent Rate Labor Force Participation Rate Decem ber 20 15 January 20 18 Decem ber 20 15 January 20 18 Age 18 -19 years 15.2% 14.5% 58 .2% 46.2% 20 - 24 years 9.4% 8 .2% 74.4% 70 .6% 25 -34 years 5.3% 4.7% 8 2.9% 8 1.7% 35 -44 years 4.0 % 3.5% 8 3.8 % 8 2.8 % 45 - 54 years 3.6% 3.3% 8 1.4% 8 0 .5% Board of Governors of the Federal Reserve System 3

Policy and Research Implications SECTION 1 Im prove Alignm ent between Education and the Labor Market SECTION 2 Im prove Opportunities for Non-degree Education SECTION 3 Provide Assistance and Protections for Workers with Alternative Work Arrangem ents SECTION 4 Seek Opportunities to Im prove Job Growth Board of Governors of the Federal Reserve System 4 4

Improve Alignment between Education and the Labor Market Board of Governors of the Federal Reserve System 5

Improve Alignment Between Education and the Labor Market Received inform ation about jobs and careers 69% 66% 66% 63% During high school During college (if applicable) 20 13 20 15 Board of Governors of the Federal Reserve System 6

Improve Alignment Between Education and the Labor Market Where did you obtain inform ation about jobs & careers? (20 15) High school teacher/ college professor 76% 71% or counselor 41% Online research 57% on-cam pus research 45% 49% Friends and fam ily 43% 56% Parent(s) 37% Career fair 23% 11% Em ploym ent services agency 15% 7% A business where I worked 13% During high school During college (if applicable) Board of Governors of the Federal Reserve System 7

Improve Alignment Between Education and the Labor Market Where did you obtain inform ation about jobs and careers? (by race and ethnicity) (20 15) 66% 53% 51% 49% 41% 40 % Received inform ation from parents Received inform ation from friends White Black Hispanic Board of Governors of the Federal Reserve System 8

Improve Alignment Between Education and the Labor Market Define Job Search (Sociolog): No Bachelor’s Earned Bachelor’s Perseverance / MANY applications MANY Resumes/ Applications One application / Quick process Lack of Responses / Frustrating “The beginning was the best. The excitement and exploring the possibilities of the unknown were great.” “I was so frustrated with the whole process. Nobody respects you or your time, they don't even have the decency to tell you that they don't want to hire you.” Board of Governors of the Federal Reserve System 9

Improve Opportunities for Non-degree Education Optim istic about Future Job Opportunities 8 4% 69% 68 % 59% 47% 35% High school diplom a Bachelor’s degree Professional or or GED equivalent doctorate degree 20 13 20 15 Board of Governors of the Federal Reserve System 10

Improve Alignment Between Education and the Labor Market Believe to have the education and training needed for the type of job that you would like to hold in the next 5 years (20 15) 90 % 76 % 59% 54% 38 % 35% 30 % 29 % Less than High school Som e Certificate Associate Bachelor’s Master’s Professional high school diplom a or college, no or technical degree degree degree or Doctorate equivalent degree or degree degree GED certification How m uch each reason describes why you are not enrolled Very Much describes Somewhat describes why why not enrolled not enrolled Total I don’t know which program will 16% 29% 45% improve my job opportunities Board of Governors of the Federal Reserve System 11

Improve Alignment Between Education and the Labor Market Describe Current Job (Sociolog): No Bachelor’s Earned Bachelor’s Nice colleagues Friendly colleagues I feel good about my job I enjoy the work Dull / Not busy enough / Not Overworked Challening Employer does not respect me / “ I am starting to feel as though I value me am not learning (or have the opportunity to learn) new skills at the rate that I w ould like to.” “I feel w eighed d ow n a nd una ble to m ov e into successful, p rosp erous w ork.” Board of Governors of the Federal Reserve System 12

Provide Assistance and Protections for Workers with Alternative Work Arrangements Board of Governors of the Federal Reserve System 13

Improve Alignment Between Education and the Labor Market Is it m ore im portant to have a If you had steady work for the job that pays m ore or a job that is next five years, would you m ore likely to provide steady prefer to have one job or em ploym ent? m ultiple jobs? (20 15) 67% 62% One job 8 0 % Multiple jobs 12% 36% (One job at a tim e) 30 % Multiple jobs 7% (Ok with >1 job at a tim e) Num ber of responses 1,290 Steady Em ploym ent Higher Pay 20 13 20 15 Board of Governors of the Federal Reserve System 14

Provide Assistance and Protections for Workers with Alternative Work Arrangements Labor m arket outcom es for perm anent and tem porary em ployees(20 15) Job is Job is perm anent tem porary “Career” or “stepping stone to a career” 70 % 37% Satisfied with benefits 57% 29% Receive paid tim e off for sick leave 71% 24% and/ or holidays Em ployer pays all or part of healthcare 54% 14% prem ium Training opportunities through an 48 % 26% em ployer(s) Board of Governors of the Federal Reserve System 15

Improve Alignment Between Education and the Labor Market Top Job Characteristics (Sociolog): No Bachelor’s Earned Bachelor’s 1. Job Security (tie) 1. Promotion Opportunities 1. Salary / Pay (tie) 2. Salary / Pay 3. Job satisfaction / Meaningful 3. Provides experience that can be leveraged (tie) 3. Health care (tie) Board of Governors of the Federal Reserve System 16

Improve Alignment Between Education and the Labor Market Advice to Recent Grads (Sociolog): No Bachelor’s Earned Bachelor’s Continue education (consider CC) Focus on networking Follow your passion Find a mentor Save money / budget Be flexible / Don’t be afraid of change Find something you are passionate about “If y ou a re choosing to go to college, d o y our best. If y ou d on't go to college, get a skill. Either w a y , be p a ssiona te a bout y our choice. You w ill be w orking for a lot of y ea rs.” Board of Governors of the Federal Reserve System 17

Seek Opportunities to Improve Job Growth Seek Opportunities to Im prove Job Quality Board of Governors of the Federal Reserve System 18

Seek Opportunities for Job Growth Would you say your expectations about future job opportunities are: 45% 61% Optim istic 34% Not sure 28 % Pessim istic 21% 10 % All Respondents (20 13) n = All Respondents (20 15) n= 2,0 97 2,0 35 Board of Governors of the Federal Reserve System 19

Questions?