Longterm Unemployment: Its Causes, Effects and Solutions
The current unemployment rate for 16-24 year olds in the UK is 14.6% and this is continuing to rise.
COVID-19 has meant that many businesses and industries have had to spend a long period of time closed this year, meaning that thousands of people have been furloughed or lost their jobs.
With this in mind, what does the future of employment look like for young people across the country and how can we save our economy?
How Has Increased Unemployment Affected Young People?
While the biggest effect of unemployment is a decrease in income, longterm unemployment can affect young people in many other ways, including in terms of their mental health and their attitude towards their future.
- Only 18% of young people feel positive about their career prospects
- 2 in 3 young people feel that they don’t have enough opportunities for the future
- 4/10 young people cite lack of confidence as what’s holding them back from career progression
The majority of young people across the UK feel unprepared for the world of work, meaning that the future of employment could be at risk.
What Does the Future of Employment Look Like?
As a nation, we need to focus on saving young people from prolonged unemployment by ensuring they are confident and competent in entering the world of work.
“While the challenge we face is undeniably huge, we believe that the further education sector possesses the passion, strategic insight and operational expertise required to overcome it.” David Gallagher, Chief Executive at NCFE.
Given that the furlough scheme has saved many people from unemployment, there is reason to believe that we have yet to see the full impact that COVID-19 has had on employment, meaning that we cannot say for sure what the future of employment will look like.
However, it has become apparent that jobs are evolving and changing; for example, many industries now operate remotely.
With this, it is clear that upskilling and reskilling both the unemployed and our existing employees will be crucial in economic recovery.
How Can We Reskill and Upskill Our Existing Workforce?
Whether you want to begin upskilling your staff this year, or you’re looking to put plans in place for 2021, there are many training programmes available, including:
- Funded Level 3 Leadership and Management Apprenticeships
- Funded Level 5 Leadership and Management Apprenticeships
- Level 4 Sales Development Apprenticeships
- Virtual Learning Programmes
- Managing Remote Teams Virtual Workshops
If you’d like to speak to a training expert to discuss your business’ individual needs and find out how we can help you develop your leaders and managers for the future, please click here.
“Successful people invest in education, development and personal motivation, knowing that these are the tools to success”