A new report comprising the personal experiences of over 200 young people indicates that job search confidence is low and fear of the future relating to gaining employment is alarmingly high. According to Talent RISE’s latest findings, over one third of young people are concerned about the economy and how this will impact their ability to find a job now and in the future.

The new report, ‘Fear of the Future: A Youth Unemployment Snapshot 2022’, can be accessed HERE

The report revealed the below key findings across all markets:

• 69% are fearful about the availability of relevant jobs when it comes to entering the workforce and building a career.
• 58% are concerned about keeping up with technology and changing skillsets, and how this affects their chances of securing employment.
• Over one third of young people are concerned about the economy and how this will impact their ability to find a job now and in the future.
• 56% are battling an experience dilemma, citing that ‘little or no work experience’ is holding them back from getting a look-in for that first role.
• 79% are struggling without mentoring/coaching on finding work.
• 27% noted low confidence as a barrier to employment.

According to the ABS, the youth unemployment rate in Australia decreased to 7.5% in November 2022. This figure remains high and is more than double that of the general population of 3.4%. According to Stats NZ, in the September 2022 quarter the NEET rate for youth aged 15-24 years dropped to 11.5%, down from 12.1% last quarter.

Karen Graham, Talent RISE CEO ANZ said understanding and listening to what young people are going through is key to addressing the underlying issues impacting youth unemployment, “Overwhelmingly we are seeing a significant increase in the pressure felt by young people due to the changing economy. Stress about cost of living, housing, transport, and utilities all make a difficult situation much harder to navigate. Listening to young people, showing empathy, and providing hope is key as we move forward, as is looking for practical ways those of us in positions of influence can make a difference.”

Richard Earl, Talent Non-Executive Director & Global Chairman of Talent RISE said business leaders have a critical duty to make a conscious effort in helping fight youth unemployment, “The facts are there, young people have been going through extremely hard times for the past 18 months. Creating a safe haven for these young people to share their stories and feel supported is what we wanted to achieve with RISE Day, and to show businesses what they can do to help fix these problems. We need to listen to these people, understand their stories, and show some empathy. Wherever possible we need to provide some form of life changing employment opportunity.”

Talent RISE’s research also revealed the key areas businesses can focus on to help young people seeking meaningful employment. These were:

• Ensure entry-level roles are accessible to young job seekers.
• Reassessing the hiring process and exclusivity of roles.
• Offering feedback to unsuccessful job applicants.
• Providing training and work experience opportunities.

The report was completed off the back of the RISE Day global initiative to offer support and guidance to young people looking for job placement assistance who had registered their details. Between August 30 - September 9, 2022, Talent’s entire global workforce dedicated time to reach out and have conversations with young people and offer them free support and guidance around employment.

READ THE REPORT HERE

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