Business benefits of employing inexperienced young people
Our research revealed that two out of the three businesses do not have employment opportunities for young people.
So, we have created this guide to explain the benefits of employing young people based on today’s business challenges. There are many benefits to employing young people and we have categorised them under three themes; strategy, future proof and performance.
Strategy – today’s business challenges
The latest CIPD labour outlook report suggests we have near full employment (75.8%), the highest rate since records began. There was also a 95% fall in EU nationals joining the UK workforce between Q1 2018 and Q1 2016. Businesses surveyed by the East Midlands Chamber of Commerce said they were struggling to recruit (57%).
All these challenges suggest there is a need for businesses to make themselves attractive as employers of choice.
Solutions to these challenges include:
- Creating your own pool of talent
- Training and growing your own talent
- Making your company attractive
Benefits of employing young people
- Energise existing employees – increase engagement
- Reduce reliance on agencies – lower the cost to recruit
- Reduce competition for candidates – become an employer of choice
Future proof – today’s business challenges
This pace of change is so fast that research suggests that 65% of school children today will be doing jobs that don’t yet exist.
Unlike the revolutions gone by, the digital revolution is moving at a rapid pace that it’s sometimes hard for businesses to keep up with changing consumer and candidate behaviours. This is no surprise when you consider how quickly knowledge and data is doubling. IBM predicts it will be every 12 hours by 2020.
Solutions to these challenges include:
- Represent your local community in the workforce
- Work with schools, colleges, universities and youth initiatives
Benefits of employing young people
- Tech-savvy generation – digital natives
- More adaptable workforce – change is commonplace for the next generation
- Access to insights on wider changes – keep up-to-date with consumer habits and behaviours
Performance – today’s business challenges
Your employees are your competitive advantage. The way they produce your product or deliver your service will determine the rate of growth of your business.
A government article stated that a quarter (25%) of consumers would more likely spend more on goods and services with a business that employs young people.
According to the National Office of Statistics, the UK population is projected to continue ageing, with the average age rising from 39.7 years in 2010 to 42.2 by 2035. There is an opportunity to combine the wealth of the experience of mature employees with the digital know-how of young people that have grown up in an explosive technology growth era. The combination is likely to breed innovative ideas to solve business challenges to help future proof your business. Experienced employees are often energised through experience of working with, mentoring or coaching young people too.
An American study suggests that neurological changes in the brain mean technology is a sixth sense for young people, which means they don’t need to adapt to new technology to use them.
Solutions to these challenges include:
- Create entry-level roles
- Attract new talent
- Achieve a mixed demographic and diverse workforce
Benefits of employing young people
- A diverse workforce breeds innovation and supports news ways of working – future proof your business
- Gain a competitive advantage – get the best talent and increase customer value
Download the guide ‘Business benefits of employing inexperienced young people’ here.
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