As a series of demographic and economic shifts intensely converge, creating a “Human Age,” a range of population groups are being alienated from work opportunities in the global economy writes ManpowerGroup in Wanted: Energized, Career-Driven Youth. (Adapted excerpts by Job Market Monitor following)
Young workers are most affected and have been labeled a lost generation of workers. Ironically, this same population is tomorrow’s workforce and the key to sustaining a competitive enterprise over the long-term. But companies worldwide must aggregate the right tools, mindsets and job training alliances to ensure that young and promising talent is enterprise-ready and will succeed over the long-term in an
increasingly complex economy.
In the Human Age, economic success and failure is increasingly being determined by how companies and individuals strategically acquire and develop economically relevant skills.
Why They Can’t Find Jobs
Many factors prevent and delay youth from entering the workforce, including:
- A lack of information, networks and connections among youth, especially
- youth from families lacking significant social capital
- A lack of skills relevant to the workplace
- A lack of experience and credentials that build employer confidence in potential
- young hires
- A lack of available jobs suited to entry-level skills.
The most important consequences of youth unemployment extend beyond the impact of temporary labor market fluctuations. The experience leaves a permanent imprint on both individual life outcomes and on the development of a nation’s workforce.
Young People as a Talent Resource
Global demographic trends suggest that skills shortages will continue to worsen in the coming decade, becoming acute for many specific industries and skill sets. The World Economic Forum’s 2011 Global Talent Risks Report identified aging workforces as an acute skills issue in both developed and developing countries. As older, skilled orkers retire, there are not enough younger, replacement workers in the pipeline to sustain the skills base needed for emerging business opportunities.
These talent shortages represent a real and emerging constraint on the ability of businesses to seize available economic opportunities. They represent a potential long-term threat to the viability of many enterprises. And yet, the response by employers to this challenge is lagging: according to ManpowerGroup’s 2011 Talent Shortage Survey. Employers globally are concerned that current candidates’ lack the employability skills needed to fill skilled positions, yet only one employer in five is using training and development to fill the gap. Only 6% of employers are working with educational institutions on work-relevant curricula that can fill knowledge gaps.
Businesses can no longer simply rely on the labor market, or a bidding competition, to ensure access to required talent. Employers must understand how manufacturing talent to their own requirements is critical to sustaining their long-term growth.
– Participate in Career Guidance Programs for Youth Still in School
– Support Information Projects That Provide Career and Labor Market Information for Young Job Seekers
– Promote a More Positive Image for vocational Education
– Create and Engage With Programs that Build Young People’s Work Experience
– Engage With “Dual” Training and Work-Experience Programs
– Commit to Hiring, Training, and Mentoring Youth
– Invest in Entrepreneurship Education in Schools, Colleges, and vocational Institutions.
The rationale for employer initiatives to promote youth employability is simple: businesses that can strategically source, manage, and create needed talent for the long-term will be able to seize emerging economic opportunities, while those that fail to address this challenge will be outperformed by their competitors. Individuals who are given access to learning opportunities and who can cultivate the right skills will thrive in the labor market and contribute to employers.
Employers have a direct interest in making investments that will improve young people’s ability to succeed in the World of Work. These investments can take many forms, ranging from volunteering in schools by individual executives to engagement of the firm in training-to-employment or work experience programs.
Read More @ Wanted: Energized, Career-Driven Youth