With over a million under-25s out of work, finding a job takes effort and imagination!
In almost a quarter-century of working in financial services, I've spent my life immersed in numbers.
However, of all the economic data I monitor and absorb each month, I find the unemployment figures to be the most depressing, because joblessness has risen sharply in this post-crash era.
Unemployment almost doubles
In 2004/05, UK unemployment dipped below 1.4 million, but has almost doubled since then, thanks to big leaps in 2008 and 2011. In the three months to November 2011, unemployment rose by 118,000 to 2.685 million. This took the unemployment rate to 8.4%, its highest level since 1996.
Alas, unemployment is expected to continue to rise throughout 2012, before peaking at 2.85 million in 2013. However, some gloomy economists predict that the number out of work could exceed three million before falling back.
Young adults hit hardest
As unemployment has soared, Britain's youth has been worst-hit. In the three months to November, the number of unemployed 16-24 year olds hit 1.043 million. With almost one in four young adults (22%) out of work, this is the highest rate of youth unemployment since records began in 1992.
Frankly, I find it shocking that more than a million young Brits are not in education, employment or training, including many well-qualified graduates. Indeed, these young adults -- burdened with huge student debts while facing a shrinking job market, steep rises in the cost of living, and sky-high house prices -- could well argue that previous generations have failed them miserably!
Help me find a job!
For me, the most depressing periods of my adulthood have been when I was out of work. Without a paid job to keep me occupied, I found it tremendously difficult to enjoy life. Thankfully, I've been working almost non-stop for almost 25 years, interrupted by only a couple of periods of unemployment.
Since 1987, I've worked for some of the world's largest corporations, but I've also spent many years working for smaller businesses, as well as running my own company. Hence, I think I have a pretty good idea of what it takes to find (and keep) a job.
Based on my experiences, here are seven tips for young adults keen to enter the world of work:
1. Keep your CV brief
When I left my last salaried role in 2002, my ex-employer paid a large sum for me to attend a resettlement and retraining course.
During this course, I realised my CV (curriculum vitae) was far too long-winded. Chronicling my life's work from my late teens, it covered nearly 2½ pages. After I slashed my CV to a single, snappy page, I started winning interviews left, right and centre.
Therefore, my advice is to keep your CV short and sweet. Ideally, make it a one-page summary of your greatest achievements, rather than an extended history of your entire life!
2. Check carefully for mistakes
In the dog-eat-dog world of recruiting, even the slightest mistake will condemn your CV to the bottom of the pile or the bin. Therefore, go over it with the finest of fine-toothed combs, looking for mistakes in spelling, punctuation and grammar.
As a financial journalist, I write more than 500,000 words a year, so I know how easy it is for gremlins (little mistakes) to sneak into documents. To make sure that your CV is free of mistakes, have it checked by a friend or relative with a sound grasp of English.
For a full run-down on how to get your CV looking as attractive as possible, check out How to write the perfect CV.
3. Play the numbers game
Back in the early Nineties, I worked for a leading provider of unemployment insurance. In order to qualify for their monthly payouts, claimants had to prove their search for work.
In some cases, this proof amounted to a single application letter. However, I vividly remember one particularly prolific job-hunter who would apply for at least twenty positions each week. Despite the recession, this enterprising chap soon found himself back in a well-paid job.
In summary, finding work is a numbers game: the more shots you fire, the more likely you are to hit the bullseye. That's why you should cast your net far and wide, sending out your CV to the largest possible range of potential employers.
4. Go global and local
The Internet is an incredibly powerful tool for jobseekers, thanks to recruitment websites such as Fish4, Jobsite, Monster, Reed and Totaljobs.
Although these sites list tens of thousands of jobs, most are vacancies advertised by larger organisations in the public and private sectors. However, it may surprise you to learn that most British workers don't work for large or global businesses. In fact, the majority of the UK's 23 million private-sector workers are employed by small and medium-sized companies.
To reach this huge audience of smaller businesses, you must search locally as well as globally. Check the 'situations vacant' sections of local newspapers, as well as asking friends, family and other contacts to alert you to job opportunities in your locality.
By tapping into this 'hidden job market', you stand a much better chance of finding a suitable role without a lengthy commute. In addition, what starts out as an unpaid internship, traineeship or work experience could turn into a full-time, permanent position.
5. Do your research
In the early Noughties, I was interviewed at a leading foreign bank based in the City of London.
During our discussion, the interviewer asked me what I knew about his employer. Having done plenty of homework in advance, I reeled off various facts and figures about this global leader. The interviewer was mightily impressed with my grasp of his business and, to my surprise, said that previous candidates seemed to have done little research into this well-known bank.
For me, researching the business is an entry-level requirement of interview technique. In short, don't even bother turning up for interview unless you've first done your groundwork. You must know what the firm does, who its main rivals are, and where you would fit into its structure.
6. Sort out the basics
A short, sharp CV, targeted at the right organisations, should get you through the door for interview. However, it's easy for things to go wrong on the big day, so you must plan ahead. For a successful start to an interview, you must take the following information with you:
- The employer's name
- Your contact's name and telephone number
- The address where the interview will take place
- The time and date of the interview
- Precise instructions on how to get to the venue
Also, to quote one of my former colleagues, "Ten minutes early is five minutes late." In other words, turning up on time simply isn't good enough. By arriving early, you give yourself time to relax, compose yourself and plan your answers to the inevitable questions to follow.
7. Don't be afraid to ask for work
For several years, I worked for an incredibly slick sales manager --a man only too happy to share his many words of wisdom with me. One of his key slogans was "Always ask for the business." By this, he meant that you must never be shy -- always ask for something you really want.
Thus, at the end of every interview, you should sum up by stating, "I really want this job because…" and list your reasons for wanting to join this particular organisation. This shows that you are keen, and often leaves a lasting impression on the interviewer.
Finally, the coalition Government has pledged nearly a billion pounds to create up to 400,000 work and training placements for young adults. Firms get a subsidy of £2,275 for each unemployed 18-24 year old they take on. Do mention this 'Youth Contract' at interviews, as it could tip the balance in your favour.
Here's hoping that, like me, you 'find the job you love and never work again'!
What tips do you have for young people looking to find a job? Let us know via the comment box below.
More: Start saving for a rainy day| Earn top cashback from credit cards | Where you can find a top pension