The 5% Club’s Post

As of 2023, fewer than half of the reporting countries have implemented a national strategy for youth employment. This alarming statistic highlights a significant gap in global efforts to secure a prosperous future for the next generation. 📉 Youth employment is crucial for economic stability, social cohesion, and individual well-being. Yet, the lack of comprehensive national strategies reflects a widespread neglect of this critical issue. 🤔 Many young people face barriers such as limited access to quality education, inadequate training opportunities, and a scarcity of decent jobs. These challenges hinder their potential and contribute to cycles of poverty and social unrest. 😔 Among the countries that have developed a strategy, many struggle with effective implementation. 💼 This often results from insufficient funding, lack of coordination among stakeholders, and inadequate monitoring and evaluation mechanisms. Without clear evidence of success, these strategies fail to deliver meaningful outcomes for young people. 📊 To address this, it's essential for governments, international organizations, and civil society to prioritize youth employment policies. 🌟 This involves investing in education and vocational training, fostering entrepreneurship, and creating an enabling environment for job creation. 🤝 Together, we can build a world where every young person has the opportunity to thrive. 🌱 It's time to take decisive action and ensure that youth employment is at the forefront of national and global agendas. 💪 #NIQSFoundation #niqsf #wednesdayfact #YouthEmployment #FutureOfWork #GlobalGoals #ActNow #EmpowerYouth

Eurofound Role of human capital inequalities in social cohesion and convergence [24 September 2024] https://lnkd.in/g57WQE-g or https://lnkd.in/g5WPpigJ This report examines convergence in human capital – specifically that of individuals with tertiary education – in the EU, analysing three phases: creation, utilisation in the labour market and mobility. The analysis finds that Member States are performing better in creating human capital through education but finds disparities in the other two phases, with differences in labour market opportunities resulting in different mobility flows. A cost estimate exercise reveals that a country’s lack of attractiveness to talented individuals has economic repercussions, and that loss of human capital through emigration is not balanced by returning or incoming talent. If the imbalance in human capital circulation in the EU is not addressed, this may hurt convergence, leaving Member States and regions without the skills to negotiate the twin transition successfully. An examination of policies to attract talent illuminates the need for long-term initiatives and to link them with labour market opportunities.

By the time they turn three, children from disadvantaged backgrounds are on average nine months behind children from wealthier backgrounds. Unfortunately, this trend continues throughout their education. Disadvantaged young people achieve on average 1.7 grades lower at GCSE and are less likely to attend highly selective universities than their wealthier peers. Even when less advantaged students excel and gain first-class degrees from top institutions, they are still less likely to gain elite employment than a more privileged student with a 2:2. These attainment and employability gaps are testament to the worrying state of social mobility in the UK, which ranked 21st in the World Economic Forum’s Global Social Mobility Index 2020, putting it below many other developed countries. Consequently, it proves difficult for the UK’s young people to achieve better life outcomes than their parents. Why is this? Limited social mobility can be caused by a range of interlinking factors, such as low income, low-quality schooling, the area young people grow up in and a lack of work opportunities. ✍️Guy Miller https://lnkd.in/e9duvCeM

🪜In pursuit of a better life: Climbing the ladder. When I was younger, I was told an education would take me through the world, a gateway to opportunities and, in turn, upward mobility, but now, given the current state of our education offerings, I’m not sure that is still the case for some. The stark reality is that we have one of the lowest literacy and numeracy rates among OECD countries. The COVID-19 pandemic exposed and exacerbated deep and entrenched inequalities across the whole of our society. In addition, the disadvantage gap is growing, and education at every level is experiencing a chronic recruitment and retention challenge, coupled with absent children from school, which underscores the urgent need for reform. The challenges facing our education system must be addressed if we are to provide and share in economic opportunity. Too many of our families are struggling, living in poverty; the ladder of upward mobility is nowhere to be found. Britain, we have a problem. If we are to transform our society to make it work for everyone, then bold steps are needed by the government and employers to close the inequality gap. Every child should have the chance of a quality education that will equip and empower them for a lifetime and become their gateway to economic opportunities and upward mobility. #socialmobility #equity #economicempowerment #upwardmobility

As a social researcher, one of my primary interests is social inequality - the uneven distribution of resources, opportunities, and privileges within a society. Numerous research studies have identified various causes of social inequality, some rooted in historical antecedents and others linked to human behaviour. Despite arguments that some degree of inequality is necessary for societal balance, few aspire to occupy the lower rungs of the social ladder. Everyone seeks fulfilment, as emphasised by Maslow's hierarchy. Education stands out as one of the most effective pathways to upward social mobility. Over decades, individuals from low-income backgrounds have ascended to higher social strata through education. Recognised as a critical catalyst for social mobility, education has equips individuals with essential skills, knowledge, and opportunities to enhance their socioeconomic status. Nevertheless, access to quality education has historically been unequal, perpetuating existing social disparities. This underscores the importance of organisations like Aid for Rural Education Access Initiative (AREAi), which bridge gaps between disadvantaged communities and quality education. By imparting literacy, numeracy, critical thinking, problem-solving, communication skills, and other soft skills, education enhances employability and enables individuals to adapt to changing economic conditions. A well-rounded basic education lays the foundation for individuals to pursue higher education, vocational training, or entrepreneurship, thus increasing their chances of breaking free from intergenerational poverty and achieving upward mobility. To conclude, education is undoubtedly essential in addressing social inequality and promoting upward mobility. However, it demands collective involvement from individuals, private and public organisations, stakeholders, and government entities alike. #Education #SocialMobility #Development #Children #Africa #Skills

In this issue, we delve into labour market trends, developments in AI across Western Canada and more. Highlights include: ➡ BC's labour market outlook and immigration's role in job fillings. ➡Challenges in student housing and classroom space due to population growth. ➡A decline in math, science and literacy skills. 🔗 Read the full brief: https://lnkd.in/etEyGCJN

New labour market stats from @ONS out yesterday show more than 10% of young people are not in full-time education and economically inactive, while unemployment outside education is relatively low (5% of all young ppl). (Analysis credit: Tony Wilson on Bluesky (handle @wilsontony) We need change. We've been advocating for a Young Person’s Guarantee to reduce NEET rates, ensuring support for employment, training, or education within 4 months of leaving a job or formal education. More ⬇️ https://lnkd.in/ekkakdQH   Youth Futures Foundation | Youth Employment UK | Institute for Employment Studies | Learning and Work Institute | The Prince's Trust

🌟 Did you know that youth unemployment in Europe is more than twice as high as for other age groups (14.9% vs. 6%, Eurostat 1/2024)? Initiatives like StartNet are tackling this challenge head-on, building bridges between education and work. However, the road to employment for Europe's youth is still riddled with challenges, including skills shortages and mismatches. At abodoo, we're dedicated to empowering young talent by connecting them with meaningful job opportunities and providing personalised learning journeys to develop the skills they need to succeed. Through our Skills First Matching software, we bridge the gap between businesses and job seekers, ensuring that skills mismatches are minimised and talent is optimally utilised. Check out this insightful article highlighting the importance of addressing youth unemployment and skills shortages after the European elections. It's a great read! 👉 https://lnkd.in/ea8HV7T7 #YouthEmployment #SkillsDevelopment #FutureOfWork #BridgingTheSkillsGap

Addressing South Africa’s youth unemployment crisis https://lnkd.in/dK4wa4uP Kelly Joshua, Head of Education Investing for Old Mutual Alternative Investments Innovative new curricula options and independent impact investment in schools can play a vital role in addressing skills imbalances, argues Kelly Joshua, Head of Education Investing for Old Mutual Alternative Investments.  South Africa’s pressing youth unemployment crisis demands urgent solutions. One area that is pivotal to addressing this crisis lies in the education system. Collaborative partnerships between the public and private education sectors are needed to successfully implement reforms that will adequately prepare future generations to meet the skill-intensive demands of the evolving world of work...

📚 Educational Advancement and Income Inequality 📈 For much of the twentieth century, our educational system managed to keep pace with technological advancements, providing a steady supply of skilled workers. This balance helped ensure that skilled workers did not disproportionately benefit from economic growth. In fact, until the 1970s, wages for skilled workers grew more slowly than those for unskilled workers, effectively reducing inequality. However, recent decades have seen a shift. While technological progress has maintained its rapid pace, the rate of educational advancement has significantly slowed. Research by Goldin and Katz highlights this stark contrast: Workers born in 1950 had an average of 4.67 more years of schooling than those born in 1900, translating to an increase of 0.93 years per decade. In contrast, those born in 1975 had only 0.74 more years of schooling than those born in 1950, representing just 0.30 years per decade—a 68% reduction in the pace of educational advancement. This slowdown in the supply of skilled workers has led to a rise in their wages relative to unskilled workers. Goldin and Katz's estimates reveal that the financial return on education has increased significantly: In 1980, each year of college raised wages by 7.6%. By 2005, this figure had risen to 12.9%. The return from each year of graduate school saw an even greater increase, from 7.3% to 14.2%. If the conclusions of Goldin and Katz are correct, reversing the rise in income inequality will likely require putting more of society’s resources into education, which economists call human capital. These trends underscore the growing importance of educational attainment in our economy and highlight the widening gap in income inequality. As we look to the future, it's crucial to address these educational disparities to foster a more equitable society. #IncomeInequality #Education #EconomicGrowth #SkillsGap #FutureOfWork #HumanCapital