The New Normal: Why Young People Are Rethinking Work

In one of the most confusing up and down job markets of recent times, particularly in the tech sector, many young professionals face significant hurdles that deter them from seeking employment. This issue is particularly pressing for tech talent, who often have high expectations but encounter a landscape that does not align with their aspirations.

The Realities of Job Searching

Covid created irregular hiring patterns, with a huge boom in hiring as things returned to normal, but that excessive hiring is now being shed, leading to an ultra competitive job market, where many experienced workers are having difficulty finding interest, especially those who lack the most up to date specialized skills. 

Additionally, stagnant wages are creating a complicated situation among young earners, often handling massive educational debt who are unwilling to take lower salaries that are simply unacceptable for their talent level, even as they struggle to find work. 

The Disconnect Between Education and Market Needs

A key factor contributing to this hesitance among young professionals is the mismatch between their educational training and the demands of the job market. Many graduates find that their courses do not equip them with the skills that employers are looking for, particularly in the tech sector where rapid advancements require ongoing learning and adaptation.

The General Statistics Office's report for the first half of 2024 reveals a youth unemployment rate of over 8%, three times higher than other age groups. Urban areas face an even more significant challenge, with unemployment at 10.19%. This trend underscores a broader issue: young people are often unwilling to take temporary or low-paying jobs, instead holding out for positions that align with their qualifications and salary expectations.

The Impact on Businesses and the Economy

The 2024 Labor Market Overview and Assessment Report from Navigos Search highlights that employers are primarily seeking experienced workers, with 72% of roles targeted at finding these in demand workers. Unfortunately, young tech talent frequently lacks practical experience, making them less competitive in the job market. The complex economic situation of the job market is creating a decaying situation where the lower paying jobs that help create experienced workers are not being filled, creating an even higher scarcity of highly skilled workers. 

The job market isn’t completely to blame, as many young job seekers are prioritizing short term pleasure over long term career planning. This shortsightedness can limit their opportunities and increase unemployment risks as they age. But with a job market that offers little hope, it’s hard to determine who is to blame. 

The Psychological Toll

The long job search can lead to anxiety and feelings of inadequacy. Young job seekers are finding themselves withdrawing from social interactions, fearing they cannot contribute to conversations about work. Many noted a reliance on their parents to deal with these uncertain times.

The Need for a Shift in Mindset

Many young candidates enter interviews without a clear understanding of their skills or the job requirements. This lack of preparation often results in unrealistic salary expectations and a quick decision to leave when faced with challenges.

In a survey conducted by the HCMC Labor Market and Manpower Forecasting Center, over 46% of workers desired salaries exceeding VND20 million per month, while less than 11% of companies were able to meet these expectations. This disconnect illustrates the urgent need for young professionals to align their expectations with market realities.

Moving Forward: Recommendations for Young Tech Talent

Focus on Skill Development: Young professionals should prioritize building relevant skills and gaining experience over immediate salary expectations. Continuous learning is essential in the tech sector.

Research and Preparation: Candidates must thoroughly research job requirements and understand their capabilities before entering the job market.

Employers' Role: Companies should adopt transparent hiring practices, clearly communicating salary ranges and job expectations to help bridge the gap between candidates and employers.

Resilience and Adaptability: Young talent needs to cultivate resilience in the face of challenges, recognizing that career paths may require patience and flexibility.

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About HeyDevs

HeyDevs is a revolutionary new platform that empowers developers to take control of their careers, connect with other developers and find job opportunities that align with their goals and interests, without ever needing to apply for a single job! With HeyDevs, companies compete for you, not the other way around.

For developers, HeyDevs offers invaluable resources including our specialized swipe-to-work function, anonymous profile, CV builder, and customizable search criteria, with the ability to connect and chat with prospective employers completely on-site. 

For businesses, HeyDevs offers tools to maximize the recruitment process, saving time and money, with a talent pipeline that streamlines a majority of the hiring process directly on the platform, eliminating the need for recruiters or headhunters so the hiring process can be handled with HeyDevs as the only medium between employer and candidate, all powered by smart matching to ensure the most relevant matches are provided first. HeyDevs is a truly unbiased hiring platform, delivering a diverse pool of talent that hides information such as avatar, age, and gender, focusing solely on experience and skill, paving the way for a more inclusive workplace.