The Economist May 23rd 2020 pp54 Bartleby “Zoomers, zeros and Gen Z”. “The pandemic has widened divides in the labour market”.
Graphic Credit https://www.indraconsulting.com
At this point it’s probably pretty much old news but lets add some data to better understand the disparity of challenges faced by existing professionals (Zoomers), at will wage workers (Zeros) and Gen Z (those born in the late 90s and early 00s and just poised to enter the labor market).
The Zoomers who can carryout their professional roles from home by Zoom are the least impacted by the economic downturn following the pandemic lockout.
Zeros, as they are known in Britain, likely have lost all working hours (Zero) having been employed in an industry that has shutdown. As a result of losing these low paying jobs the average hourly wages increased nearly 5% in April.
For another group, that are low wage but must work, death rates are higher compared to professionals as these workers serve in high-risk roles as bus drivers, security guards and care workers.
Gen Z face the greatest obstacles going forward. If employed about 30% of them are in the shutdown sectors as compared to 13% for those over 25. If just about to graduate from college they are seeing significant cuts, about 25%, of internships and entry-level roles. After three years they will be 13% less likely to have been in full employment which at least is better than 37% less likely for the poorly qualified.
Experts worry this environment may extend into the 2030s which adds to worry about student debt and for some about the ability to experience career growth. “The social and political consequences may be huge”.