Can Gen Y employees be the catalysts for the change we’ve been looking for?
Today, young people across the world are faced with more challenges than ever before. This generation is more connected and conscious, and is more predisposed to “putting their money where their mouths are” than previous generations. While they don’t hold the reigns to power in government and business, these young people have a voice that mattes and needs to be heard.
As we know all too well, businesses are faced with a talent and skills drought as young people entering the job market are inadequately educated and ill-equipped to meet the demands of today’s world of work. As the available workforce becomes younger, more and more young people are not finding employment in the workplace. And this is reaching a crisis point:
- According to the International Labour Organisation’s (ILO) Employment Trends for Youth 2013 report, an estimated 73 million young people are unemployed worldwide, which is the highest figure reported in history.
- Simultaneously, highly experienced employees are leaving their companies for more competitive and lucrative positions in the market or are starting their own businesses.
Because of this the talent gap is increasing and as a result unemployment is shooting up. This does not bode well for human capital and talent management professionals who have to equip businesses with the level of human resources to meet both capacity and competitive skills needs.
Business leaders need to develop their organisations and remain competitive
But how can they do this?
The answer is not always cutting overheads, compromising on quality and business values because, as we know, businesses operate in a value chain and depend on people to be sustainable.
We need to shift their thinking to instigate a change of approach that addresses broader social and environmental priorities.
Youth unemployment was the main topic at the recent One Young World Summit 2013
With sessions spanning, for example - global business, entrepreneurship and social innovation - the event provided a platform for some 1 500 young 18 to 30 delegates from more than 190 countries to listen, learn, debate and exchange ideas to highlight the importance of developing young people into future business and social leaders.
The resounding question that emerged throughout this conference is:
What tangible action is required from young entrepreneurs and seasoned business warriors to forge a new order of ‘business’ to change the world was echoed in the questions from the delegates
As consumers exercise their ‘social-economic’ purchasing power, companies will be increasingly influenced to fulfil social, economic and environmental ethics in how they conduct their business, or be accountable through loss of reputation and market share if they don’t.
This summit sounded a call to leaders of organisations to leverage the passion, energy and for collaborative potential of its Gen Y workforce to initiate and drive CSI/CSR projects harnessing their potential to engage, and involve communities and stakeholders to do business for good and achieve sustainability for their products and services in the process.
