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SHAPING THE FUTURE HOW CHANGING DEMOGRAPHICS CAN POWER HUMAN DEVELOPMENT

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This is an urgent priority in a region where<br />

an astonishing one-third of youth are neither<br />

in school nor the labour market. Part of the<br />

reason is that youth with college degrees are<br />

unable to find commensurate jobs. To rectify<br />

this situation, countries need to ensure that<br />

educational systems prepare youth with skills<br />

demanded by the labour market. They should<br />

also more systematically assess the demand and<br />

supply of graduates against anticipated labour<br />

market needs.<br />

A shift in emphasis towards education offering<br />

relevant skills and alert to labour market<br />

demands will produce a higher quality and<br />

more employable workforce. Opportunities for<br />

internships or apprenticeships for young people<br />

could be created and incentives provided to<br />

employers to hire more of them. Vocational<br />

training will help them explore new avenues<br />

for work. Germany’s dual vocational training<br />

system, which attracts two-thirds of high school<br />

graduates, provides an excellent example of how<br />

a well-designed work-study programme can help<br />

train students in disciplines with clear market<br />

demand, and thereby minimize mismatches<br />

between available jobs and skills.<br />

With rapid growth in new industries and<br />

technology, and increased innovation across<br />

Asia-Pacific, there are many new opportunities<br />

for talented young people. But governments will<br />

also have to engage the private sector and civil<br />

society in more meaningful ways to ensure that<br />

these translate into decent employment.<br />

Support youth in employment and entrepreneurship.<br />

Centres to provide youth with career<br />

counselling, information and legal advice are still<br />

nascent in the region. Further developing these<br />

services could assist in managing challenges<br />

related to job searches, informal jobs and migration<br />

both to urban areas and abroad. Among<br />

other options, they can provide job matching<br />

assistance, offer training and mentoring aligned<br />

with current labour market needs, arrange for<br />

internships or apprenticeships, and even impose<br />

sanctions to encourage people to take jobs.<br />

They can also help proactively counter gender<br />

and other forms of discrimination, and can<br />

conduct targeted outreach to youth who are<br />

marginalized, recognizing as well that they<br />

may require tailored support. Information and<br />

advice on migration specifically targeted to youth<br />

could do more to protect them from exploitative<br />

recruiting agencies. In general, support services<br />

should be integrated within well-designed, appropriately<br />

funded labour market policies. These<br />

policies should make youth employment a major<br />

goal, and aim at overcoming information gaps,<br />

improving youth employability and stimulating<br />

demand for young workers.<br />

Nurturing youth leadership and entrepreneurial<br />

talents can stimulate innovation and<br />

creativity, and open new doors for them to<br />

transition into a successful adult life. Youth<br />

Young people can<br />

offer new insights and<br />

pioneering solutions<br />

BOX 6.1:<br />

Crowdfunding—a new tool to stimulate jobs and innovation among youth<br />

In recent years, crowdfunding has enabled young<br />

people to raise capital for businesses from different<br />

sources online, rather than relying on traditional<br />

options such as families and banks. In Singapore,<br />

when sisters Hani and Aisah Dalduri decided to<br />

scale up their textile printing business, Fictive<br />

Fingers, they launched a crowdfunding campaign<br />

by writing their story, sharing photos of their products<br />

and encouraging supporters to contribute in<br />

return for a range of rewards. The sisters readily<br />

exceeded their funding target of $3,600. When<br />

asked why they took the crowdfunding route, they<br />

said the campaign wasn’t all about money. They<br />

were also drawn by the opportunity to reach out<br />

to a community.<br />

Asia is currently witnessing exponential growth in<br />

crowdfunding, to the tune of $3.4 billion in 2014.<br />

Given that countries in the region have many technically<br />

savvy young people, crowdfunding is an<br />

obvious tool for them to realize their full potential.<br />

Credible crowdfunding systems, however, still<br />

require support, including forward-thinking regulations,<br />

effective technology and the kinds of cultural<br />

shifts encouraging more people to invest in them.<br />

Source: CNBC.com 2014, Crowdsourcing.org 2015, World Bank 2013.<br />

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