{"id":32748,"date":"2023-07-07T15:10:03","date_gmt":"2023-07-07T19:10:03","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/with-wages-soaring-for-younger-workers-teens-are-reaping-amazing-opportunities-this-summer\/"},"modified":"2023-07-07T15:10:05","modified_gmt":"2023-07-07T19:10:05","slug":"with-wages-soaring-for-younger-workers-teens-are-reaping-amazing-opportunities-this-summer","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32748","title":{"rendered":"With wages soaring for younger workers, teens are reaping \u2018amazing\u2019 opportunities this summer"},"content":{"rendered":"

It\u2019s a great summer for working teens. While workers\u2019 pay increases are slowing overall, teen employees are still experiencing higher year-over-year wage growth than their older counterparts.<\/p>\n

In June, 16-to-24-year-old workers saw median pay increases of 14.1% compared to last year, while 25-to 34-year-old workers\u2019 median pay increase was 4.5%. Among all workers who stayed in their jobs, pay increases slowed to 6.4% compared to last year, down from 6.6% in May, according to the latest ADP Pay Insights report.<\/p>\n

\n

Women in the 16-to-24 group experienced a higher annual pay increase, at 15%, than their male counterparts, who came in at 13.3%.<\/p>\n

One such female employee is Morgan Skove, 19, an incoming sophomore at Northwestern University. Skove was overjoyed when she landed her summer job.<\/p>\n

\u201cI was relieved that the pressure of finding a job was off and excited to start my first \u2018adult\u2019 job,\u201d she said. With plans to pursue a career in business, Skove applied for a sales job with the platform-engagement team at DirectBooks, a global financial-market communication platform.\u00a0<\/p>\n

She said the application process for the New York City-based job was stressful, especially because there were a limited number of positions in the professional sector available to high school and college students. But she started her search early and was offered the position in late winter. <\/p>\n

In high school, Skove worked as a server in a restaurant \u2014 an experience she said she now draws on in her current position. \u201cI\u2019m using my customer-service and attention-to-detail skills from being a server, but adding in a new level of professionalism,\u201d she said. <\/p>\n

Although there are fewer summer jobs for young people this year compared with 2022, teens looking for work still have reason for optimism: Wages for summer jobs are up, and employers in all sectors appear to be more willing to train teenage employees.<\/p>\n

\u201cIf you\u2019re a teen looking for a job right now, you have the best labor market since right after World War II to step into,\u201d said Luke Pardue, an economist with the online payroll platform Gusto, which recently released a report on 2023 summer hiring trends.<\/p>\n

Increased wages for teen workers<\/h2>\n

Skove is one of the young people reaping the benefits of the robust job market. She will earn about $10 over the national average hourly wage for teens, she said.<\/p>\n

That average wage is around $14.89 this summer, up 9% over last year, according to the Gusto report. Older workers aren\u2019t as lucky: Newly hired employees ages 25 to 54 are seeing a 6% decrease in wages compared with last summer.\u00a0<\/p>\n

Despite the wage growth for teens, their lack of seniority means they still earn far less overall than older workers. Average hourly wages for teens are about $27 less than those for 25- to 54-year-old workers in the same sectors, according to Gusto.<\/p>\n

The drop in the number of teen job postings this summer reflects business owners\u2019 more pessimistic attitude going into the summer hiring season as they faced a possible economic downturn amid high inflation, said Julia Pollack, chief economist for the online hiring platform ZipRecruiter.<\/p>\n

\u201cOf course, that downturn hasn\u2019t arrived and instead, businesses are doing a roaring trade,\u201d Pollack said. Now, many of these businesses are playing catch-up to increase their staffing \u2014 and that\u2019s good news for teens still looking for a summer job.<\/p>\n

Opportunities in the personal-services sector \u2014 and beyond<\/h2>\n

Teen applicants vying for jobs in the personal-services sector \u2014 which includes sports and recreation camps, restaurants, pools and beaches \u2014 still can take their pick of jobs, both Pollack and Pardue said.<\/p>\n

\u201cMany Americans are still finding that businesses, restaurants and hotels are short-staffed,\u201d said Pollack. \u201cAs a result, there\u2019s an amazing opportunity for teens in particular.\u201d<\/p>\n

The National Restaurant Association expected an additional 502,000 seasonal jobs to open up this summer, according to a May report.<\/p>\n

Employers are more keen to hire younger summer employees in the postpandemic labor market, and nearly one in five June hires across all sectors are predicted to be teens, according to Gusto.<\/p>\n

<\/p>\n
\n

\n \u201c<\/span>\u2018Many Americans are still finding that businesses, restaurants and hotels are short-staffed.\u2019\u201d<\/span>\n <\/p>\n


\n \u2014 Julia Pollack, chief economist for ZipRecruiter<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

Before the pandemic, many employers viewed hiring teenagers as an added cost. \u201cIt required time to train these teenagers, and that\u2019s time that they needed to run their business and grow their business,\u201d Pardue said.<\/p>\n

Now, Pardue said, many employers view it as an investment in their business, rather than a financial burden.<\/p>\n

\u201cIt pays dividends in the long run because these teens are willing to learn,\u201d he said. \u201cThen they come back next summer, [and] the following summer, and don\u2019t need that [additional training] time.\u201d<\/p>\n

Teen applicants looking to gain experience outside of the personal-services sector should not be afraid to expand their job search into the professional sector, even though that has not traditionally been an area where teenagers find summer work, Pardue said. In particular, employers in the legal and financial fields are looking to teens to fill vacancies, he noted.<\/p>\n

\u201cBusiness owners have an open mind and are willing to at least entertain the idea of filling open positions with teenagers,\u201d Pardue said.<\/p>\n

Professionalism and creativity are key when stepping into unfamiliar job sectors. For a job interview, applicants should come prepared with an open mind and be ready to learn, he said.<\/p>\n

Businesses\u2019 willingness to hire teenage workers is driven in part by a lack of older applicants. \u201cCompanies are still short-staffed relative to the volume of business that they\u2019re doing, and they\u2019re looking for someone to sort of absorb that need,\u201d Pollack said.<\/p>\n

The businesses benefit, and so do the young workers.<\/p>\n

In her summer role, Skove helps with back-end organization and client outreach. \u201cIt\u2019s been a great learning experience,\u201d she said.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s a great summer for working teens. While workers\u2019 pay increases are slowing overall, teen employees are still experiencing higher year-over-year wage growth than their older counterparts. In June, 16-to-24-year-old workers saw median pay increases of 14.1% compared to last year, while 25-to 34-year-old workers\u2019 median pay increase was 4.5%. 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