The “Stuck” Generation – The Hospitality students who have graduated from college in the last few years are facing very special challenges. A number of environmental factors have made this the “Stuck” Generation: • Little Development – A poor economy means that few new hotels/restaurants/tourism infrastructure elements are being built. That means fewer new jobs. During high growth times, many jobs open up quickly. • Baby Boomers Working Longer – For jobs to open up at every level, the jobs at the top must turn-over. Baby-Boomers have done a terrible job of saving for their retirements and most won’t have pensions. That means they are working longer. This jams up the whole system. • Weak Economy – This is a “root-cause.” The hospitality industry reflects the general economy. The economy has been down now for five/six years. The recovery has been weak to date. Little economic growth translates into little upward mobility. • Technology – Advances in technology has meant it takes fewer people to do the same or even more work. More on this later, but the “good-times” for the recent grads will come….but will be delayed. In the meantime, younger workers should work hard, rotate through different areas, get more education, keep their skill sets up to date, and NOT take what is going on personally. Tomorrow belongs to this group………it will happen. This generation won’t be stuck forever.
Posted on: Sun, 30 Jun 2013 12:34:43 +0000
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