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In many economies, young people are three times more likely to be unemployed than adults and over 75 million youth worldwide are looking for work. Although young people today are the most educated generation ever, both industrialized and developing countries are failing to increase employment opportunities for them. The lack of opportunities is of course linked to the general state of the economy and employment situation but it is also a result of the mismatches between the skills young people possess; the skills required by the labour market and the challenge of acquiring these skills. All of these factors can lead to long periods of unemployment, job seeking or low skilled and precarious work, which are not only detrimental to young people but impact heavily on economies and society in general.
Why should employers and their organizations promote youth employment?
It makes good business sense …
The first reason why employers should promote youth employment is that it is beneficial to business and their organizations as well as the youth themselves. The supply of youth labour represents a valuable resource that should be tapped and enterprises need skilled human capital to grow and thrive. Young people bring energy, skills and talent thus providing employers with a long and good return on their investment. For employers it is a win-win situation as, on the one hand, hiring talented youth will contribute to boosting the revenues and growth of the enterprise and, on the other, the increased earning power of youth will stimulate the economy.
Seen from an employer organization' perspective, it is important to help create and sustain a favourable climate for business development and growth which will inevitably enable young people to find jobs or create their own businesses. An increase in the number of businesses means a potential increase in the number of members and hence the opportunity to become more influential.
It is the right thing to do …
Youth unemployment leads to increased poverty and hence increased inequality as unemployment hits the poor much harder than the rich. The disillusionment and frustration of young unemployed people can easily lead to social unrest and instability. Instability, in turn, stunts economic growth as business requires a stable social and political climate to thrive.
Providing jobs for young people can be an important part of a company's CSR campaign. Publicising a commitment to promoting youth unemployment and raising awareness among the general public of the actions taken can greatly enhance a company's profile and contribute in turn to increased revenue. For the employer's organization, taking direct action on youth unemployment can also enhance the reputation and visibility of the organization.
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