Not to depress anybody, but mal-employment is on the rise according to this Miami Herald story:
Research has shown that college graduates who take jobs below their education level not only earn less, but also can take years to match the earnings of graduates who land career-track employment upon graduation.
These so called "mal-employed" workers also compound the unemployment problem by taking jobs that non-college graduates and even high school students are often qualified to hold.
The problem of "mal-employment" — working outside one's field of education, training and choice — has increased sharply for young college grads since the recession began and all signs suggest the trend will continue for the foreseeable future.
It may be tempting to find any job that can get you by. However, the decision to do that now might impact your earnings potential down the road. This article written a month ago in the Wall Street Journal shows that the unlucky class of 2009 grads are not just suffering now, that bad luck is likely to have consequences for years. Be sure to click on the interactive graphs, it's alarming:
For example, a man who graduated in December 1982 when unemployment was at 10.8% made, on average, 23% less his first year out of college and 6.6% less 18 years out than one who graduated in May 1981 when the unemployment rate was 7.5%. For a typical worker, that would mean earning $100,000 less over the 18-year period.
It may be necessary to take that job that is below your education level or outside your intended career so that you can pay back those student loans and generally make ends meet, but don't get complacent.
Graduates who find themselves in this situation should keep looking for a suitable career, even if that means volunteering their time for a non-profit to get valuable experience and references. Or from Thursday's Wall Street Journal blog, another option--Prelancing.
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