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View Diary: Grim job prospects for those in their early 20s (35 comments)

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  •  Hmmmm (0+ / 0-)

    You said:  "There's a fair amount of evidence that lower starting salaries lead to lower earnings for a decade or more, and that this cannot be explained in terms of more intelligent people having higher earnings at all stages of their careers or anything like that."

    Where's this evidence you are referring to?  Citations?  Links?

    In the San Francisco area, salaries vary at the company you work for.  People get promoted and get higher salaries overtime but it also depends on the work culture, growth and flexible amount of cash available.  The idea that you mention low starting salaries apply to lower earnings for a decade or more is just ludicrous if you're talking about the economy in general.  That's assuming working in the consulting industry for all (particularly management or IT consulting) will never provide higher salaries for people who advance overtime within the company after starting off in a lower salary.  

    I also know that in the tech industry in the San Francisco/Bay Area well and there are lots of growth opportunities for people, even higher salaries for those overtime who get promoted.  For lower salaries initially, I have not seen much evidence they never lead to higher salaries overtime unless the person in that particular low paying role never becomes proactive or contributes to a higher degree in his role that can apply to things companies now highly value in high achievers (insight on growth, revenue, etc.).

    For Wall Street, I can't speak on behalf of them because I don't work in that industry.  You may be right as far as salary levels there because in looking at companies with mechanical structure (high on rules, structure and processes), there's not much flexibility.  On the other hand, it depends who you work for.  Charles Schwab is based in San Francisco and while it is fast-paced, I've worked there before in a temp position and they've got a good work culture and there are good advancement opportunities.  It depends on the position as well.  For business development and marketing professionals, advancement is more likely than for others.

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