Data Supports Corporate Voices’ Ongoing Efforts to Strengthen America’s Businesses and Job-Seeking Young Adults Through Smarter Workforce Training Investments
Last week, Demos, a New York-based non-partisan public policy research and advocacy organization, released its report, Stuck: Young America’s Persistent Jobs Crisis, highlighting the current youth employment crisis in the United States and examining how the struggles and experiences of young adults in 2012 will impact the future of the U.S. workforce.
Through analysis of Department of Labor statistics, Demos found there are currently 5.6 million 18 to 34-year-olds who are both willing and able to take a job and actively looking for work, but are shut out of opportunities for employment. This is particularly difficult for young adults without a high school diploma, as 19.7 percent of 18 to 24-year-old high school graduates with no college experience are unemployed while 1 in 3 are underemployed. Additionally, Demos found that the young adult workforce would need 4.1 million new jobs to return to pre-recession levels, and at the rate of job growth after the Great Recession, the country will not recover to full employment levels until 2022. In short, the outlook does not look good for young adults looking for work now and in the immediate future.
This crisis has had a drastic effect on the business community as well. The Manpower Group’s 2012 Talent Shortage Survey found that there are 3.4 million job vacancies left unfilled as employers have reported difficulty in finding the skilled workers they need to fill positions. This disconnect between companies looking for skilled and motivated talent and ambitious young people looking for work weighs on our economic recovery and on our long-term strength as a nation. America needs to harness and engage all of its human capital to compete globally. Smart investment in youth training and human capital development is just that—an investment in being smarter about how businesses and individuals all lean into the future.
As Congress seeks proven returns on public investments, looking to new models of transparent and accountable public private partnership provides the vision for success. These new pathway models demonstrate what can be done to update and reinvigorate the nation’s workforce training system, building on the foundation to meet current realities and future opportunities.
For several years, Corporate Voices for Working Families has been at the forefront of analyzing the business impact of increased investment in employment pathway programs for young adults. Businesses across the country have collaborated with local partners and public programs to meet their talent development goals by developing employment pathway opportunities for untapped talent – a population of 6.7 million opportunity youth.
With support from the W.K. Kellogg Foundation under its New Options Project, Corporate Voices has identified and spotlighted businesses that make significant contributions to employment pathways that provide career training to low-income young adults.
Stuck: Young America’s Persistent Jobs Crisis serves as further evidence that business and public partners need to work together to invest in employment pathway programs for opportunity youth to secure a talented and stable workforce that businesses need today and in the future.
Corporate Voices’ series of micro-business cases is available here.
The Demos report Stuck: Young America’s Persistent Jobs Crisis is available here.
Founded in 2001, Corporate Voices for Working Families is the leading national business membership organization shaping conversations and collaborations on public and corporate policy issues involving working families. A nonprofit, nonpartisan organization, we create and advance innovative policy solutions that reflect a commonality of interests among the private sector both global and domestic, government and other stakeholders.
We are a unique voice, and we provide leading and best-practice employers a forum to improve the lives of working families, while strengthening our nation’s economy and enhancing the vitality of our communities.