LinkedIn’s Workforce Confidence Index, a survey of 3,000+ UK professionals, measures current sentiment about the UK labour market using a confidence score. It found that for UK Millennials and Gen Z, their confidence score for their ability to get or hold a job has dropped by 18% from two weeks ago. Baby Boomers in comparison are feeling more confident about their job prospects, with their confidence score increasing by 15% in the last two weeks.
The research also shows that Millennials are not feeling confident about their ability to progress their careers in the next year. Their confidence score has dropped by 21% compared with two weeks ago. Gen Z’s however are more optimistic in their longer-term career outlook, with their confidence score rising by 40% in the last two weeks.
Despite a significant drop in confidence in the job market, Millennials (74%) and Gen Z (66%) believe they can be effective when working remotely.
Janine Chamberlin, Director of Talent Solutions at LinkedIn, said: “There’s no doubt that times are extremely tough right now for young people entering the job market or those in the early stages of their career who are adapting to a very different way of working. We can all do more to support them – from offering job seekers advice through our networks to help them find an opportunity and land a job, creating opportunities to help them gain new skills, and keeping our teams connected by creating a sense of belonging virtually.”
Companies can help nurture young talent during the pandemic by:
- Moving internships online where possible: With all the challenges that come with working from home, it is tempting to postpone internships for this year. Companies that are able to can look to offer virtual internships, where interns can benefit from structured virtual learning and group activities to develop their skills and knowledge, while also growing their professional network. This is a great way to offer opportunities to those who need it most right now.
- Setting up a mentoring programme: Mentoring is a unique opportunity to directly help and shape the future workforce. During these challenging times where people may find it harder to secure a role, mentoring schemes are an invaluable way to offer graduates and those at the early stages of their career meaningful advice and guidance. Encouraging employees to reach out to their network and offer help to those that need it is a great way to start.
- Keeping teams connected and engaged: It’s important to keep your people motivated and connected, particularly young talent who want to feel a sense of belonging even when we cannot physically be together. Encouraging managers to regularly check-in and create opportunities for people to come together, around a project, brainstorm or even tuning into an external speaker, is a great way to bring people together virtually. It’s also important to not neglect skills development. Sharing learning resources can help people use this time to invest in their professional development.