Eurostat estimates that 23.296 million men and women in the EU-28, of whom 17.756 million were in the euro area (EA-19), were unemployed in June 2015. Compared with May 2015, the number of persons unemployed decreased by 32 000 in the EU-28 and increased by 31 000 in the euro area. Compared with June 2014, unemployment fell by 1 448 000 in the EU-28 and by 811 000 in the euro area. Among the Member States, the lowest unemployment rates in June 2015 were recorded in Germany (4.7 %) and the Czech Republic (4.9 %), and the highest in Greece (25.6 % in April 2015) and Spain (22.5 %). Spain has been the worst hit and as such its the perfect location to get 1st hand knowledge of the situation and present solutions for the issue.
Ekkehard Ernst, author of the International Labour Organization’s 2013 report on global youth employment says:- “The crisis has accelerated a trend partly related to technological changes that are destroying entry-level, medium-skilled jobs ideally suited for people leaving school. There won’t be an improvement unless a two-pronged strategy is implemented. Economic activity must be stimulated through job guarantees and public investment, particularly in countries such as Spain that lack economic dynamism. The other big element is to improve the educational system in general and vocational training in particular. If this technological shift accelerates, as is to be expected, then young people need completely different skill sets to succeed in the labor market.”
Unlike their parents and grandparents, the younger generation has a different lifestyle which includes a mix of travel, work, and education and so unlike the older solutions, the newer generations needs new thinking to solve the present day issues. The governments are trying to fix the situation but we believe the younger generation should also make efforts to solve this issue themselves. They can either come up with entrepreneurial ideas and make a career in the uncharted and not so obvious career paths like travel blogging, Social Media celebrities or being a digital nomad and thus sort out these unemployment issues or come up with solutions which can create mass employment opportunities.
There are a lot of methods being tried and the brightest, the most intelligent people around the world working for different Government organizations are trying in vain to resolve this issue but there are a few key takeaways from all the research and findings so far.
- Young people need to update and continuously work on their self development; whether it’s through vocational trainings or acquiring additional skill sets, because the labor market is fierce and competition is huge.
- Governments need better policy measures to ensure the graduates will not end up with just degrees and a debt after their education but will also have jobs. This requires a lot of work and fundamental changes to be implemented.
- Technology is changing at a rapid pace and the only way to stay relevant and employed is to be updated and being aware of the changes.
- The labor market and job scenario is likely to get even worse so preparing oneself for the future challenges is the best way to deal with it.
But all is not lost and there are some great positive aspects which can be summarized here as under.
- The world is a job market today and unlike the past generations, the younger generation has a wider reach to opportunities with the advancement of technology and internet.
- There is a lot more creative freedom and new ideas are accepted much easier and faster as compared to a few years ago. They are even encouraged and older methods are always challenged which is a great opportunity to start something new or thinking of a newer approach for solving the same age old issues.
- It is much easier to develop academically and professionally due to the e-learning facilities available to the younger generation.
So there are challenges and there are also great opportunities. It really is a matter of choice and the millennials have to decide what they would choose to solve this issue of youth unemployment.