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The Global Employment Epidemic

The Global EMPLOYMENT EPIDEMIC How our youth have suffered the most. In the years leading up to the global economic crisis in 2008 the world saw a decline in unemployment rates for our youth - those age 15-24. Many educated young adults across the world found themselves in satisfying jobs, with the promise of a fulfilling career. Then tragedy struck when the global economic crisis hit - reaching it's peak in 2009, it crippled a generation and left almost 75 million youth unemployed. AVERAGE TIME FROM GRADUATION TO JOB Full Time - Job 6 Months CHANGES IN YOUTH UNEMPLOYMENT Youth Unemployment (Millions) 74.9M 75.4M 75.8M 75.5M 75.6M 70.3M 70.8M 12.3% 12.7% 12.6% 12.7% 12.6% 11.6% 11.7% 2006 2007 2008 2009 2012 2011 Youth Unemployment Rate (%) THE GLOBAL EFFECT 17.6% 9% 14.3% Central & 26.5% East Asia Latin America South-Eastern Europe Middle East 0% 25% 11.5% 27.9% 17% Developed Economies Sub-Saharan Africa North Africa & European Union AFTER SCHOOL? Once leaving the university system young people often enter into a time of transition, during this time there are many options available to the average young adult. Some will travel, others will enter into a career-focused job, and still some may take part-time employment. It is during this time period where youth will either press forward in the search for more fulfilling employment or become trapped in the despair of the constant job hunt. CONTINUE EDUCATION PUT OFF JOB SEARCH TAKE PART-TIME WORK PROS PROS PROS Throughout most of the world's Many youth will have the Part-time employment provides opportunity to travel following their education. Providing them economies higher educational youth with the ability to maintain an attainment provides a stronger income while continuing education, or gaining experience and enhancing their networks via an internship. advantage in competitive markets, as with chance to work, travel, and well as higher incomes. learn and gaining a deeper understanding of their career goals. CONS CONS CONS Given that more education does not Many youth are not choosing equal more available jobs, better educated people in the workforce often face the challenge of being 'overeducated' or 'overqualified'. During this time many will part-time employment as an continually postpone an attempt to opportunity, but rather as a transition into career-focused work. necessity due to the lack of career positions available in the workforce. Once taking on part-time work Relying on temporary work and part-time employment will become a crutch to rely on, and this will many youth settle, and become greatly disadvantage career choices trapped - often feeling discouraged and salaries in the future. to continue the search for full-time employment. THE FUTURE How will the the economic crisis affect the global youth? Many will have a higher risk of future unemployment. Some will encounter a prolonged period of unstable jobs. Others may see a depressed income growth. And still employers might maintain a negative perceptions of youth who have been out of work for prolonged periods - resulting the youth potentially facing even more unemployment. WAGE SCARS Unemployment in a person's early twenties negatively affects employment and earnings prospects, as well as health and job satisfaction, up to two decades later. SOCIAL INSTABILITY The jobs crisis further threatens the well-being of households and young workers through rising levels of social discontent and instability. The regions under greatest threat include the Middle East and North Africa, parts of Asia and the group of developed countries. INCREASED DETACHMENT FROM LABOR MARKET If youth are economically inactive (outside the labor force) because they are in education or training, they invest in their skills and in this way improve their future employability. However, youth who are not employed and also not in education or training risk labor-market and social exclusion. Sources: School icon: Chris Cole, from The Noun Project Wage icon: Øystein W. Arbo, from The Noun Project Globe icon: Marco Davanzo, from The Noun Project www.adeccousa.com/articles/2011-College-Graduate-Survey-Results.html GLOBAL EMPLOYMENT TRENDS FOR YOUTH: 2012www.ilo.org/wcmsp5/groups/public/---dgreports/--dcomm/documents/publication/wcms 180976.pdf

The Global Employment Epidemic

shared by ajrdesign on Mar 28
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In today's atmosphere of economic uncertainty, many young people are leaving the education system without prospect of a satisfying or fulfilling job.

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Economy
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