Unemployment has fallen for the first time in a year to 2.65 million according to the Office for National Statistics. 19/04/2012
Youth unemployment was at 22.2% for the three months to February 2012 and there are still 1.3 million unemployed 16 to 24-year-olds. If you exclude people in full-time education, the figure is 719,000. It is being suggested that investment in people is vital to stimulate the growth of the economy.
Liz Field, CEO of Financial Skills Partnership (FSP) expressed her concerns, ‘If businesses stop investing in the attraction, retention and development of talent, their growth could be seriously hampered.’
Questions are being asked if a generation of entrepreneurs can create enterprises as young people look for other ways of securing jobs by going into business themselves.
Andrew Gilbert, managing director of data centre and communications firm Node4, began his company aged 23. His company has grown 363% over the last five years and has a turnover in excess of £11million per year.
‘The 16-24 age range is a significant period for young people in the formative years of their working lives. Many are talented but struggle to get their foot on the career ladder. In the current economic climate, the severe constraints we currently have make starting up a business an appealing option,’ said Gilbert.
‘I was fortunate that I had an idea which I felt could work. I also had the courage to follow through and some supportive investors. The UK industry needs young people to be enterprising - researching their ideas and applying their talents, bright minds and aspirations to the world of business,’ he added.
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