Youth unemployment is not just a present day problem as it has been to shown to have lingering effects including periods of depression, low job satisfaction and poor health in later years.
Nemat Shafik, Deputy Managing Director of the IMF said,
“Young people were innocent bystanders in the global financial crisis but they may well end up paying the heaviest price for the policy mistakes that have led us to where we are today.”
So there are clear and serious problems but what are the possible solutions and what are the main areas that need addressing?
After reviewing the below findings, we believe that governments across the world need to look at the issue of Skill Mismatches which result in a lack of necessary attributes for the jobs that are available. This problem can be addressed by providing more workplace and vocational training along with a wider range of apprentice systems.
It was also clear that governments across the world needed to make the problem of youth unemployment a complete priority. Affordable education needs to be more readily available and firms can be provided with hiring incentives in return for taking on young members of staff.
In addition, young people need to be incentivised in order to develop skills as potential entrepreneurs. Investment and mentoring into these programmes is an urgent requirement. The problems are worrying but they can be tackled and as Jose Manuel Salazar-Xirinachs, executive director of the employment arm of the ILO said,
“The youth unemployment crisis can be beaten but only if job creation for young people becomes a key priority in policy making and private sector investment picks up significantly.”
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