Millennials, those 18-29 year olds, are on the way to becoming the most educated generation in America, says Pew Research. Conversely, Millennials are also on the way to becoming the most jobless segment of the population, with only about 41 percent of them having full-time jobs, notes Pew Research.
In fact, for the lion's share of Millennials, that old-fashioned rite of passage -- a real job -- isn't in the cards. Instead, they're feeling lucky to have internships, some of which are unpaid. A growing number of Millennials, such as University of California graduate Ani Kevork who has had seven internships, have become serial interns. So pervasive is this new trend that Kevok and her peers started a blog, The Eternal Intern.
There may be even more disappointment on the horizon for the highly educated Millennials who can't find a full-time, paid work. Some organizations are dumping their internship programs. Even if unpaid, internship programs cost money to operate, and require organizations to be alert in order to ensure that interns abide by corporate policies and practices. That is,to make sure they're not getting into trouble. The Associated Press announced that it is putting all of its internship programs on hold for at least a year. By doing that, it will save about $600,000 to $800,000 during those 12 months.
The solution for Millennials might be to follow the advice of serial entrepreneur Scott Gerber. He preaches the gospel of starting your own business and never doing another resume. Gerber might title his next book 'Never Be an Intern Again.'