The phenomenon of individuals, particularly from Generation Z, becoming “Not in Employment, Education, or Training” (NEET) is a significant trend worldwide, with approximately one-fifth of individuals aged 15-24 being NEETs in 2023, according to the International Labour Organization. This issue is particularly prevalent in countries like Spain and the U.K., where over half a million and almost 3 million Gen Zers, respectively, are classified as economically inactive.
The report by Korn Ferry suggests that a combination of factors is contributing to this new wave of NEETs. These include the impact of AI and recession-proofing, talent hoarding, and a “wait and watch” strategy adopted by businesses during the pandemic. Firms have been hesitant to hire new staff due to the uncertainty surrounding AI’s impact on workloads and the fear of potential recession. As a result, many jobs have been combined or eliminated, leaving fewer opportunities for new entrants to the job market.
For Gen Z individuals seeking employment, getting a job is proving to be a challenging task. Many are resorting to unconventional methods to stand out in a saturated job market. For instance, Ayala Ossowski, a Gen Z student, used her work at a pizza shop to pitch herself to potential employers, eventually landing an internship at Cisco. Similarly, Basant Shenouda volunteered at conferences attended by recruiters to increase her chances of getting noticed, leading to an internship at LinkedIn.
In conclusion, the current job market is highly competitive for Gen Z individuals, with many having to adopt creative strategies to secure employment. Meanwhile, businesses are holding onto their existing talent due to uncertainty surrounding AI and the potential for a recession, leading to a decrease in job opportunities for new entrants.
