SHAPING THE FUTURE HOW CHANGING DEMOGRAPHICS CAN POWER HUMAN DEVELOPMENT
23XELCz
23XELCz
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
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 />
189