The International Labor Organization estimates that 73.4 million youth were unemployed in 2013, and that youth were three times more susceptible to unemployment than adults. As a result, the role of formal education and training of youth in its influence on the quality and development of the workforce demands urgent attention. Private sector investment, alignment of employment skills, as well as education programs that feed into social stability will play integral roles in creating a more employable youth population and a fortified workforce.
Why should the private sector invest?
In 2013, nearly 300 million young people were not in education, employment, or training (NEET). The private sector has a role to play in supporting employment-focused education, but investment in this space should be driven by self-interest—effective workforce development will result in higher profitability in the long run by increasing the overall capability, quality, and efficiency of the workforce. Keeping in mind the relative strengths of both the public and private sectors, there is a clear window to create shared value, allowing both business and communities to jointly prosper. Through increased public-private partnerships and supply of skills training programs, the private sector can offer input where the public sector is unable to through deeper social investment. By financing recruitment, promotion and training, the private sector can better link business and social interests. Moreover, it can make youth more employable by aiding with the management of Technical and Vocational Education Training (TVET) programs, lowering or removing barriers to entry for disadvantaged students, and alleviating other social obstacles faced by youth in need of further education. Continue reading