The youth in China seem to be struggling to bag decent jobs. The economy is still recovering post the pandemic, but data shows that jobs are being generated in significant numbers. Then what seems to be the issue?
Well, most of the jobs being created are those that do not require university degrees. Naturally, they will not draw university graduates. And youth are graduating in big numbers creating more supply than demand. With experience being given more preference than degrees, fresh graduates are losing hope of ever finding suitable jobs with decent pay.
The closure of many companies in the finance, tech and gaming space in recent times has only added to the employment woes. For the first time in about a decade, the gaming industry in China saw a drastic dip in sales early this year. To add to this, regulators stopped granting permits to game developers, to check the overuse of video games by children and to monitor the content more closely. This also added to the overall reduction in job opportunities.
However, measures are being taken to address the employment situation and give some hope to freshers. Companies hiring fresh graduates are being given subsidies. Financial institutions are being encouraged to offer loans to small-scale and micro businesses to create more employment opportunities.
Some online platforms have come into existence to help connect job seekers to employers who require their services. These platforms also offer freshers tips and support with acquiring rented accommodations and job-consulting services.
Universities are also doing their bit by tying up with various companies for internship programmes for their students. They are also creating relevant databases for students to access easily. The aim is to facilitate the job hunting and acquiring process according to their skills, preferred geographical location and so on.
Media reports indicate that freshers seem to be looking at stability more than a high compensation at the entry level.