Young, gifted and slack {youth unemployment}

The Economist ^ | 14 Nov 2012 | Domnic Barton

[Cronos]

One of the biggest problems facing the world in 2013 is the prolonged—and seemingly intractable—crisis of youth unemployment. Put simply, too many young people lack employable skills in a world that has too few skilled workers. The result is that in parts of the Middle East and north Africa youth unemployment remains stuck at around 25%; in Spain and South Africa about half of young would-be workers are unemployed; globally around 75m people aged 15 to 24 are jobless, and the International Labour Organisation expects this dismaying unemployment rate of almost 13% to rise.

Clearly, this is a critical business issue. In a recent McKinsey survey of more than 4,500 young people, 2,700 employers and 900 education providers across America, Brazil, Britain, Germany, India, Mexico, Morocco, Saudi Arabia and Turkey, some 40% of employers reported that they struggle to fill entry-level jobs because the candidates have inadequate skills. Almost 45% of young people said that their current jobs were not related to their studies, and of these more than half view the jobs as interim and are looking to leave. Without a remedy for this mismatch of demand and supply, we forecast that by 2020 there will be a global shortfall of 85m high- and middle-skill workers for the labour market.

But this business issue is a political issue, too. If young people who have played by society’s rules—working hard, for example, to graduate from school and university—find fewer and fewer opportunities to secure decent jobs and the sense of respect that comes with them, society will have to be prepared for outbreaks of anger or even violence.

Among the myriad factors contributing to this market failure, one stands out: a profound disconnect between the perceptions variously held by employers, education-providers and the young themselves.

[bbernard]

Two words: MINIMUM WAGE

My teenage son has been trying to get a job well over a year to no avail. He says he would be willing to work for $5 an hour but instead he stuck.

It is actually wearing him out. It is becoming difficult for him as he thinks “why bother trying the answer is going to be no anyway”.

Milton Friedman saw the writing on the wall years ago with this minimum wage. He was right and now our children suffer. Companies can nolonger afford to create entry level positions.

[Cronos]

a Phd in Eskimo studies looking for a job in marketing is not overqualified but stupidqualified... imho

[Cronos]

why not both Stats and calculus and trig?

In fact they should be taught earlier, along with history and perhaps Latin (kids taught Latin seem to do better in Maths)

[OldPossum]

First thing you must have at a very young age (4-5) is a desire on the part of the parents is for their child to have a good education.IF Mama and Papa( where is he, who was he) don't care about their children being educated, the child sure as hell won't care.

I generally agree with you but I don't think it's universally true. It seems to me, though, that there are lots of self-motivated, ambitious people who strive for higher education and success in life despite what their parents believe.

[Chickensoup]

What I have done with my son is this:

there has been no work for the young in my area. So I needed a tileing job, painting jobs and a bricking job done. Big ones. I bought him the tools for the jobs and he learned all the trades. So at 17 he tiles, paints and bricks. My work comes first.
He has all the work he wants.

[bbernard]

Thats all fine and well. He does plenty of chores around our house from cutting tree limbs and landscaping to painting and such. However, this is expected of him in my house and he does not earn $$$$ doing it.

Sorry, we are talking about economics here not parenting.

[willyd]

I was about to suggest the same thing. He could look online for the free classified ads in his town. Place an ad that says:

HOME MAINTENANCE - Most Jobs $25 - $75 and then a list of the $25 and the $75 jobs

Then a phone number. There are about 25 free classified sites for any town. Re-posting the ads each day in the morning should generate business.

I know its not as fun as emailing a resume to a Monster Board ad like everyone else on the planet...but work is work. Single mothers need pictures hung, bushes trimmed, trash removed, garages cleaned out, snow blown, lawns mowed etc... plus it shows a prospective employer initiative...something that is much more rare than a college degree these days.

[1010RD]

Correct and it isn’t just at government run schools. Government sets the curriculum standards by law and by purchasing power. It’s hard to get around the behemoth’s reach.