A high youth unemployment rate:
An international study published by McKinsey & Company, a global management consulting firm that serves leading businesses, governments, non-governmental organizations and non-for-profits, identified that the unemployment rate of youth (ages 15-24) is double the standard unemployment rate. In April 2013, the unemployment rate of youth living in Toronto was 16.1%, in contrast to the national rate of 7.4%.
Young people graduating from post-secondary education are not finding appropriate employment.
- 47% of youth believe post-secondary education improved their chances of getting a job.
- 50% of youth wish they had chosen a different field of study.
- 24% of youth take more than 6 months to find employment after completing post-secondary education1
Where are the jobs?
In Canada, 45%2 of employment comes from high-growth start-ups and only about 11% of our economy (based on GDP) involves manufacturing3.
Where is the future headed?
The Internet of Things, a technology driven world where inanimate objects are connected through technology, is projected to be a 14 trillion dollar economy by 2020.
For decades, post-secondary graduates completed their education and were able to secure a job in their chosen fields. However, with today’s highly educated youth, there are few job opportunities available in their areas of study. To be relevant in today’s economy, youth need to learn to create their own futures.
… strong start-up employees need to be more than likeable. They need to have multiple skill sets, a high tolerance for risk and instability, and the ability to push the company forward in an environment with limited resources. It’s not surprising that many entrepreneurs liken the hiring process to hunting unicorns.” – The Globe and Mail, April 5, 2015
What do tech-based startups need when finding talent?
- 77% of tech startups struggle to find employees with technology skills
- 64% seek experience in design, user experience and user interface
- 55% are in need of business development, sales, and marketing experience
- 94% of agree that soft skills are critical
- 91% want employees with a demonstrated history of initiative
- 90% seek talent that can work in a startup environment2
2 NextGen Tech Jobs Ontario: Workforce challenges and barriers in accessing technology startup careers for Ontario youth, yconic, Feb 7, 2014