http://www.economist.com/blogs/economist-explains/2013/05/economist-explains-why-youth-unemployment-so-high
The International Labor Organization estimates that there are about 75 million 15-24 year old looking for work today. This figure also excludes a large portion of youngsters who are not even considered in the labor market approximately 290 million 15-24 year old's. Youth unemployment has increased by 30% in the OCED and has doubled to 20% as proportion of the youth population. This is not simply just a result of the financial crisis although this is part of the reason. A second factor is countries with fast growing populations have inefficient labor markets. A third factor is the skills of the youngsters today and the vacancies that employers want to fill. Germany has a fairly low level of unemployment and they have chose to focus a lot on vocational courses for students. These effects can go on for years and eventually lead to lower wages for this generation along with leaving more people without job's throughout their life.
Its very clear that youth unemployment is rising, which is definitely an issue. There are several ways to deal with this issue. I feel that the most effective way to lower unemployment is to use the power of education. Governments need to advertise and provide forms of education to people of all ages within their borders. The more educated people are, the more likely they will be able to find a good paying job.
ReplyDeleteThe problem with youth unemployment is the mere fact that most youth can't keep a job for long. Most youth would rather play video game, watch movies, and hangout with their friend at the mall than work. I think this is the reason why unemployment for youth is so high. Why would an employer higher someone who won't be committed to their company? Don't get me wrong, I do think that they are some youth who are hard working, reliance, and motivated to want to learn, but I feel as though the majority aren't especially on today's youth.
ReplyDeleteI agree that education is important, however I think firm’s encouraging the youth to gain specialized knowledge and experience in the industry they wish to find work is the key to lowering the youth unemployment rate. The German mittelstand firm’s emphasis on technical education and apprenticeships for their employees is a good model of a system that works to increase the youth unemployment rate. It will be interesting to see if Britain’s youth unemployment rate will decrease in the future as their firms increased apprenticeships.
ReplyDeleteThis is interesting article,and we should care about what the youth unemployment rate wil be. What data I want to know is that how much youth unemployment people become to long term unemployment, because if youth cannot find any job in long term, this shows labor market is completely broken. And I think that there is the gap between what kind of people does an employer want to hire and what does education provide for a student. It is true higer educated people can show that they are better worker, but I am still wondering if the education is useful for real business world. This question may be connected with high youth unemployment rate
ReplyDeleteI would have to agree that youth unemployment is ever on the rise. But I feel that it could be combatted a few ways. Like said previously I think education is very important. I also think however that there should be more entry level jobs available. These are crucial for young adults. I also think the government should give incentives or those business higher young adults. I know how hard it can be at a young age to acquire your first job.
ReplyDeleteI think it really depends on your choice of profession really. Unemployment is high due to simple classical demand/supply theory. When there is a surplus for Economics professions, of course Econ Majors will be out of jobs (structural unemployment). The same thing happens to Finance, Management majors and others relating to the service sector. I think to escape unemployment people will need to follow their intuition and do some research on the job market before embracing a certain major or follow the hype created by the majority.
ReplyDeleteInteresting article, there is no doubt that youth unemployment is raising. I think part if that is training programs that these companies offer. For entry level jobs training is necessary in order to understand and thrive in your position, and if these companies do not have a efficient training program I believe the employee turnover is high.
ReplyDeleteOne possible way to generate lower unemployment rates for younger people is to adjust our education system. The skills that students are learning in high school do not adequately reflect modern times, nor do they always reflect the career interest of students. Although it is important that students receive a well-rounded education that includes multiple academic areas, that should be taught in the classroom before middle school. Instead of just increasing governmental spending to encourage people to go back to college or a job-training program, it would be more productive to teach modern skills that are necessary for employment at the high school level. To achieve this, it would be efficient if high school education was taught on a "track program." This means that we provide the type of education that would be suitable for the career interests of every student. While not every student has a clear idea of what they want to be, each student would at least have qualifying skills that would make it easier for our citizens to get a job faster in this competitive job market. For example, let's say I wanted to work in the field of biology. My high school education would primarily revolve around the courses needed to succeed in biology (with a few essential courses that may be needed).
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