Probably more than ever, young people have access to high-quality education. Whilst those from underprivileged backgrounds may need to fight harder to achieve a professional career, today’s system is arguably more accessible than ever before. Regardless of your background, however, young professionals face a mountain of challenges throughout, from the moment they start their objective to the day-to-day undertaking of it down the line.
What are Young Professionals?
According to a survey commissioned by Coursera, there are real contrasts between young professionals now and the young professionals of 1970. Today, less than 10% of 22-25-year-old’s are married. In 1970, that figure was close to 80%.
Most young professionals today don’t own a home, either. In fact, by 2025, it’s predicted that more than half of the population under 40 will rent privately. What’s more, over half of young professionals today expect to change career, with an overwhelming 91% of those surveyed expecting to stay in a job for less than 3 years.
So, what’s fueling these concerns?
Perhaps a major issue is to do with career advancement and skills. 39% of young professionals surveyed felt that their skills are becoming less relevant or outmoded, many of whom only graduated just a couple of years ago.
A solid platform for learning and development of skills seems to be missing in the workplace. Just 14% of respondents said that they were wholly satisfied with the learning and development on offer in their current role, with leadership, project management and digital skills at the top of the ‘to learn’ list.
What else is getting in the way?
Another key reason is financial. Young professionals are often motivated by a solid work-life balance. As well as a fruitful career full of skills-building and career advancement, young professionals often have specific life goals and will look to enjoy these as soon as they can. This could include buying a car, buying a house, or starting a family. Without the necessary foundations in place, figures show millennial professionals are either waiting until later in life to undertake these or are simply not getting the chance to do it.
In time, all of these problems can build and build, eventually fracturing young professionals until they feel forced to quit and look for alternative careers. Recruitment costs can be expensive for businesses, so it’s imperative you look after your staff if you’re a responsible employer, and equally imperative to look after your wellbeing if you’re a young professional.
Professional Indemnity- NC Insurance
At NC Insurance, we can help with your needs whatever they may be. If you’re an employer looking to implement new skills development, we can assist with you with the right level of insurance should something go wrong.
To find out more about professional risks read one of our posts below:
- Claims against architects
- Who needs professional indemnity: 10 reasons it might be right for you.
- Professional risks