The economic calamity that began in 2007-2008 did substantial damage to the U.S. job market. Two groups were most affected by the collapse: young college graduates (millennials) and older Americans (baby boomers).
Millennials, who are going to make up about 75 percent of the workforce in the next 10 years, have struggled with high unemployment, often in the double-digit range. Also, many college graduates are burdened with debt in the form of student loans.
Boomers have also struggled with high unemployment as their jobs continue to either disappear offshore or are phased out because of new technology. Another particularly disturbing occurrence is the increase in underemployment. Many boomers are forced to accept jobs that don’t pay enough to cover the bills.
The recession has certainly wreaked havoc with the job market, changed the employment culture and made both groups leery of the corporate world. The younger group can’t get a foot in the door, and the older group has seen the goal post moved almost to the point of being unreachable.
Thankfully, members of both groups seem to have found an alternative to the corporate ladder. They are shouting “Carpe diem!” at the top of their lungs, starting down the path of entrepreneurship and entering the world of a great franchising opportunity.
A high percentage of hiring managers believe that millennials are unprepared and lack many of the basic skills they look for in applicants. They say that skills like communication, critical thinking, creativity, and problem-solving are often weak.
Then there’s millennial Hoa Lam. Lam started a company called Best in Class Education Center and currently has several franchises throughout the west coast of the United States.
About one-third of Best in Class franchisees are millennials as well. In Mr. Lam’s opinion, millennials listen well and take the help you offer. They may lack the experience of Gen Xers or baby boomers, but Hoa feels the younger generation is “well-rounded.”
Nearly 78 million baby boomers are approaching retirement in the next few years. Many of these folks plan to work well past traditional retirement. Some have the financial freedom to pursue their passions, and some must continue working because they need an income.
Both groups, for different reasons, are drawn to franchising. People of this generation provide a unique opportunity to franchisors.
Boomers possess the knowledge and experience that comes from a lifetime of working. These are the people that can transform the economy from large corporate business models to smaller, more personal ones focused on customer service.
So whether you’re a baby boomer approaching retirement age or a millennial fresh out of school, franchising offers a unique opportunity to become the master of your own destiny. To learn more about how you can take advantage of our franchising opportunity to become a franchisee of Pretzelmaker, contact us today!