DOCSLIB.ORG

Skills for Successful Mentoring (PDF)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Skills for Successful Mentoring (PDF) SKILLS FOR SUCCESSFUL MENTORING: Competencies of Outstanding Mentors and Mentees $4.50 by Linda Phillips-Jones, Ph.D. ### CCC502-02 SKILLS FOR SUCCESSFUL MENTORING © 2003 by Linda Phillips-Jones, Ph.D. Author, The New Mentors and Proteges ffective mentoring requires more than processes can be learned, and relationships can common sense. Research indicates that be better––more enjoyable, productive, and Ementors and mentees who develop and even time-efficient––as a result. manage successful mentoring partnerships demonstrate a number of specific, identifiable Additional research by The Mentoring Group skills that enable learning and change to take revealed that unless a fairly structured process place. This strategy booklet describes these and specific skills are applied, mediocre skills and provides a tool for you to assess mentoring relationships occur. Not much yourself informally on each skill. happens, and participants become frustrated with their well-intended but haphazard efforts. The Identification of Mentoring Skills Worse, disappointed participants become convinced that mentoring doesn’t work. For years, individuals assumed that the process of mentoring was somewhat myster- On the positive side, when individuals use ious. These relationships just happened, and these skills and add structure, important, “chemistry” had to be present. It was impos- satisfying changes take place in the lives of both sible (even somewhat sacrilegious) to analyze mentees and mentors. and describe the specifics of what was going on in these arrangements. Analyzing and putting A skill is a learned, observable behavior you names to behaviors would theoretically kill them. perform that indicates (to someone else) how well you can do something. The set of skills Some people were able to find mentoring described here constitutes your overall ability relationships, while many individuals were to mentor and be mentored. unaware of how to get started with mentoring and missed out on one of the most powerful If you possess these skills to an adequate development strategies ever devised. quality level––and if you use them as frequently as called for—your chances of having mutually Linda Phillips-Jones (1977) studied hun- satisfying and productive mentoring relation- dreds of mentor-mentee partnerships as well ships will be greatly enhanced. The model on as individuals unable to identify any mentors in the next page illustrates the shared core skills their lives. The conclusion: mentoring was much used by both mentors and mentees and the more examinable and yet more complex than unique skills needed by each group. first thought. To help you be a more skilled mentor and On the “demystifying” side, Phillips-Jones mentee, look at the model, review the de- discovered that effective mentors and mentees scriptions of these mentoring skills and the use specific processes and skills throughout behaviors that make up each one, and start their relationships. Further, the skills and using the skills with the people in your life. 1 THE MENTORING SKILLS MODEL SHARED CORE SKILLS Instructing/ Acquiring Developing Mentors Capabilities Listening Learning Actively Quickly Inspiring MENTEE- MENTOR- Building SPECIFIC Showing Providing SPECIFIC Initiative Trust SKILLS Corrective SKILLS Encouraging Feedback Following Through Identifying Goals Managing Managing & Current Reality Risks the Opening Relationship Doors Core Mentoring Skills • use appropriate nonverbal language such as looking directly into people’s Both mentors and mentees should utilize the eyes, nodding your head, leaning following core skills in their mentoring part- slightly toward them, frowning, or nerships. smiling where appropriate; 1. Listening Actively • avoid interrupting mentors and mentees while they’re talking; Active listening is the most basic mentoring skill; the other skills build on—and require—it. • remember and show interest in When you listen well, you demonstrate to your things they’ve said in the past (“By mentors and mentees that their concerns have the way, how did the meeting with been heard and understood. As a result, they your manager go?”); and feel accepted by you, and trust builds. The way you indicate you’re listening intently is by • summarize the key elements of what performing several observable behaviors. For each of you said. example, if you’re an excellent listener, you: Resist the impulse always to turn the con- • appear genuinely interested by mak- versation to your experiences and opinions and ing encouraging responses such as to find immediate solutions to problems you may “Hmmm . .” and “Interesting . .” or be hearing. Listen carefully first; problem solve sometimes reflecting back (para- much later. If your mentors and mentees have phrasing) certain comments to show a habit of immediate problem solving, see if you you’ve grasped the meaning and can help them be better listeners and problem feelings behind the message; explorers. 2 2. Building Trust When was the last time you received too much praise? If never, you’re not alone. Effective The more that your mentors and mentees mentors encourage their mentees, which in turn trust you, the more committed they’ll be to your helps increase the mentees’ confidence and partnerships with them, and the more effective enables them to develop. you’ll be. This trust develops over time—if your mentors and mentees observe certain At the same time, successful mentees appropriate behaviors on your part. To become make a point of positively reinforcing their trustable, you must: mentors, which serves to keep the mentors focused and motivated. Provide genuine, • keep confidences shared by your positive feedback to your mentors and mentees mentors and mentees; on a regular basis. • spend appropriate time together; While there are many ways to encourage, • follow through on your promises to and mentors and mentees can differ in the types them; and amounts of encouragement they like, you can: • respect your mentors’ and mentees’ boundaries; • compliment your mentoring partners on accomplishments and actions; • admit your errors and take responsi- bility for correcting them; and • point out positive traits (such as per- severance and integrity) in addition to • tactfully tell your partners if and why their performance and accomplish- you disagree or are dissatisfied with ments; something so they’ll know you’re honest with them. • praise them privately, one-on-one; Particularly with cross-difference (e.g., gender, culture, style, age) mentoring, trust- • commend them in front of other people building is crucial and has to be developed over (being sensitive to any cultural and time. style preferences regarding public praise); 3. Encouraging • express thanks and appreciation; According to Phillips-Jones’ research, the most valued mentoring skill is giving encour- • write encouraging memos or e-mail agement. This includes giving your mentoring and leave complimentary voice mail; partners recognition and sincere positive ver- and bal feedback. • let them know how you use any help they give you. Mentors and mentees at several Fortune 500 companies revealed in interviews that positive Be certain that your praise and encour- verbal reinforcement—praise—was rare and agement are sincere. In mentoring, err in the even publicly discounted in their organiza- tions. However, most admitted enjoying being direction of too much praise, rather than too little. recognized for accomplishments and abilities Some human development experts recommend and receiving positive feedback—provided a ratio of four or five praises for every corrective such attention was sincere and not overdone. remark. Interviewees said they wished such behaviors were a greater part of their organizational cul- tures. 3 4. Identifying Goals and Current One effective individual, a former engineer Reality who was currently a division manager (and a mentee in two mentoring partnerships), dem- Whether you’re a mentor or mentee, you onstrated her skill of identifying goals and cur- should have a personal vision, specific goals, rent reality by writing this: and a good grasp of current reality. As a mentor, be clear on and talk to your mentees about their “My long-range goal is to be a general man- visions, dreams, and career/life goals. They’ll ager or vice president within ten years. My be interested in your current reality (your view technical skills as an engineer and my skills (as an operations manager) are strong. I now of your strengths and limitations as well as the manage 75 men and women. I’m weaker in current reality of situations within your sales and marketing.” organization) and want help recognizing theirs as well. “I expect to reach my goal by continuing to build our business, gaining some strong mar- As a mentee, you also need this skill. Be- keting and sales OJT in a temporary lateral fore asking for help, you should know your assignment, getting coaching from my two— tentative goals, strengths, what development and probably future—mentors, providing for- you need, and the specific assistance you’d like. mal mentoring to at least one promising indi- You should discuss these with your mentors. vidual a year, and hopefully, running one of our factories in about five years. My back-up goal The more aware you are of these, and the more is to leave and start my own company.” accurately you can convey them to potential helpers, the more likely they’ll be to assist your next steps. To demonstrate this mentoring skill: Model this skill by continually working on your own goals. Show your mentors and mentees • know what’s important to you, what how to take a less than ideal current reality and you value and desire most; pull that reality toward their goals. • recognize areas in which you’re able to Critical Skills for Mentors perform well, very concrete examples of behaviors you can perform at the In addition to the core mentoring skills good-to-excellent level; described above, mentors use several specific competencies in an attempt to help mentees • identify specific weaknesses or growth develop. areas observed in yourself and ones noted by others; 1.
Load more

Recommended publications
  • Early Unemployment and Subsequent Career Complexity: a Sequence-Based Perspective1
    Early Unemployment and Subsequent Career Complexity: 1 A Sequence-Based Perspective By Anna Manzoni and Irma Mooi-Reci Abstract We aim to examine how previous unemployment affects future unemployment and career complexity over the life course. Theory suggests that unemployment triggers negative chains of ‘low-pay-no-pay’ circles. Using longitudinal data on men aged 18-64 from the German Socio-Economic Panel, we employ sequence-based methods to quantify career complexity and dynamic panel models to test our hypotheses about the process of cumulative disadvantage on employment careers for the previously unemployed workers over time. We find that unemployment ‘breeds’ unemployment and increases career complexity over the life course. However, unemployment at older ages leads to much higher career complexity than at younger ages. JEL Classification: J21; J60; J64 1 An earlier version of this paper was presented at the 9th GSOEP Conference in Berlin, Germany. We thank the participants of the conference for their comments and suggestions. 1 1. Introduction In recent years, a considerable debate has arisen about the role played by trigger events (i.e., disruptive life course events such as childbirth, divorce, and unemployment) in generating patterns of social inequality (DiPrete, 2002; England and Budig, 2003; Gangl, 2004, 2006). Research suggests that trigger events in general, and unemployment in particular, cause a disproportionate drawback or ‘scar’ on subsequent labor market outcomes (Gangl, 2004; Jacobson et al. 1993; Gregg, 2001; Arulampalam et al., 2001). Although much has been learned about the consequences of unemployment, a detailed understanding of the persistence of these scarring effects on workers’ entire careers is not yet fully obtained.
    [Show full text]
  • Demystifying the Gender Pay Gap Evidence from Glassdoor Salary Data
    Research Report | March 2016 Demystifying the Gender Pay Gap Evidence From Glassdoor Salary Data By Dr. Andrew Chamberlain Chief Economist, Glassdoor Executive Summary This study examines the gender pay gap using a unique data set of hundreds of thousands of Glassdoor salaries shared anonymously by employees online. Unlike most studies, we include detailed statistical controls for specific job titles and company names. We estimate the gender pay gap in five countries: the United States, the United Kingdom, Australia, Germany and France. • MAIN TAKEAWAY: The gender pay gap is real, both in the U.S. and around the world. Men earn more than women on average in every country we examined, both before and after adding statistical controls for personal characteristics, job title, company, industry and other factors designed to make an apples-to-apples comparison between workers. • HOW LARGE IS THE GAP? Based on more than 505,000 salaries shared by full-time U.S. employees on Glassdoor, men earn 24.1 percent higher base pay than women on average. In other words, women earn about 76 cents per dollar men earn. This is consistent with official sources that show women earn on average 75 to 80 cents per dollar earned by men.1 However, comparing workers with similar age, education and years of experience shrinks that gap to 19.2 percent. Further, comparing workers with the same job title, employer and location, the gender pay gap in the U.S. falls to 5.4 percent (94.6 cents per dollar). • We find a similar pattern in all five countries we examined: a large overall or “unadjusted” gender pay gap, which shrinks to a smaller “adjusted” pay gap once statistical controls are added.
    [Show full text]
  • The Bullying of Teachers Is Slowly Entering the National Spotlight. How Will Your School Respond?
    UNDER ATTACK The bullying of teachers is slowly entering the national spotlight. How will your school respond? BY ADRIENNE VAN DER VALK ON NOVEMBER !, "#!$, Teaching Tolerance (TT) posted a blog by an anonymous contributor titled “Teachers Can Be Bullied Too.” The author describes being screamed at by her department head in front of colleagues and kids and having her employment repeatedly threatened. She also tells of the depres- sion and anxiety that plagued her fol- lowing each incident. To be honest, we debated posting it. “Was this really a TT issue?” we asked ourselves. Would our readers care about the misfortune of one teacher? How common was this experience anyway? The answer became apparent the next day when the comments section exploded. A popular TT blog might elicit a dozen or so total comments; readers of this blog left dozens upon dozens of long, personal comments every day—and they contin- ued to do so. “It happened to me,” “It’s !"!TEACHING TOLERANCE ILLUSTRATION BY BYRON EGGENSCHWILER happening to me,” “It’s happening in my for the Prevention of Teacher Abuse repeatedly videotaping the target’s class department. I don’t know how to stop it.” (NAPTA). Based on over a decade of without explanation and suspending the This outpouring was a surprise, but it work supporting bullied teachers, she target for insubordination if she attempts shouldn’t have been. A quick Web search asserts that the motives behind teacher to report the situation. revealed that educators report being abuse fall into two camps. Another strong theme among work- bullied at higher rates than profession- “[Some people] are doing it because place bullying experts is the acute need als in almost any other field.
    [Show full text]
  • Fact Sheet: Youth Employment
    Fact Sheet: Youth employment • In 2009, about 81million young people were unemployed, the most ever. • Youth unemployment rate rose from 11.9 percent to 13.0 percent between 2007 and 2009, an increase of 7.8 million. • In 2008, an estimated 152 million young workers –or nearly 25 percent of the world’s working poor– were living with their families on less than US$1.25 per person per day. • Young women have more difficulty than young men in finding work. The female youth unemployment rate in 2009 stood at 13.2 per cent compared to the male rate of 12.9 per cent. Across the globe, the economic crisis has had a dramatic impact on the challenges facing young people seeking jobs. Between 2008 and 2009, the youth unemployment rate has seen the largest annual increase on record, reversing the pre-crisis trend of declining youth unemployment rates since 2002 and rising to 13 per cent in 2009. Unemployment rates, however, reflect only the tip of the iceberg. Young people are prone to work longer hours under informal, intermittent and insecure work arrangements characterized by low productivity and earnings and reduced social protection. Young workers are more exposed to poverty than other age groups. In 2008, an estimated 152 million young workers were living with their families on less than US$1.25 a day, amounting to more than 28 per cent of all young workers in the world. The lack of Decent Work exposes young people to high levels of economic uncertainty. Although vital to the future prosperity of society, youth encounter disproportionate difficulties in finding and maintaining decent jobs.
    [Show full text]
  • Adjusting for a Change in the United States Federal Minimum Wage Paying the Minimum
    paying the minimum Adjusting for a change in the United States Federal minimum wage Paying the minimum Since Amazon’s pledge to pay all its US workers at least $15 per hour, Mercer started to pulse organizations on the drivers of paying more than minimum wage. The top reasons cited for offering more included: 1. Reduce the administrative burden of chasing compliance with changing regulations by state and their municipalities 2. Competition for skilled talent 3. Attracting available talent Although many of the largest organizations are paying $15 per hour, on average, or are in process of getting to this rate, there are just as many employers paying at or slightly above the required hourly minimum wage rate. As Mercer continued to pulse organizations on the topic of a $15 per hour wage, for the initial two surveys, retailers consistently responded to the question of a $15 per hour wage saying, “We will wait and see what is required.” In the Mercer Global Talent Trends report of 2020, data collected prior to the pandemic taking hold, 63% of HR leaders predicted wage stagnation would continue in 2020i. As Mercer saw an uptick in questions about the federal minimum wage, a 2021 Mercer survey showed employers had changed their focused when asked, “List in order of importance changes your organization would consider if the federal minimum wage is increased to $15/hour.” The majority of the 127 respondents listed: i) absorb cost, ii) review workforce plan, and iii) change the workforce rewards strategy. It is likely the state legislation passage, the election attention on federal minimum wage, and the rise of many hourly workers classified as “hero workers” have pushed organizations to re-evaluate their hourly workforce strategy differently.
    [Show full text]
  • Raising the Minimum Wage: the Effects on Employment, Businesses and Consumers
    alec.org MARCH 2014 STATEthe FACTORA PUBLICATION OF THE AMERICAN LEGISLATIVE EXCHANGE COUNCIL Raising the Minimum Wage: The Effects on Employment, Businesses and Consumers As the United States struggles to recover from the most recent reces- already have jobs at the expense of the unemployed. While some work- sion, policymakers at the federal, state and local levels of government ers receive a marginal addition to their wages, others—usually less edu- are considering solutions to help America’s less fortunate. One sugges- cated or experienced—are left unable to find employment. tion gaining traction is to increase the minimum wage rate at federal and state levels. Despite good intentions, this proposal will hurt low- Despite evidence that increasing the minimum wage negatively affects er-income, less-experienced and less-educated Americans. Further- the people it is intended to help, advocates at the federal, state and more, it will place an additional burden on businesses, especially small local levels continue to call for increases. Recently, President Barack business owners struggling in the current economy. Obama raised the minimum wage for all federal contractors to $10.10 per hour and called on Congress to raise the federal minimum wage Minimum Wage: A Primer for all employed people; advocates in states as diverse as Alaska, Ida- ho, Massachusetts, Maryland and South Dakota have lobbied for an ongress instituted the federal minimum wage as part of the Fair increase to state wage rates; and surrogates for fast-food and retail C Labor Standards Act (FLSA) in 1938. However, states and local gov- workers have staged strikes to demand as much as $15 per hour.
    [Show full text]
  • Bullying at School: Recommendations for Teachers and Parents
    Practical Recommendations and Interventions: Bullying 1 BULLYING AT SCHOOL: RECOMMENDATIONS FOR TEACHERS AND PARENTS Understand what bullying looks like. Bullying is commonly defined as the long- standing physical or psychological abuse of a student who is unable to defend himself by either an individual or group of other students. Most researchers estimate that between 14 and 20% of students in schools will experience bullying at least once during their academic career (Elinoff, Chafouleas & Sassu, 2004). Outcomes for both bullies and their victims are bleak; victims of bullying are more likely than non-victims to report physical and mental health problems, including psychosomatic complaints, and contemplate suicide. Bullies themselves are more likely to drop out of school, spend some amount of time in prison, and become abusive spouses (Elinoff, Chafouleas & Sassu, 2004). General Recommendations for Teachers and School Faculty: 1. Become familiar with the school’s definition of bullying, bullying prevention policies, and the code of conduct. This will ensure that the same policy is being enforced throughout the school. 2. If available, attend a bullying training prevention program or in-service in order to learn more about bullying and their obligations as a teacher related to this issue. 3. Clearly explain to your class what behavior you consider to be bullying. Establish clear rules against bullying and define both desirable and unacceptable behavior. 4. Educate students on certain issues related to bullying. Specifically, raise awareness by providing students with information about different participant roles and group mechanisms involved in bullying. Also, emphasize that certain beliefs about bullying are false, such as the belief that bullied students are at least partly to blame for their victimization, that bullying makes the victims tougher, and that teasing is simply done “in fun.” 5.
    [Show full text]
  • Unemployment Insurance Rights and Responsibilities
    Commonwealth of Kentucky Education and Workforce Development Cabinet Department of Workforce Investment UNEMPLOYMENT INSURANCE RIGHTS AND RESPONSIBILITIES kcc.ky.gov IMPORTANT! This document contains important information about your unemployment compensation rights, responsibilities and/or benefits. It is critical that you understand the information in this document. IMMEDIATELY: Call 502-564-2900 for translation assistance and better understanding of this document. Telecommunications Relay Service (TRS) Dial 711 ¡IMPORTANTE! Este documento(s) contiene información importante sobre sus derechos, y responsabilidades, obligaciones y/o beneficios de compensación por desempleo. Es muy importante que usted entienda la información contenida en este documento. INMEDIATAMENTE: Llame al número 502-564-2900 para asistencia de traducción y una mejor comprensión de este documento. Telecommunications Relay Service (TRS) Dial 711 TABLE OF CONTENTS Unemployment Insurance Claim Filing Options .................................................2 How Do I Request My Benefits? .........................................................................2 Payment Methods .................................................................................................3 Requirements While Requesting Unemployment Insurance Benefits .................3 Am I Eligible to Receive Benefits? ......................................................................5 Combined Wage Claims .......................................................................................6
    [Show full text]
  • 1 JOB DESCRIPTION JOB TITLE: Career Navigator FLSA
    JOB DESCRIPTION JOB TITLE: FLSA: Career Navigator Exempt Department Date: Technical and Professional Education 9/27/2016 Security Sensitive: Grade: Yes C - 4 1 Reports To: Dean of Technical and Professional Education Job Summary The Career Navigator is a student mentor and coach, who functions primarily to assist students in linking academic, personal and professional goals to ensure persistence to graduation. The Career Coach serves as a liaison to services and resources on campus and is vital to developing the key data points needed to ensure program completion. The Career Navigator assists with the development, coordination, and implementation of Student Support Services and activities to improve student success, and services and activities to improve retention, course completion, graduation, and/or transfer rates. Essential Functions • Provides student success services to students and potential students of the College, including, but not limited to career planning, academic advising, assistance with registration, transfer information, placement information, student activities, and recruiting; • Assists students in planning educational programs compatible with their interests, needs, and abilities; • Assists disadvantaged, racially and culturally diverse first generation prospective students to adjust to and succeed in college; • Assists with student recruitment, student activities, and linkages for assistance with support services; • Assists with orientation programs and/or classes; • Assists students in applying for financial aid;
    [Show full text]
  • To Be Or Not to Be (An Arts Major): Career Aspirations and Perceived Skills of Graduating Seniors Across Multiple Disciplines
    To Be or Not to Be (an Arts Major): Career Aspirations and Perceived Skills of Graduating Seniors Across Multiple Disciplines Angie L. Miller Associate Research Scientist Center for Postsecondary Research, School of Education, Indiana University Amber D. Dumford Associate Professor College of Education, University of South Florida with Sally Gaskill Director, Strategic National Arts Alumni Project Center for Postsecondary Research, School of Education, Indiana University Rebecca Houghton Project Coordinator, Strategic National Arts Alumni Project Center for Postsecondary Research, School of Education, Indiana University Steven J. Tepper Research Director, Strategic National Arts Alumni Project Dean, Herberger Institute for Design and the Arts, Arizona State University (working paper) This project was supported in part or in wholesubmitted by an award 9.2.16 from the Research: Art Works program at the National Endowment for the Arts: Grant# 14-3800-7006. The opinions expressed in this paper are those of the author(s) and do not represent the views of the Office of Research & Analysis or the National Endowment for the Arts. The NEA does not guarantee the accuracy or completeness of the information included in this report and is not responsible for any consequence of its use. To Be or Not to Be (an Arts Major): Career Aspirations and Perceived Skills of Graduating Seniors Across Multiple Disciplines Angie L. Miller & Amber D. Dumford with Sally Gaskill, Rebecca Houghton, & Steven J. Tepper Strategic National Arts Alumni Project (SNAAP) Center for Postsecondary Research Indiana University School of Education 1900 East Tenth Street Bloomington, IN 47405 812-856-5824 [email protected] snaap.indiana.edu I.
    [Show full text]
  • Mentoring Basics - a Mentor’S Guide to Success Prepare for Mentoring by Learning More About Mentoring and the Qualities and Activities of a Mentor
    NCWIT Mentoring-in-a-Box: Technical Women at Work Mentoring Basics - A Mentor’s Guide to Success Prepare for mentoring by learning more about mentoring and the qualities and activities of a mentor. Learn why technical women need mentors, and how to find a promising protégée. Find out how you benefit from the mentoring relationship, and learn basic Do’s and Don’ts of mentoring. What is Mentoring? Mentoring is a process through which an individual offers professional expertise as well as support to a less experienced colleague. A mentor serves as a teacher, counselor, and advocate to a protégée. Mentoring results in a mutually beneficial professional relationship over time. The intent of mentoring is not to remediate weak performance, but rather to shape a career that shows promise. Remind yourself and those who ask that mentoring is an opportunity to give back to the company and the industry by teaching the next generation of leaders and innovators. What Does a Mentor Do? A mentor works on two levels, both supporting the protégée in meeting essential job duties and helping her envision and take steps toward the career she desires. A mentor combines instruction in professional behavior and tasks with affective support. A mentor may fulfill all or a combination of roles. The mentor: • Advocates – Offers sponsorship, provides exposure and visibility within the organization. • Acquires resources – Brings critical readings, opportunities, or experiences to the attention of the protégée. • Acts as a role model – Offers insight on how he or she “made it” in the organization. • Advises – Shares institutional and professional wisdom, critiques performance, makes suggestions.
    [Show full text]
  • The High Cost of Youth Unemployment Sarah Ayres April 5, 2013
    The High Cost of Youth Unemployment Sarah Ayres April 5, 2013 Nearly everyone has struggled in the wake of the Great Recession, but young Americans have suffered the most. While others have slowly returned to work, the unemployment rate for Americans ages 16–24 stands at 16.2 percent, more than double the national rate of unemployment.1 And even when this group eventually starts earning a paycheck, the impact of their unemployment will follow them for years. According to a new analy- sis by the Center for American Progress, young Americans will lose a staggering $20 billion in earnings over the next decade. Research shows that workers who are unemployed as young adults earn lower wages for many years following their period of unemployment due to forgone work experi- ence and missed opportunities to develop skills.2 Building on this research, we estimate that the nearly 1 million young Americans who experienced long-term unemployment during the worst of the recession will lose more than $20 billion in earnings over the next 10 years. This equates to about $22,000 per person. The economic consequences of these lost wages to individuals and to the broader economy are serious. These young Americans—referred to as Millennials—will increasingly be forced to delay moving out of their parents’ homes, struggle to make payments on ballooning student-loan debt, and fail to save adequately for retirement. As a consequence of the prolonged unemploy- ment of Millennials, the U.S. economy will feel the loss of aggregate demand in the form of slower growth and less job creation.
    [Show full text]